47 % of the small business owners surveyed handled the marketing efforts on their own, struggling to track their return on investment to understand whether their marketing activities are effective.
Marketing is the first major phase in business development. Without the marketing, making the sale becomes very difficult. Making the sale is the second major phase in the business development process. Often, sales teams go into the negotiating process without enough trust and credibility work being done and then they wonder why the sale doesn’t get across the line.
Here are 5 marketing challenges that are required to be addressed to have an impact on business growth. Dive deep into these areas and this will help your marketing efforts and ultimately the bottom line.
- Generating traffic and leads
Raising awareness of the business and generating traffic and leads is the role of marketing and something all businesses want. There are key steps required to do this-
a. Look at the foundations and being clear on some of the pivotal questions is important to start. Being clear on Ideal Client and Target Market, understanding the problems they face (in your niche) and the solutions you offer. Your number one big result and the benefits that you offer. This is the real value of doing business with your company.
b. Look at how your business builds trust and credibility. Does the lead understand your skills, do they know the products you offer and can you keep in touch with them until they are ready to buy? Do you have any information products to offer to build your credibility?
c. Have you got your pricing right and most importantly can you or your representatives have sales conversations? Confident sales conversations are important, understanding the foundations and how to build trust and credibility.
d. Marketing strategies – are your strategies connecting with your target market? Do your target market see your content, ads, promotions, meet you at functions or have people refer you? Are you creating content or speak at functions to interest your target market?
Proving the Return on Investment of the marketing activities
Are you tracking your prospects and seeing if they turn into clients? Are you tracking your marketing costs? Software can track potential deals and follow them from prospects through to the sale.
Securing enough budget
The main role of marketing is to build awareness, trust and credibility. Then when the time is right, the sales team can take over and convert into a sale. The trust building process is pivotal to the success and business growth. Sometimes, the efforts of marketing are not recognised as the sales team actually realise the sale but the sales team is dependent on the marketing team and skills to have the prospect in the situation to buy.
It takes around 6 – 9 months for marketing efforts to take hold that is why it is important to track progress. Then, when you look back, the marketing efforts are starting to make it so that the sales are coming in.
Identifying the right technologies for company marketing needs
Significant amount of funds are wasted by poor decision making when choosing business tools. Getting the biggest and best Customer Relationship management tool (CRM) is not a good idea when you haven’t got the trained staff to utilise all the incredible features. Match the software with your needs and skill levels. At least get your staff trained and ensure the software is implemented well. Marketing approaches can be automated, this is an important feature for 40% of marketers, it makes their marketing efforts easier. But again, have the software matching your business needs and skills. Otherwise, it can be expensive and under utilised.
Managing the website
Many businesses struggle with the routine of updating websites. It is so easier to have happen, you’re so busy in one direction that the website gets missed along the way. It is important for your website to be up to date, have regular changes to show Google you are an active business and then when prospects come and visit your website, they see you are active in the market place. This is a key point for your foundation – this is where prospects come and check you out, if they like what you are offering they will give you an opportunity to earn their trust and then it’s up to you and your marketing efforts!
- Generating traffic and leads
Respect the impact of your marketing, put in a marketing system to help and track the results. It is for your business’s best interests.
Adrienne McLean is a Business Development coach and Principle of Amplify results who is in the business of helping Business Owners and Professionals with marketing, personal selling and getting the sale across the line. Adrienne is a BookYourselfSolid® Certified Coach, SpeakersTrainingCamp® , a Distinguished Toastmaster and holds a Bachelor of Science with Hons (Syd) with experience in marketing, sales, presentation skills & video, content marketing, supply chain and Research & Development.