In most discussions that I have had with small business CEOs that want to grow their business, the questions and concerns soon come down to the issue of marketing the business.
The first step in identifying your marketing goals is to assess whether your business needs have changed. What worked for you in the early stages of your business may not work today. Consider these areas:
Target customers:Are you reaching out to new demographics (age, sex, race, income) or new geographic areas or regions (customers in a different part of the country or even globally)? If you sell business-to-business (B2B), perhaps you are targeting customers in new industries.
Product/service:Have you added new products or services?
Price:Have your prices changed? Perhaps you've shifted from a mass-market audience to an upscale, luxury niche. Your marketing must reflect your current price point.
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Budget:Has your marketing budget grown since your business started? If not, you may need to increase it. Or perhaps your marketing dollars have shifted over time so you are spending more in one area than you used to. Reassess spending and focus on the expenditures that deliver the best return on investment.
Sales channel:Have you gone from a business-to-consumer (B2C) company to a business-to-business (B2B) focus? Have you shifted from retail to wholesale? Changes in the sales channel require revising your marketing plan.
