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In today's competitive environment, if you want to be successful at marketing
your small business then you need to have a
marketing plan in place that will attract and retain your most
profitable customers. Whilst a marketing plan may take time it does not have to
be complicated and is invaluable in identifying the business and market
opportunities available to profitably grow your business.
When developing your marketing plan
there are certain steps you need to undertake to ensure you are on track to
meeting your business goals. These steps include:
Find Out More About Your Customers
To know your customers is to really know how they think, feel and behave
towards your small business and your competitors. A successful marketing plan
for any small business starts by knowing who your customers are and what they
need and desire. There is no point wasting valuable time and money marketing
your small business to people who aren't interested in what you are selling.
You need to communicate with the people who matter most to your business and do
it better than your competitors.
Research Your Competitors
Researching and understanding your key competitors enables your business to:
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More easily identify your current strengths and key point of difference
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Develop marketing strategies to exploit their weaknesses
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Counteract their marketing activities more effectively
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Identify why they may be taking business from you
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Defend your relationships with your current customers
Know Your Business & Market
It is important you gain a good understanding of your business's current
strengths, weaknesses as well as your market's future opportunities and
threats. To do this look at:
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Your business' current and past sales performance
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Your previous marketing activities and which worked and which didn't
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Distribution channels and market segments that are most important to your
market and business growth
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Market trends and seasonality that will directly impact your business
Find Out What Makes You Different
Before you spend any money on marketing tactics you need to work out what sets
you apart in the eyes of your customers and importantly what is meaningful to
them.
To start identifying your key point of
difference(s) you will need to look at:
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Your current and future strengths and weaknesses
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What your customers' needs and wants are?
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How you differ from your competition and what you do better
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Your product or service's key features and benefits
Set Your Marketing Objectives and Marketing Strategy
The information you gather from analysing your customers, competitors,
business and market will enable you to set marketing objectives that will best
support and grow your business. Limit your marketing objectives to only 3 or 4
to ensure they are achievable, focus on your customer and can be tracked. For
example, if you are a new business your objective may be to achieve 200 new
customers by the end of the financial year.
Your marketing strategy is your overall game plan to achieve your sales and
marketing objectives. When setting your marketing strategy you should consider
the following:
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How can you protect your most profitable customers and keep them loyal?
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How can you maximise your existing customer relationships through up sell
(buying more of the same product or service) and cross-sell (buying other
products or services in your range)?
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How can you attract new profitable customers and get them to return?
Choose Marketing Tactics to Maximise Your Marketing Spend
Whether you have $500 or $5,000 to spend, you need to maximise the results
from your marketing activities. To do this you need to choose marketing tactics
that will achieve your marketing objectives and support your overall marketing
strategy. You will also need to consider the marketing budget you have to spend
and what resources are available to implement each tactic. You can't be
everything to everyone so focus on your most profitable existing and potential
customers and which tactics will best appeal to their needs and wants.
Copyright © Marketing for Business Success Pty Ltd 2008
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