Business Killer 2: Lack of Information – Intro
Posted by Ryan Volberg at August 17, 2007 1:30 PM

Are your Marketing Dollars working for you? Part 1a

Now that we’ve covered an external threat, it’s time that the focus turned inward. Many independent businesses don’t have the tools and information they need in order to make informed business decisions. What you don’t know can and will hurt you.

Generally, business owners realize that they need to advertise and promote their business. Common sense tells us that if people don’t know about your establishment, they won’t come. But, how do you make the most out of your marketing dollars? The secret is in gathering the right information to make the right decisions.

Where many independent businesses fail is by not tracking and analyzing their marketing efforts. Many just throw money at advertising hoping something will stick.

"I know that 1/2 of my advertising budget does nothing for the business, but I don't know which half." John Wanamaker, Famous Philadelphia Retailer

Savvy marketers know that Wanamaker’s quote no longer holds true. It is possible to track marketing and find methods that work for your business. It just takes patience and persistence.

In this series of posts, we begin our exploration of this subject by answering the following questions:

How do I find effective ways to market?
How do I establish whether a promotion is effective?
How can I use market research to uncover new markets for my business?
 
Ryan Volberg is CEO of Vivonet, a company dedicated to ensuring restaurant and retail success.

Category: Survival Tips

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