Are your marketing efforts working?
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?