In this blog we discuss the importance of developing a marketing strategy and how to measure its impact on your profit. Marketing strategic planning is part of your overall business strategy; it sets the way you drive revenue in your business. A marketing plan focuses on customer acquisition and retention, and it includes online and offline marketing activities such as market research, selling, advertising, sales promotion, etc. Other components of your business strategy are financial, production, human resources and R&D. These are also part of a small business, in a smaller scale than larger companies if you like, but considering all these factors and having policies and procedures in place will ensure that your business runs smoothly, doesn’t require you to be repeating yourself and wasting your time and if something goes wrong you know exactly what to fix. Impact on Profit As a management accountant I’ve seen the impact of marketing, HR, production strategies in the financials. The relationship with the bottom line may… Read More »Are your marketing efforts working?
The true relationship between pricing, worth and strategy Week in and week out I have this conversation with someone, about pricing and worth. “You need to raise your prices and charge your worth” “You need an abundance mindset, you need to spend money to make money” this one is partially true. Make smart and informed investments. After all it’s your money, and as a responsible adult you have the right to make sure those investments will make a difference in your profit margin and positive impact in your life. Pricing is part of your strategy not a reflection of your worth One of your competitive advantages can be your pricing. You can offer low prices and still make good profit margins and charge your worth by introducing efficiencies in your processes. I was buying toothpaste yesterday, I saw a Colgate toothpaste at $1.99. Do you think Colgate-Palmolive board of directors don’t know their worth? Should they raise their price to reach their weekly sales quota? … Read More »Pricing, worth and strategy