YOUR BUSINESS MARKETING PLAN

Preparing a good business marketing plan takes some skill and hard work but is vital. Good marketing lets people, your future customers; know that you are in business, and that you can sell them what they want to buy.

No marketing means, no business, so from very early on in your business, you need to understand what needs to be done and get your business marketing plan right.

From day one, as a business owner, you must be thinking of and become involved with the marketing of your products or services.

Small business advertising and publicity, which is the way in which you are going to be marketing your business, does not have to cost a fortune, but you do have to have some knowledge of how to do it.

Be warned however, when your business grows and you are thinking of television or national press commercials, get the professional marketing guys in, do this wrong and you can lose not only your shirt but also your business.

If you haven’t put together your business marketing plan and you are already in business, you had better jump around and get it done now.

Understand your marketing

If you produce something for sale, or sell-on anything, you are marketing that object. The aim of business marketing however is to give that object more demand and a perceived value that makes it more attractive to your customer.

If your business is brand new, the small business marketing plan for your business and product is even more important as you also have to convince potential customers to purchase from you, as opposed to their traditional supplier.

The marketing of your products or services should not be taken lightly even where you have little or no competition. Prepare for the worst and stay ahead.

Having spent many years in the corporate world, I have attended many marketing seminars and training sessions. I have also learned from some of the best marketing practitioners the worth of good marketing, and how with it a new product can go from zero to huge sales in only a few months.

After going into business for myself however, I now no longer had the benefit of marketing directors and external consultants, so marketing was my baby. If I was to survive, I had better get it right. I did. Here is how I put a business marketing plan together.

The first thing to remember about marketing is that there are very many types of marketing, and not all types suit all businesses. We will look at the different types in awhile.

All of the many types however can be placed into two major groups, these being off-site marketing and on-site marketing.

• Off-site marketing is the marketing that you require to make the customers out there aware and to get them to come to you. This must be effective if you are to succeed. A good business marketing plan will show you how you are to achieve these aims.

  Whether you are manufacturing, producing, retailing, supplying a service or own a web business, the customer must be made aware that you exist and want to come to you for something.

  Again off-site marketing can be sub-divided into a further two groups.

  • Publicity and Public Relations can often be free or, at least, not expensive. It can be very effective in making people aware of you and your product.
  • Advertising. Expensive but with the quickest response. Good advertising, by good is also meant the right type of advertising, can be very effective.

    If you are starting out, want people to know and like you or are expanding and want to let people know about it, you will place Image Advertisements. If you want people to buy certain of your products, you will place Direct Response Advertisements.

• On-site Marketing. Once you have got the customers on site, how do you best get them to buy from you?

  You cannot afford to build up anticipation for your product off-site and then let them down on-site.

  Good merchandising is essential here.

  Remember this when developing your plan.

  The terminology is to keep you in the picture when you need to talk marketing.

Developing a Business Marketing Plan

To start your business without a marketing plan is like pushing your car down hill without a driver, disastrous!

Your business plan is vital but so is your marketing plan.

This plan will cover all the different aspects of your customers, how you will first obtain market share and then how you intend to increase your market share. It is a plan of action and focuses on your customers.

To start your business marketing plan you need to do the following:-

1. Understand your product

   What is it, how is it, what does it do, why would anyone want it, is it better than the competitions? You must understand your service or product so that you can sell it to the right customer. You need to decide, through market research and marketing surveys, the type of customer who will want to buy your product and what it is about the product that will attract them to buy.

   What price will you charge? Depending on where you hope to sell and to whom, will affect the pricing of the product.

   What are you selling? Quality? Better service? Low price? Convenience? Researching and understanding your potential customer will show you the way.

2. Know your customer

   Your customer, the customer you want to buy your product, must be understood in detail. All I can say is ‘KNOW YOUR CUSTOMER’.

   Are they rich, middle class or poor? Young, old or of all ages? Where and how do they live? Are they conservative or modern? When do they buy?

   The customer profile is the second leg of your business marketing plan.

3. Wanting your product

   Now that you know your products worth and who are the people likely to want it, your next step is to let them know about it.

   Getting them to know about and need your product or service means coming up with a good off-site marketing strategy. This will cover publicity, advertising, merchandising and branding.

4. Selling your product

   Finally your plan will cover the how of getting your now attracted customer to buy on-site as well as remaining a repeat customer.

Showing how your marketing will get customers for you, you also need to show how you will then get them to buy and finally how you will service their future needs. Your business marketing plan needs to cover all these aspects to ensure success.

How much to spend?

To build your business you have to get known and to get known, and stay known, you have to advertise. How much is it going to cost you to get known?

To do the job properly, you will need to budget a percentage of your gross sales to spend on your advertising budget. From past experience most consultants will recommend that you set aside between 2% and 5% of your anticipated gross sales.

My experience however has shown me that with new markets you will have to spend up to 8% in the first year, reduced in the second to 5% or 6% before spending on maintenance at around 2% to 4%. It all depends on what and how you aim to advertise.

Where to spend it!

Knowing your potential customers will give you a pretty good idea of where to spend your advertising money.

Money is always tight at start up so needs be you must advertise where you can expect to get the most bang for your buck.

That means advertising to the niche that your customers fill. Use the advertising media that will reach these customers and these customers alone. You can’t afford the shotgun approach in the early days!

And on what?

• Publicity and Public Relations

  Can be very effective, the least expensive and is often free advertising!

• Advertising

  Paid for, often expensive but very reliable. Covers a very wide range of potential advertising methods which can be grouped under Print, TV and Radio and Internet advertising. Your business marketing plan is very important in this regard.

• Merchandising How you select and display the goods and services you sell can enhance or detract from your advertising efforts. Small efforts here can yield big dividends.
• Branding Do you sell your own product or service? If yes, giving it a recognizable logo and name can over time increase its value.

Pick and choose those aspects that are required in your plan, decide on deadlines and write up your business marketing plan.

Return from Business Marketing Plan to Business Management Basics Home Page

Subscribe to Business Buzz, the monthly newsletter that will keep you up-to-date on new, site business content, business news, tips and other items of interest.

Be assured that your email address will be safe and that is why you will be asked to confirm your subscription by double opt-in. This will keep you safe from spammers and other malicious persons.

Hope you enjoy Business Buzz.

Subscribe here.