30 Mar Getting a Second Opinion on Your Marketing Strategy
Many company owners make the mistake of not seeking a second opinion on the market strategies they use. There are a number of reasons for this. Perhaps the current plan has worked well in the past and the expectation is that it will continue to do so. Another possible reason for this type of situation is that the owner has seen the strategy work for a competitor and hopes to replicate that success. With these and other scenarios, seeking a second opinion can make a huge difference.
Examining Every Part of the Strategy
By having a professional evaluate each aspect of the marketing plan, it will be easier to see how well they relate to the consumers that the owner wishes to target. This is especially important when the ideas are basic ones that seem to find use in the marketing approaches of most businesses. While those elements may work well with other companies, they may not be the best way to reach the particular niche markets that the owner wants to target.
For example, part of the marketing approach focuses on conducting credit card processing as a means of making it easy for consumers to complete purchases in person and online. As the professional looks over the plan, it come to light that the processor currently used by the owner does not charge the most competitive fees for those transactions. At this juncture, the professional can make recommendations for changing merchant accounts, locking in lower transaction fees, and maybe even making it possible for the owner to accept one or two additional types of credit cards.
The Advertising Component
Advertising is a key element in any marketing campaign. To determine if the proposed strategy is viable, it is important to consider how each process would connect with the desired consumer base. This also helps to determine if the resources allocated for each form of advertising is in line with the projected returns.
Not all forms of advertising are a good fit for a given business. The goal is to determine if something should be added or taken away from the current plan in order to maximize contact with the right consumers. For example, perhaps the target audience is less likely to read print publications, but will respond well to online ads and television spots. When this is the case, print publications should compose only a small portion of the advertising budget, and more money can be allocated to visual media.
That second look by an objective third party can take a mediocre marketing strategy and turn it into something great. From evaluating outreach efforts to details like credit card processing and setting up the right merchant accounts, a fresh set of eyes can see things that even seasoned professionals may overlook.