Successful business persons understand the concept that you need to spend money to make money, and that is the basic reason for creating a marketing budget. When you design your overall marketing strategy, keep in mind that it is always important to incorporate areas that have the specific purpose of furthering relationships with your existing and potential customers.
Developing Customer Relationships
All marketing should create and develop relationships. Without a connection, you will have no customers; marketing efforts are essential for targeting, reaching out to and serving new customers. At the same time, you need to cultivate and grow relationships with existing customers, because they are your most loyal fans.
How can you accomplish both goals in one budget?
- Your general advertising, branding, billboards, media buys, creative design and new programs reach out to all potential customers. This is how you inform the public about new products, services, changes and other important offerings from your company.
- Direct specific marketing efforts towards existing customers, with an eye towards increasing sales from these most likely supporters and getting their essential referrals. Your current customer list is a great tool to use to gain repeat business. Those contacts lend authority and credibility to your campaign and help you gain new customers who are their business contacts and friends.
What are some specific marketing tools for current customers?
- Maintain and build relationships with your current customers by staying in touch. Use direct mail, thank you notes, promotional gifts, special email notices, social media posts and private sales to add value to this relationship.
- Design your website to be customer friendly and easy to navigate. Add important content that will appeal to your customers and encourage them to visit often.
Using Your Credible Sources
Rely on credible sources like your marketing department, sales manager, tax advisor or financial expert to offer you solid information and advice. These sources are experts in their field and up-to-date on the latest trends and how to accomplish your goals. The important time to use their advice is when you plan your yearly marketing plan/strategy. Get their advice about what to include in your marketing plans to achieve your overall goals before you solidify those plans. This is far more cost-effective than trying to adjust the budget during the year to accommodate some new campaign or push to increase sales and get new referrals.
You can make adjustments along the way, and marketing plans should be periodically reviewed. By working in advance with your credible sources, you gain ideas and information that are important to incorporate into your budget. This helps make spending your money to make money a more efficient and fruitful effort.