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By Britt Carter
RALEIGH, N.C. – As you stand on the exhibit floor of the annual (insert awkward acronym of your industry association here) tradeshow and conference, the place is abuzz with flash and fanfare and, frankly, a lot of wasted cash. Many, even most, of those companies are spending their marketing budgets inefficiently. For younger companies, the risk of misspending marketing money is great, and the consequences can be catastrophic.
As you begin building your business, you know that you need certain things to succeed: a solid product offering, effective sales program, dedicated staff, and strong management. You also need a good marketing strategy. Great! What does that mean?
Young companies represent ripe opportunities for those in the “stuff” business: logo-ed stress balls and travel mugs and laptop cases and tailgate items (I did see a branded “ride-on” motorized cooler that’s pretty cool), brochures and direct mail pieces of every ilk, tradeshow booths, web sites, as well as agencies that can do everything.
It’s natural to want everything. This is your company, after all. You’re proud of it. You have formed a team of smart people who are ready to change an industry or create a new one. You have an awesome logo. Before you start swiping the corporate card, however, take a moment to consider the things you really need, rather than what you want.
All companies, regardless of size, need a solid strategy before launching a marketing program. Here are 5 fundamentals of marketing success to consider:
Seek counsel
Getting advice from someone who’s been around the marketing block a few times is essential. This person can be a member of your advisory board, a staffer, or an outside consultant. A smart consultant will advise you as to the things you need, and those you don’t.
Build a plan
Don’t spend six months on this, but do take the time to map out your brand position, objectives, audiences, messages and metrics taking into consideration the objectives of your overall business plan. Also know that plans change, especially for young companies. Prepare to be flexible while keeping your eye downfield.
Prioritize
There’s a lot you can do, but you must focus on what you need to do to meet your goals. Ask yourself what is most important. Is it creating a buzz with local or industry reporters? Or is it providing basic information about your company via a web site or blog? Perhaps advertising would be an effective way to reach customers.. Whatever you do, just make sure all of your marketing materials are consistent in message and tone.
Editor’s Note: Britt Carter is the Senior Vice President and
General Manager of
