Simple Marketing Part 1: Review Your Business

23 04 2008

REVIEW YOUR BUSINESS

This is an important first step, because with Marketing its all to easy to skip the foundation phase where you gain a clear understanding of how your business is performing, the issues it faces and the ways it achieve results.

By fully reviewing your business the issues and priorities will become clear, and this makes it far easier to undertake the Marketing activity the business needs.

So for example if I was asked to look at the Marketing of a business, firstly I would want to see as much of its performance data as possible. In this instance its useful to create a percentage line graph over time with lines to show:

Turnover, Profit and Costs

This will, at a glance, show for example: whether costs are eating into profit, if slowing sales are being compensated by a lowering of costs or hopefully show profits rising faster than costs and turnover.

But whatever the outcome it is important to understand the reasoning behind the perfomance of these measures, which in turn will allow steps to be taken to curb costs, increase turnover and boost profit.

From a marketing perspective it will also provide a clear indication as to the scale of the marketing requirements for the buisness. This will help to determine that nature and scope of the marketing activity that will be required for the business.

Although this may not seem like marketing activity, it is important to remember that marketing decisions tend to work best when they are based on a complete understanding of the buisness and its ambitions.

Naturally a new business won’t have the luxury of previous trading information and in this instance the marketing strategy will need to be based in part on the business plan, but also taking external factors into consideration and of course planning the all important launch activitiy for the enterprise.

 

Advertisements

Actions

Information

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s




%d bloggers like this: