Is your current B2B Marketing Plan not working as planned? It’s possible that your sales are stagnant or in the worst case are in decline. Frustration invaded you and your team. You don’t know how to get your organization out of this cycle in which it is now. Why is marketing not working in my organization?
Do you have a marketing budget?
Marketing is an ongoing activity to maintain and grow any organization regardless of its size. Many small businesses start trading with tactics such as word of mouth and referrals. But once relationships like: colleagues, friends, and acquaintances business run out, your business is at the expense and the generosity of its existing customers to refer your services or products. The US Small Business Administration suggests that an organization with annual sales under US$ 5 million should invest 7% - 8% of its annual sales in Marketing. This ensures the flow of new customers for the future of your organization. Here's how you can calculate what the appropriate budget for your organization should be:
Annual sales x 0.08 = Annual Marketing Budget
US$ 1,000,000 x 0.08 = US$ 80,000
Do you have SMART Marketing Goals?
Having clear goals is key to understanding where we are and where we want to be. "Growing my business 400% this year" or "Increasing our customer base" I know we all want to grow our organizations but without a clear goal it will be very hard to achieve and measure our results. SMART goals are a good foundation to make our dreams a reality.
- Specific = Specific
- Measurable = Measurable
- Attainable = Achievable
- Relevant = Relevant
- Timely = Time
Do you have an Action Plan?
Jeffrey Garten said - "A vision without ejection is a hallucination" and he is right. How are you going to reach your goals without an action plan? This action plan should cover the details of your daily, weekly, monthly activities you need to execute in order to achieve your goals. Here is an example of questions that can be done to detail the plan's action.
What is the average selling price for my products / services / memberships? What is the COCA (Cost of Customer Acquisition) per new customer?
How many sales / customers / referrals / prospects need to reach my goal this month / quarter / year? How many calls / visits to my website / events needs to be done to achieve X (sales / customers / referrals / prospects)?Going... Going... Gone! via photopin (license)