As we embark on our entrepreneurial endeavors, the visions we have are generally positive. We never imagine the misfortune or bad days that make us want to give up. To help guide the track for success, business planning is important. A marketing plan is the component of the business plan that may get overlooked. Since there are so many moving parts and so many ways to succeed, the way to know for sure the action items that will make the best impact on your business is to have a detailed layout of your marketing strategy.
There will be opportunities that you may not have considered. There will also be competitors that you weren’t aware existed. A few examples of advantages and pitfalls should have intrigued you to want to dive deeper. If not, here is another scenario that might help push you further. Imagine that you spend hundreds of thousands of dollars to discover a new innovative widget and at the time you started your venture there were no pending patents, the name was available, and all your friends and family supported your plans. Then 6 months into the great success of your business there is a breaking news announcement that the government has banned the use of the products ingredients. What is one to do?
You have millions in inventory and you already exceed your annual sales for the next two years on. A few more pros and cons are,: a new target audience, service not initially considered, pricing advantages, and a larger competitive landscape that you initially considered. All these areas can cause misplacement of profitability which would impact the success of your business.
Marketing for a small business owner can be overwhelming and result in taking a gunshot approach to market your business. This is not the way to meet your business goals. You may have even tried one or two things inconsistently and been frustrated by the results. The most important factor to remember about marketing is that consistency is key and that is what a marketing plan offers. Without a marketing plan aligned with your business goals, you may not get the results you want.
A marketing plan has a sole purpose to outline the steps needed to maintain your brand’s message consistently, and help you to stay on track. There are so many types of marketing strategies and tactics you can use to bring new customers to your business and grow your brand. Identifying the right marketing by customizing your marketing plan by analyzing different customer segments based on cultural differences including tastes, expectations, beliefs, world views, and specific needs.
Once you have a marketing plan in place, updating your marketing plan periodically to ensure you maintain momentum in your marketing goals is also important. Having a marketing plan in place is the blue print for all your marketing efforts and has the ability to help you build and maintain success that can take your business to the next level.
Establishing your businesses goals, determining how much time and budget you have and creating a marketing plan to meet those goals should be on your list. To get you started take a look at the below questions and the option that best describes your current state.
Are you operating a New Business?
If you are a young company that is getting started, you will need to determine how much budget and time you can put into your marketing.
Option A: I have significant time, but no budget.
Option B: I have some time and some budget.
Option C: I have significant time and budget.
Are you operating a Business without a Marketing Plan?
If you are an established business, you need to determine what marketing goals are realistic for your business.
Option A: I’d like to get started with marketing.
Option B: I want to supplement my steady growth with additional marketing.
Option C: I’m ready to grow aggressively through marketing.
What “Option” above best matches your current situation? Contact us today for a FREE marketing template today.
