As Michael Gerber, one of my favorite business authors, says, entrepreneurs are too busy “working IN their business rather than ON their business.”
Why is this the case? Most business owners start their businesses because they loved what they did as employees and decided to become their own bosses. However, most of us are not as good when it comes to promoting, marketing and operating our own businesses. As a result, many fail very quickly.
So what is one of the most important things you can do to improve your chances of becoming a success? I submit that developing and implementing a sound, realistic marketing plan is critical for your business. After all, if you don’t have any customers, you surely don’t have a business.
The overall steps in developing your plan are as follows.
1. Gather all relevant information about your company and list your competitive advantages and disadvantages.
2. Assess your current local economy and analyze your market — size, boundaries, composition, demographics, etc.
3. Evaluate your competition.
4. Prepare your marketing plan.
Using the data gathered in steps 1. through 3., you are ready to develop your plan. You should then:
1. Evaluate your current marketing and promotional strategy. Determine which ones are working and which are not.
2. Review and evaluate all promotional options (advertising, alliances, etc.) that are available and their related costs and establish a reasonable monthly budget.
3. Analyze how these options can benefit your business. Don't simply take the word of others without doing your own homework. Always keep in mind that not all strategies work for every business. The nature of your products, services and market will determine the best strategies. For example, if you sell insurance, group coupons probably are not right for you.
4. Determine the time commitment that will be required of you and your staff.
5. Prepare and implement your plan.
6. Monitor your results and make changes as necessary.
Please feel free to contact me if you have any questions about preparing and implementing your business marketing plan.
Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs. (404) 580-6331, dkyle@smallbizzmba.com
