Employment, small business lending, factory output, marketing spend, consumer activity, confidence – all these critical economic indicators are on the rise, forcing small businesses to take a look at their own plans for the coming months.
One area that a few companies are neglecting to consider is their marketing strategy. With businesses expected to increase their budgets in this area, small firms should develop a solid marketing plan.
To begin, consider what media you will focus on. While your campaign should try to embrace everything from social media to direct mail, isolate which formats will be most cost-effective, and stick to that goal.
"Your business plan is the U.S. Constitution of your business: If you want to do something that's outside the business plan, you need to either change your mind or change the plan," writes Entrepreneur magazine.
With technology growing so quickly, developing a marketing plan can even be somewhat of a gamble. For example, most experts agree quick-response codes will become one of the most important marketing tools a business has in coming years. But still, they are not yet universal and, therefore, their potential is difficult to estimate.
Nonetheless, examine how such mediums relate to your business, and be confident with your decisions.