Q1 Marketing Management, Not Marketing Mayhem

“What do I do? Where do I start? How do I do it all without overextending my budget?” Those are the top concerns clients express when they sit down with me for a marketing consultation. And, if you’re anything like the entrepreneurs that I work with, I suspect those same questions have kept you awake many a night as you consider how to market your business. Well, I guarantee that you will sleep better this year if you take a few minutes to not only read my blog regularly but to participate in it! So, with that promised, here’s your first lullaby…

It's January; the first month of the first quarter of the new year. That means that, in theory, you should be launching your first round of marketing for the year. However, to do that, you would have had to create this year’s marketing plan last year in the third quarter (at the latest) and finished production on those marketing efforts in the fourth quarter. That’s the theory of how it should be done. In practice, it’s a rarity that small business owners are able to follow that time line, most commonly because of lack of timely planning or money.  So, if that’s your situation, don’t feel bad. Instead, feel compelled to get back on track by hunkering down and tackling the following actions this week:

      ACTION 1: Audit last year’s marketing activities. Note which strategies and tactics were successful for which audiences and which were not. Which resulted in your greatest response?

      ACTION 2: Look back at your books. How much did you spend on marketing last year overall? Next, create an itemized list of the activities and costs. Which of last year’s marketing activities gave you the most bang for your buck?

      ACTION 3: Review the types of consumers you attempted to attract. Which are still viable target audiences? Are there new consumer segments that you should focus on instead?

      ACTION 4: Consider the current economic client. How has it affected your consumers’ perceived need / desire for and ability to purchase your products or services?

      ACTION 5: Set your marketing budget. Based on last year’s cash flow, estimate how much money you can you afford to spend (monthly or quarterly) on marketing activities this year.

If you have detailed records to help you assess the above, use them to paint a vivid picture of your current situation as it relates to marketing; if you don’t, an informal assessment will suffice. The point is to be introspective about last year to gain perspective on how to improve this year. This is the initial analysis that you’ll need to do to assess what you should be doing in regard to your 2014 marketing efforts.

You think you can manage that? Sure you can!

One final note before I go: Now, while I certainly can (and will) write articles and give tips on a plethora of topics, it’s my hope that this blog won’t be a one-sided conversation. Therefore, I invite you to email me with your marketing questions. Let me know which tactics you’re considering, what’s worked for you and what hasn’t. After all, this The Lofty Entrepreneur blog is all about building stronger businesses and smarter business owners.