Entrepreneurialism
Developing Your #2 Business Power Tool
Business owners and entrepreneurs realize the importance of developing a business plan (power tool #1) but often times forget to prepare the marketing plan (power tool #2). By far the ?marketing plan? is the most powerful tool that any business owner can possess. The marketing plan is designed to expand the business plan by identifying the specific target market(s), the company?s strengths, weaknesses, opportunities and threats (SWOT) and how to position the company for target market advertising.
The marketing plan should be defined in such a manner that everyone in your company, network and client base can clearly understand the purpose, core values and the products and/or services offered along with their benefits.
You should be able to prepare an effective marketing plan by applying the seven steps listed below:
Step 1: Narrow your market focus
Identify those persons, companies or groups with whom your company is currently doing most of its business. Figure out why these individuals, companies or groups do business with your company. Determine what it is that makes these persons, companies or groups unique.
Describe in writing what these individuals, companies or groups look like and what they want long term from your company. This is where you take a good hard look at the rest of your clients/customers and decide if they even fit the description of your ?best clients.?
Step 2: Position your business
In order to posture your company you will need to determine the following:
1) What does your company do best?
2) What is your target market?s wishing list from your company?
3) How can you tell the world that your company can do it like no other company has ever thought of doing it before?
After pondering on these three questions, you may determine that your position lies in serving a niche market; maybe it?s the service or products that you offer, or possibly it?s the way you package your products or services. Here's a hint --- you may not know what it is, don?t fret. Call up three or four of your clients/customers and ask them why they buy from you.
Step 3: Core Message(s)
Now define several very compelling benefits of doing business with your company and then amalgamate these benefits into a core message. In other words develop a 60 ? 90 second commercial about your company that you can say over and over and over again and the meaning is the same over and over and over again.
Remember, the core message is not a benefit unless your clients perceive it as a benefit. Your clients don't buy what you sell?they buy what they get from what you sell.
Step 4: Marketing materials
Re-create all of your marketing and promotional materials, including your website; so that they all articulate the same core message to your target market. This is a good way to begin branding.
Step 5: Never cold call
Make sure that all of your advertising, including the yellow pages, is geared to creating prospects and not customers. You must find ways to educate the consumer before you can sell to the consumer. Your target market must first learn how your company provides value in a way that will make them want to pay for your services and/or products.
Remember you simply can?t get this message across with a 3 x 4 ad. Your ad must get them to ask for more information--- then you can proceed to the sell.
Step 6: Expect referrals
Every flourishing company creates a referral-marketing platform that steadily turns clients and referral networks into a twenty-four hour marketing powerhouse.
You may have to spend a great deal of time on this step defining strategies on how to turn your customer base into a referral base.
Step 7: Live by a calendar
Now that you have reviewed the six steps, you must determine what your company should do to put each step into practice and then schedule the tasks for each step on your company?s calendar.
Start by picking a month and commit to getting these steps done during that month. If the task list cannot be completed in a month, plan tasks for the next two to three consecutive months.
The mistake that most small business owners make is to get too overwhelmed with the steps and then procrastinate on completing the steps when they realize just how much time it really does take.
If you will begin to schedule only one or two tasks each month, you will find that by the end of month three or six you will have a core message that spans all your promotional materials, a fully developed referral system, a well-defined target market, a new website, and a sound lead generation system.
Being consistent in completing the task(s) month after month will result in an executable marketing plan.
Remember that the marketing plan is your company?s business power tool, and it is critical for the development and positioning of your company. With a dynamic marketing plan, your business should experience increased profits and growth in your client/customer base. Finally, Jackie Joyner Kersee, Olympic Champion, once said: ?It?s better to look ahead and prepare than to look back and regret.?
? 2005 Dr. Laureen All rights reserved
www.masterpiecesolutions.biz
Email: drlaureen@drlaureen.com
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Dr. Laureen is known as an electrifying motivational and inspirational speaker and a pulsating writer, mentor, trainer and strategist in the areas of non-profit development, for-profit business start-up, expansion and development, fund development, re-careering, workplace change, networking, brand identity and self-empowerment.
She is the Founder and CEO of Masterpiece Solutions, LLC ?business consulting at its finest?. This practice?s mission is to increase management and leadership skills, promote innovative thinking, and establish sound business and best practices while providing mentoring and coaching services.
She has authored a series of ?how to? business-related books and CDs. Her business related articles have been featured in numerous magazines and newspapers. She has appeared on the DayStar TV Channel 20 (KLTJ) and she has been a featured presenter on KTSU (90.9 FM) business segments.
Dr. Laureen holds a Bachelor?s degree in General Education, a Master?s degree in Psychology/Sociology and a Ph.D. in Psychology/Christian Counseling.
Dr. Laureen Wishom
Tags: marketing plan, buisness plan, SWOT, business developmentSimilar articles
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