While developing your marketing strategy; it is essential to think about the “big picture”. Keep in mind that what you want to accomplish through marketing is to increase profits. To have a successful marketing campaign think about the following questions and how they would apply to your product or service.
- Are you willing to accept a lower profit margin for that increase in sales?
- Are you willing to accept a loss on one product in exchange for growing your customer base to increase repeat sales?
- Are you willing to raise your product price?
- Are you willing to change things in your business model / structure (a.k.a. business development) to accomplish that increase in profits?
These are just some starter questions to think about. There are numerous ways that a change within your business structure can supplement your marketing strategy and increase profits. Are you willing to change things in your business model / structure (business development) to accomplish that increase in profits?
Recently I met with an individual that wanted to increase his sales. He had a goal in mind and asked me if it was feasible. The answer was “yes” it is feasible, however it required some things to change with his business structure to realize the full potential.
Just promoting the product was not going to increase his profits. The landing page on his web site required some work, the web site was not optimized for search engines and received very little organic traffic, there was little presence in terms of social media (no twitter, Facebook,etc..) and at his current sales price there was little room for a decent profit margin. In truth, there was little reason to promote his product since the initial analysis suggested an overall loss.
However, if we incorporated changes to his business structure; not only could we increase his sales; we could also increase his profits. It required some work and some time but remember the purpose of marketing is not just to promote a product but to increase revenue. If that increase in revenue takes three months opposed to a month you still meet the objective – making money.
When creating your marketing strategy, business development is an important aspect and can mean the difference between a marginal campaign and a successful campaign. Business Development is more then just marketing, it is a combination of marketing along with knowledge management and customer service. Business development may focus on sales activity or it may focus on support of the sales activity but it is a vital element in marketing.
Keeping the “big picture” in mind and how you will increase your profits requires more then just promoting a product, more then just marketing an item. The how requires business development and a willingness to change.
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