Evaluate Your Marketing Strategy
A good way to evaluate your marketing strategy is to check on your strengths, weaknesses, opportunities and threats. This allows you to find your priorities and discover new marketing opportunities. The quickest way is to do a quick SWOT analysis -- some things to consider are as follows:
· Do you have any specialist knowledge and skills?
· Do you have a powerful USP?
· Do you have strong customer care and good relationships with your customers?
· What about the quality of your product or service -- you should only be selling something you are proud of. How can you improve your products and services?
· Do you have a professional looking website with quality content?
· Does your business have financial stability or are you saddled with debt? Financial security is crucial for businesses these days, so see how you can improve your financial position.
Do you have a large list of fully qualified prospects? You will need this to develop a strong business for the future.
· Do you lack experience or knowledge to run your business effectively? This should be easy to correct if you are willing to do the necessary reading and studying and to learn the skills you need to run your business.
· Is your SEO all that it could be? It is important to fully optimize your website and to keep tweaking it if you want to get and stay at the top of the search engines.
· Have you done your market research? Knowing your customers and their motivation for buying is crucial to your success, so make sure you make this a priority.
· Badly trained or demotivated staff? Are your staff making a good impression for your business? If not, it's worth spending time training them thoroughly or finding people who can better represent your brand.
· Could you increase your reach on the Internet to include international trade? It's easy these days to ship products abroad and you could open up a whole new market for your products.
· Could you improve your product or service, or diversify to produce a wider range? Conversely, you may already be too diverse and may benefit from focusing just on your top selling products and services.
· Could your business lend itself to joint ventures which would reach more prospects?
· Could you develop an affiliate scheme to network your marketing efforts and increase sales for very little cost?
· Keep an eye on new competition which could pose a threat and be aware of better or cheaper versions of your products and services -- there are always copycats, even if you think you have something unique.
· Watch out for legislation concerning your products and services.
Beware of economic downturns that might reduce demand and develop a strategy for coping with this.
Keep at it
It's not enough to do a SWOT analysis once; you have to do it on a regular basis if you want to stay ahead of the game. Your competition will be looking for ways to improve their business and their marketing message and it is important that you do the same to maintain competitiveness.
Once you've made all the necessary changes, you need to make sure there are effective so analyze the results of any changes you have made and keep testing and tweaking…