Multiple marketing factors affect bottom line profitability. However, great marketing strategies share a common characteristic.
In general, good business owners make good marketers. But as an innovative business leader, you need to follow the strategies that other business development businesses have used to achieve success.
When It's Time to Rebrand
Rebranding can be the cornerstone of a successful marketing strategy. But unfortunately, many business owners choose to rebrand simply because they aren't sure what else to do. Rebranding is an intentional marketing technique designed to deliver long term results. For a business development business, brands are tied to specific stages in the life of a business. If your company is expanding, you will inevitably outgrow your brand and it will be time to prepare for a comprehensive rebranding effort. Unless you are confident that you possess the skills necessary to rebrand your business, we advise consulting with a professional marketing firm before you introduce a new brand to your customers.
Measurement & Evaluation
With a little more attention to details, business development businesses may be able to increase the impact of their marketing tactics. However, there are no substitutes for measurement and evaluation mechanisms. Measurement and evaluation mechanisms have value for any number of reasons, including the ability to shift your resources toward the marketing channels that are delivering the greatest returns. Given the importance of measurement and evaluation, business development businesses typically expand their knowledge base by hiring professional marketing firms.
Encourage Word of Mouth Referrals
Most owners of business development businesses rely on a certain amount of word of mouth marketing buzz to communicate brand values and product messaging.
As a rule, your marketing strategy should include mechanisms that encourage meaningful brand conversations and spread the good word about your business. Mind you, there's a difference between word of mouth marketing and viral marketing -- if word of mouth marketing is a new concept for you, you might want to hire a marketing consultant.
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