Many businesses fail in one very critical area; marketing or lack of it.
In fact, most banks will ask a new start up for a Business Plan, but dedicate only a page or two to the marketing of your business.
Starting a business can be one of the most rewarding endeavours you experience! You woke up one day, finally decided to take that leap and say OK, I am going to do it!
It's incredibly exciting and terrifying all at once.
So you take your business idea and get all the obvious things you're going to need; paper, pens, office — you're ready to go. You consult with your Accountant, the bank, friends and family. All ducks in a row.
Get some cards printed a site created. Maybe even some brochures.
Then you wait.
And you wait
and you wait.
You start to wonder; where are all the people who thought this was such a great idea?. Panic sets in: was this a mistake?
A great business is only great when people have access to what you are offering, if you do not have a clear direction on how to reach customers, your business will close before its barely even open.
Spend time creating the steps on how you are going to bring your customers and you together, the old saying if you build it they will come almost NEVER works in business
Tips On Creating A Marketing Plan
- Create a Company Profile– who is involved in your business and what are their roles?
- Goals of the Business– what do you hope to accomplish with your company? What is the vision?
- Market Research– is there a need for what you want to do or is the market already saturated?
- Target Market– Who do you want as an ideal customer? What do they earn, what do they like, how do they spend.
- Competitive Analysis– Analyze at least 10 competitors, and dont kid yourself, YOU have competitors, EVERYONE does
- Create Marketing Strategies– think about 10 ways to close the gap between you and that all elusive customer. Think of 10 ways to reach out to your prospective customer.
- Implementation– Think of the HOW, how am I going to take these strategies and make them real?
- Testing, testing, testing– sometimes this is the biggest missing piece. You MUST always have a way to measure what you are doing. If you cannot measure if your strategy has been effective, there is no point in spending money doing it, end of story.
Starting a business should be a bit scary but if you plan, you'll always have a much better chance of success.
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