It’s natural to want to focus on the bells and whistles – a fun ad, a cool in-store promotion, a community-wide event. These may become a part of your marketing strategy, eventually. But first, back up and get down to basics by developing a marketing plan. Then, after you’ve put a structure in place, you can fill it in with the details.
And by “basics” we mean starting by examining the very fundamentals of your small business:
- What business are we really in?
- Why are we in business?
Hone in on your products and services; define them in detail focusing on your unique advantages: Price? Quality? Convenience? Some combination? It’s all part of what you’re selling – and why your customers are buying.
You already know you need a marketing plan, one that reflects your business plan. A well-developed marketing plan offers clarity, structure, perspective and a defined path for bringing your goods/services to customers. Here’s some food for thought for essential marketing plan basics for your small business:
Situation analysis. Imagine someone asks you, “So what’s the story?” This outlines the key points of your business “story.” What’s led you here? What are you up against now? What’s changed over the last year or two? What kinds of events/factors/trends are “setting the stage” and influencing you one way or another? It’s what scriptwriters call a “treatment” or “synopsis.”
Clearly articulated, measurable objectives. It’s not enough to define your objectives as growth, increasing revenue or building your customer base. Each objective needs to be expressed in numerical terms, either dollars or percentages. For example: grow by 25 percent, increase revenue by $10,000 a month, or build the customer base by 40 percent.
Market research. This doesn’t mean massive studies and complicated statistical analyses. It means having a solid understanding of the competitive landscape, as well as your customers and the factors influencing them. Qualitative insights are invaluable; combining them with some quantitative research to support your insights with data is a must.
Customer database. Connecting with your customers and targets is a continuing process. You can’t have too much information at your disposal that enables you to reach out to customers in meaningful ways. Build your database and update it regularly as you gather more intelligence. This is an invaluable component of a marketing plan for any business.
Well-chosen strategies and tactics. How are you going to achieve your objectives? Consider and choose strategies and tactics – from email marketing to social media to advertising – and match them to each objective. There are more choices than ever, which is a good thing IF you don’t fall prey to the most splashy or easiest to execute. What will get you the most bang for your buck and help move the needle closer to achieving an objective?
Budget. Setting a budget puts parameters around marketing and guides all phases of marketing: planning, goal-setting, strategy and execution.
Measurement and tracking. Track results quarterly and even monthly – don’t wait until the end of the year. This part of your marketing plan enables you to tweak your small business’ marketing efforts and spending as you go, furthering your chances for success.
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