How To Build A Marketing Plan For A Small Business

A marketing plan is part of your overall business plan ... and very important part. With that in mind you should spend special attention to building your marketing plan as it may make the difference between success and failure.

Here's what you need to consoider to build a marketing plan that will set your small business off in the right direction.

TASTE, TRENDS AND TECHNOLOGY

What does your research indicate is the trend in your field? Will it stay the way you are currently offering supplies and services or will it change? This item covers the developments you expect for the next few years. Evan a 'perfect' business can become obsolete overnight due to future developments. Specify a 5 year forecast of your field in your area.

SALES REVENUE FORECAST

Have you developed these targets? This section shows your estimates of future sales revenue for your business. Your strategic plan, needs to spell out the specific actions you will take to achieve your forecast sales revenues.

DIFFERENTIATE YOUR BUSINESS FROM THE COMPETITION

How does your business differ from the competition's strong and weak points. Again, remember to carefully look at your business from the customer's perspective. If you're not sure how your pricing policies compare to the competition, here are some guidelines. Most people associate high prices with high quality and extra service, while they associate low prices with low or average quality and minimum service. Make sure you provide extra quality and service if your prices are higher than your competition or make sure that your prices are lower if your quality is average and your service is minimum.

DECIDE HOW TO REACH CUSTOMERS

Once you describe your target customer, it's easier to create a list of possible ways to reach that person. One of your jobs as a businessperson is to decide which of all the possible methods of communication will give you the most exposure for the least cost in money or time.

EVALUATE THE RISKS FACING YOUR BUSINESS

COMPETITION: Most businesses have competition. How will your business differ in significant and positive ways from your competition? If your competition is strong, don't minimize that fact, but figure out ways you will adjust to or use that strength. For example, if you plan to open a restaurant next to an extremely popular one, part of your strategy might be to cater to the overflow. Another might be to open on days or evenings when the other restaurant is closed.

PIONEERING: If you anticipate no direct competition, your business probably involves selling a new product or service, or one that is new to your area. How will you avoid going broke trying to develop a market?

CYCLES AND TRENDS: Many businesses have cycles of growth and decline often based on outside factors such as taste, trends or technology. What is your forecast of the cycles and trends in your business? For example, if your forecast tells you that the new electronic product you plan to manufacture may decline in three years when the market is saturated, can you earn enough money in the meantime to make the venture worthwhile?

SLOW TIMES: Every business experiences ups and downs. Is your business small and simple enough, or capitalized adequately enough, to ride out slow times? Or do you have some other strategy, such as staying open long hours in the busy season and closing during times of the year when business is ?

OWNERS EXPERTISE: Nobody knows everything. How do you plan to compensate for the knowledge you're short on?

Write your risk analysis by first thinking of the main dangers your business faces. This shouldn't be hard, as you have probably been concerned about them for some time. Some of these may be on the list set out above; others will be unique to your business. Once you have identified the principal risks facing your business, write out a plan to counter each. But don't bog yourself down worrying about all sorts of unlikely disasters.

The Secret To Small Business Being Busy In Lean Times

This is one of the biggest problems small businesses face. When times are good they revel in it and don't create a strategy that can and should be used at ALL times. So when times get lean, they find themselves without a plan.



Get out the door! Create a sales plan that you can implement immediately and that includes networking, social media marketing, prospect research, and sometimes, cold calling. You have to generate activity and energy around your business. Sitting back waiting for the phone to ring is a death sentence.



You can't ever rest on current client business and incoming calls. You HAVE to get out and create the business. Building relationships takes time which is why you have to be doing it all the time. Now while it's quiet - get out and build those relationships. Find out how you can help others succeed. Attend events with the goal of meeting people and starting the relationship process. Do some marketing. You have to get your message out to the people or businesses who need what you offer. And it has to be a message they can hear.



If sales isn't your forte, take a training course while you implement the ideas above. Read a sales book, take a webinar, do whatever you need to do to build your client base.



Or go get a job. Ok ... that's alittle sarcasm for those frozen with fear or too lazy to do what it takes.



Above all if you haven't already - - develop a marketing plan. Here are some tips:



TASTE, TRENDS AND TECHNOLOGY ....



What does your research indicate is the trend in your field? Will it stay the way you are currently offering supplies and services or will it change? This item covers the developments you expect for the next few years. Evan a 'perfect' business can become obsolete overnight due to future developments. Specify a 5 year forecast of your field in your area.



SALES REVENUE FORECAST ....



Have you developed these targets? This section shows your estimates of future sales revenue for your business. Your strategic plan, needs to spell out the specific actions you will take to achieve your forecast sales revenues.



DIFFERENTIATE YOUR BUSINESS FROM THE COMPETITION ....



How does your business differ from the competition's strong and weak points. Again, remember to carefully look at your business from the customer's perspective. If you're not sure how your pricing policies compare to the competition, here are some guidelines. Most people associate high prices with high quality and extra service, while they associate low prices with low or average quality and minimum service. Make sure you provide extra quality and service if your prices are higher than your competition or make sure that your prices are lower if your quality is average and your service is minimum.



DECIDE HOW TO REACH CUSTOMERS .....



Once you describe your target customer, it's easier to create a list of possible ways to reach that person. One of your jobs as a businessperson is to decide which of all the possible methods of communication will give you the most exposure for the least cost in money or time.



EVALUATE THE RISKS FACING YOUR BUSINESS .....



COMPETITION: Most businesses have competition. How will your business differ in significant and positive ways from your competition? If your competition is strong, don't minimize that fact, but figure out ways you will adjust to or use that strength. For example, if you plan to open a restaurant next to an extremely popular one, part of your strategy might be to cater to the overflow. Another might be to open on days or evenings when the other restaurant is closed.



