Chicken or Egg: We all have pondered the question of which came first, but how does this apply to your business? Once upon a time, you knew what came first. Recent economic concerns have led many people to forget or neglect the things that made them successful in the first place. If you have had concerns with the recent economy or how to improve your business, this is to you.
Market Research
Most successful businesses started as a great idea, but before you built a factory or opened a bank account, there was market research. Even if it was just asking a few friends, there was something to say that it would be worth the effort to bring your great idea to market. Market research is what gives people the confidence to invest themselves in a business or dismiss the idea and move on to the next brilliant plan. Once the market research returns favorable answers, progress can begin.
Marketing Plan
The next reasonable step in any business is a marketing plan. After all, without marketing, a business will fail. In order to sell a product, you must first know your market, and then find the best way to reach your market with your message. Even if the plan is to order 1,000 business cards and hand them out to everybody you know, there is a plan.
OK! This is where I can stop with the whole business lesson. What I covered in the first few paragraphs of this blog entry should be enough to remind you of where you started. If the present economic recession has clouded your view of the things that come first, it is time to remember the earliest days. The first challenges nearly any business will encounter revolve around marketing and helping others to discover the product or service offering.
Executing a Marketing Plan
In the beginning of most new companies, the funds are tight. For many business owners, the present economic environment provides a clear reminder of those times. If you can relate to this, what you knew back then was that regardless of all else you must execute your marketing plan. Executing your marketing plan was the only way you had hope of better days. The sales you received from that first marketing plan brought the profit needed to expand and continue. So, why should it be any different now?
Internet Marketing is the Most Affordable
The facts and figures surrounding the marketing industry show beyond a shadow of a doubt that Internet marketing is the most cost-effective means to reach your market. Even more specific than that, search engine optimization (SEO) is the most cost-effective approach to Internet marketing. Your marketing efforts shold be viewed as an investment, and any investment requires diligence.
Never Give Up!
Another clear lesson that everybody in business has learned is to never give up. If your marketing plan is not working, realign yourself and keep working to find what is effective. If your Internet marketing efforts are ineffective, Internet marketing did not fail, the execution failed. Consider the tips as follows:
- Start with the most basic market research. Ask people you respect and trust for their evaluation and use what they tell you.
- Read until your eyes hurt, and start with my blog. The new perspective is worth the investment of your time.
- Learn about your market and how to reach the right people (see above).
- Accept your marketing failures. Failure teaches far more than success.
- Use what you already learned and perhaps forgot. Marketing came first.
- Execute your marketing plan. A poorly executed plan beats well executed negligence.
- Hire a professional. With qualified professional help, you greatly increase your opportunities.
Author Mark Murnahan is the Chairman and CEO of YourNew.com, Inc. and provides SEO consulting services to companies and non-profit organizations. Mark Murnahan may be reached toll free at 866-A-Web-Guy (*REDACTED DUE TO AGING WEBSITE*) for consultation.
