What is Business Strategy
A business strategy is not the same for every business. It’s a custom service that finds the main problems for the business. And, it resolves those problems with specific steps.
Think of a business strategy as a map. You start at the beginning. Then you follow it step-by-step to fix whatever the problem is.
There are common problems from company to company. With that said, no business is the same.
Business Strategy Definition
The definition of a business strategy is a long term plan of action. It is designed to improve a current situation. Or, to fix a bad situation.
Companies use business strategies for the following reasons:
They run into problems with scaling.
Measurement of costs vs pay out.
Problems with personnel – finding good people.
Trouble with people being able to find you. Especially in a saturated market.
Marketing in Your Business
One important element in business is marketing. This is how people find you. How they know who you are.
At this very second, there are over 4 billion internet users in the world. When you want to buy something, what’s the first thing you do? Do a Google search [or hit up Amazon]. If you plan to do business with an individual or company, you Google them. Your digital marketing strategy is something that can make or break your business. And, just like that, you can lose a sale based on a search that takes 3.5 seconds. If marketing could be responsible for your growth, why is it so hard to understand it? And, by not understanding marketing, do you allow yourself to not fully understand a vital aspect of your business? The first part of being able to oversee, hire a company, or do your own marketing is being able to understand it.
Your Digital Marketing
Three of the biggest problems with this are:
- No understanding of what marketing is or why you need it.
- You may not be sure what kind of marketing can work best for you.
- You don’t know what you need to be paying to get a real result.
Many people approach marketing with what we call an “incorrect estimation of effort.” They aren’t sure what will actually work for them. So, they start out slowly with a small budget to be safe. This is the number one biggest mistake you can make in marketi
Understanding Your Marketing Budget
One of the first things to understand about marketing and digital marketing strategy is that you have to have some type of budget. That budget has to be consistent and measurable with the results you actually want to achieve for your company.
How much should my budget be? We recommend you contact us for a better description of this. A safe estimate is about 10-20% of your total gross income. That means that if you make $1 million dollars a year, you should be spending about $100,000 on marketing. And if you aren’t making certain amount per month, you shouldn’t even be looking for a marketing company or something outside of what can you do yourself (click here for 6 basic tips).