Building a successful small business is about making the fewest mistakes
One of the principles of new media and marketing is a strategy called “Launch and learn.” This method is used to quickly launch products, websites and marketing campaigns to establish brand loyalty and customer communication before the product or website has actually reached perfection. Launching campaigns and websites sooner rather than later allows for consumer response to show you what works, and what doesn’t. Setting up metrics such as open rates, conversion rates and analytics allows you to inexpensively launch several initiatives at the same time using different vehicles to reach end users. After analyzing the results you can then allocate monies and resources to what works the best. If you are involved in e-commerce, the numbers will always tell the truth.
Another basic tenet of strategic marketing and planning is transparency. When promoting products or services, it is absolutely imperative to clearly articulate what it is you are offering. We believe in advertising as a tool to provide the information necessary for consumers to make intelligent choices. People want the facts and the research behind a product before making purchases, whereas 5-10 years ago a spectacular image of a product or the promise of a feeling the product or service might provide, was enough to sell it. Promoting marketing integrity from the start provides a strong foundation by building customer loyalty and satisfaction and also helps the “launch and learn” technique distinguish between product and delivery feedback and a lack of solid information provided to the consumer. When testing initiatives, the less variables involved the better.
Its okay to make mistakes, and every new business should be prepared to make them. By setting up metrics you can launch initiatives and analytics to see what works, and what doesn’t. The key is to make the fewest mistakes possible in terms of time and money. Because each product will take a different marketing approach, there is no way to know exactly what will work best without first testing the waters. Steer clear of any marketing firm that claims to have a successful marketing approach upfront for your product or service, because this may end up costing you more than just money in the long run. If you would like to learn more, please contact Kompani Group at (786) 594-0435 for a free consultation.