Developing and implementing a small business marketing plan is the secret to achieving business success.
Unfortunately, most small business owners do not develop a sales and marketing plan before launching their business.
“When you fail to plan, then you have planned to fail”.
What do we mean when we say you should develop a marketing plan?
Marketing plan means that you take out time to think through (and lay out) the set of activities you need to engage in over a period of time to achieve the set sales objectives of your business.
The objective of every business is to make profit. And to grow its profit year on year.
But that objective is not going to happen by accident.
You need to develop a small business marketing plan and stick to the plan in order to achieve the sales target of the company.
The Importance of Establishing A marketing Plan
Every small business starts with a small business idea.
The small business idea is usually centered around developing a new product or service to meet the gap identified in the market.
Alternatively, you can have a small business idea focused on selling existing products or services offered by an established merchant and delivering better user experience or better after sales support.
Whether you decide to manufacture your own products or sell existing products offered by a reliable merchant, your success will depend on the quantity of products you’re able to sell per month. And the amount of money you earn as profit from your sales volume.
Remember . . .
1. The more products you sell per month, the more money you will make per month.
2. The more money you make per month, the greater your business profit will be (if you manage your business expenses like a pro)
3. The greater your business profit, the wealthier you will be. And the sooner you can retire from the 8 to 5 rat race and focus on your own business full time.
Everything rises and falls on sales and marketing!
Therefore, when venturing into small business, always ask yourself the following questions:
How will I sell this product?
Who is my target market?
How will I reach my target market?
How do I get them to buy from me?
Developing A Small Business Marketing Plan
When developing a small business marketing plan, you’re essentially exploring . . .
1. The route to market . . . the different ways to reach your target market
2. How to engage them and get them interested in buying your product or service offering and
3. How to make it easier for them to pay you and receive your product or service offering promptly
You can reach your target market with your product or service message through . . .
1. Product or service flyers
2. Cold calling prospects
3. Radio advertising
4. TV advertising
5. Advertising on commercial vehicles
6. Bill board advertising
7. Creating business website
8. Small business online advertising
9. Small business email marketing
10. Internet marketing affiliate program
The best marketing plan usually is a combination of several of the above marketing options.
However, there is a huge difference between small businesses and established national and multinational companies when it comes to marketing.
Large national and multinational companies usually have a team of smart marketing professionals in their payroll PLUS a huge advertising budget.
Therefore, they can afford to invest money in expensive advertising options like TV and bill board advertising.
Unfortunately, small businesses do not have access to that kind of advertising capital. And therefore, must find creative ways to reach their target market at very low cost in order to turn profit and remain in business.
Any business you invest in without first establishing an effective small business marketing plan will die a natural death.
So, invest wisely!
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