All companies are facing increased budget scrutiny, with belt-tightening taking place across operational, capital, and personnel expenses. Marketing is consistently among the first line items to see significant cuts. The need to accomplish more with less is prevalent with regards to marketing even in the best of economic times. To follow are a few tips I’ve found to be valuable when it comes to maximizing marketing dollars and talent for the greatest possible impact.
1)Start with a good idea and identify a market for your idea- often, markets do not reveal themselves because they are unable to fully articulate their challenges. Through community-building and networking, you can remain close to those who will someday become your target customers.
2)Hire energetic, passionate people with extensive networks- To excel, you will need more than smart, highly-degreed people. Standout markers understand how to build and foster lasting connections, and they truly enjoy networking.
3)Be willing to listen, really listen, and to iterate- searching for a particular answer or seeking to have others validate your thinking isn’t really listening. By truly listening, you can build off existing ideas and understand what the market really needs. You should also be flexible and willing to amend your offerings, packaging, and messaging to best apply to market needs
4)Be present- Market success requires full-time active participation. Markets are not stagnant, and simply going through the motions will make you stale. Embrace fast-changing market dynamics.
At the heart of good marketing strategy is not where you allocate your funds, but rather how you set yourself up for success.