Using Marketing To Revive Your Business
By Eric Gilboord | September 30, 2002
Companies can reach a comfort zone where success is defined as steady sales or not losing business. You can revive this complacency, breath life into your business and take it to a new level. Marketing will be a key element in the revival process.
Case Study 1: A Going Concern
A business has been a going concern for 15 years with a concept so strong that it has franchised stores nationally and is moving swiftly into the U.S. Success has so far been achieved with very few marketing materials. Management considers that, given the company's success without marketing, the possibilities with marketing are very encouraging. After 15 years, they set out to prepare and execute their first, professional marketing program.
Following a six month development process and much internal discussion, initial marketing tools are prepared. Some franchisees take a wait and see approach. Other stores begin to use the new tools, and sales take off immediately. The head office quickly moved ahead with the development of additional marketing tools, and most franchisees are anxiously awaiting the new materials.
Case Study 2: Plodding Along
A business has been plodding along for the past 20 years. In the early stages, it had moderate success. Lately, the owner has spent a small portion of his time on building sales. The company has plateaued at a level which is much lower than it should be. The owner has reached a pivotal point in the company's development, and has two options. He can try to sell it as is, take the money and devote his energies to other interests, or he can attempt a marketing turnaround, giving the business a much needed shot in the arm and a fair chance at success.
To undertake a marketing turnaround, start with a realistic assessment, develop a solid strategy, prepare a marketing program, and execute that plan to deliver the sales results you deserve.
This process is not a quick fix. If you do it quickly, with the wrong motives, unrealistic expectations, and no help, you may find yourself in deeper trouble than you were before. Take your time and do it right, you'll get the results you are looking for.
If you are like most business owners/operators, the answer to the question of whether to invest more in marketing is YES!