It might come as a surprise, but statistically, 9 out of 10 businesses fail in the first few years of operating. A significant proportion get into financial trouble because the early signs are overlooked or just not recognised.
Even well-established high street retail and restaurant brands are not safe when it comes to business failure. Just think of the recent news of Toys R Us, Maplin, Pound World and Prezzo, to name but a few.
Recently, a well-known eatery in Yorkshire closed its doors and by its own admission ‘Didn’t do a good enough job of telling our story and convincing people to step through the doors.’
It doesn’t matter whether it is fashion or food you are selling, both need the footfall and the demand to make it a success. Getting sales is the first and most crucial achievement towards being a successful business. In order to build on these sales and make more revenue, you need to find new customers or convince the ones you have already got to buy more from you. To do either of these things, you need a marketing plan.
Marketing can often be viewed as an unnecessary expenditure, but it has never been more vital. Recently there have been a plethora of businesses going into administration, and some have been a shock to even the industry experts. However, using strategic marketing, a company can build on brand awareness, grow their customer base and instil loyalty. If you slash your marketing budgets, you will lose your touch points that market your offer to your buyers.
You may have a healthy cash-flow and customer base now. But it is important to keep on promoting yourself in order to have a pipeline of future work and future interested employees as well!
Whether in-house or outsourced, a dedicated marketing strategy will provide direction across all departments including branding, operations, advertising, customer service, sales, visual merchandising and the list goes on.
Getting creative with your marketing and finding better ways to reach your audience will deliver real ROI and maximise your budgets, no matter how small, enabling your business to combat any uncertainties in the months and years ahead. So, don’t risk falling behind, make your customers aware of who you are, what you do and where to find you.