PIONEERING: If you anticipate no direct competition, your business probably involves selling a new product or service, or one that is new to your area. How will you avoid going broke trying to develop a market?



CYCLES AND TRENDS: Many businesses have cycles of growth and decline often based on outside factors such as taste, trends or technology. What is your forecast of the cycles and trends in your business? For example, if your forecast tells you that the new electronic product you plan to manufacture may decline in three years when the market is saturated, can you earn enough money in the meantime to make the venture worthwhile?



SLOW TIMES: Every business experiences ups and downs. Is your business small and simple enough, or capitalized adequately enough, to ride out slow times? Or do you have some other strategy, such as staying open long hours in the busy season and closing during times of the year when business is ?



OWNERS EXPERTISE: Nobody knows everything. How do you plan to compensate for the knowledge you're short on?



Write your risk analysis by first thinking of the main dangers your business faces. This shouldn't be hard, as you have probably been concerned about them for some time. Some of these may be on the list set out above; others will be unique to your business. Once you have identified the principal risks facing your business, write out a plan to counter each. But don't bog yourself down worrying about all sorts of unlikely disasters.

Tips On Developing The Marketing Section Of Your Business Plan

Here's some tips on how to develop the marketing section of the business plan for your small business .......

I suggest that you evolve demographics for your anticipated customer base that allow you to develop a marketing plan from the customers you wish to reach with your product information. Demographics are generally available at web sites such as the US Census Bureau and other links below.

Seek information about individuals who are likely to buy your product, such as age, location, lifestyle, and similar information that would allow you to gear a marketing plan toward a population of buyers you wish to impress.

When researching on web sites I recommend that you change your search key words. Here is a list of preface words that you should consider followed by words identifying your product when searching on Google or like sites: Financial Forecast **Anticipated Revenue ** Future Market **Sales and Revenue **Market Coverage **Industry Forecast **Market Trends **Market Data **Forecast Data **Outlook **Others you may think of implying data and information in the past, present or future.

Sometimes the information doesn't jump right out of the page at you. You have to give some thought to how you are going to use the data and be willing to look at it at face value and think about potential underlying support it may be providing to your premises. You may have to change your focus from a technical one to a business one and elevate your view of information, then interpolate downward.

Give the best you can to preparation of all the other elements of the plan except the financial section and then use them as a springboard to complete your expense and revenue forecasts in the finance area to complete your business plan.

Online resources ....

* Entrepreneur Resource Center

* Ecom

* Fact Finder

* SEC EDGAR

Successful Strategy For Marketing A Small Business

Simply Put .... develop a marketing plan. Here are some tips:

TASTE, TRENDS AND TECHNOLOGY

What does your research indicate is the trend in your field? Will it stay the way you are currently offering supplies and services or will it change? This item covers the developments you expect for the next few years. Evan a 'perfect' business can become obsolete overnight due to future developments. Specify a 5 year forecast of your field in your area.

SALES REVENUE FORECAST

Have you developed these targets? This section shows your estimates of future sales revenue for your business. Your strategic plan, needs to spell out the specific actions you will take to achieve your forecast sales revenues.

DIFFERENTIATE YOUR BUSINESS FROM THE COMPETITION

How does your business differ from the competition's strong and weak points. Again, remember to carefully look at your business from the customer's perspective. If you're not sure how your pricing policies compare to the competition, here are some guidelines. Most people associate high prices with high quality and extra service, while they associate low prices with low or average quality and minimum service. Make sure you provide extra quality and service if your prices are higher than your competition or make sure that your prices are lower if your quality is average and your service is minimum.

DECIDE HOW TO REACH CUSTOMERS

Once you describe your target customer, it's easier to create a list of possible ways to reach that person. One of your jobs as a businessperson is to decide which of all the possible methods of communication will give you the most exposure for the least cost in money or time.

EVALUATE THE RISKS FACING YOUR BUSINESS

COMPETITION: Most businesses have competition. How will your business differ in significant and positive ways from your competition? If your competition is strong, don't minimize that fact, but figure out ways you will adjust to or use that strength. For example, if you plan to open a restaurant next to an extremely popular one, part of your strategy might be to cater to the overflow. Another might be to open on days or evenings when the other restaurant is closed.

PIONEERING: If you anticipate no direct competition, your business probably involves selling a new product or service, or one that is new to your area. How will you avoid going broke trying to develop a market?

CYCLES AND TRENDS: Many businesses have cycles of growth and decline often based on outside factors such as taste, trends or technology. What is your forecast of the cycles and trends in your business? For example, if your forecast tells you that the new electronic product you plan to manufacture may decline in three years when the market is saturated, can you earn enough money in the meantime to make the venture worthwhile?

SLOW TIMES: Every business experiences ups and downs. Is your business small and simple enough, or capitalized adequately enough, to ride out slow times? Or do you have some other strategy, such as staying open long hours in the busy season and closing during times of the year when business is ?

OWNERS EXPERTISE: Nobody knows everything. How do you plan to compensate for the knowledge you're short on?

Write your risk analysis by first thinking of the main dangers your business faces. This shouldn't be hard, as you have probably been concerned about them for some time. Some of these may be on the list set out above; others will be unique to your business. Once you have identified the principal risks facing your business, write out a plan to counter each. But don't bog yourself down worrying about all sorts of unlikely disaster.

Tips For Small Businesses Creating A 2011 Marketing Plan

These tips may not be what you'd expect .... they are meant to help you focus, get you off your butt, and encourage thinking out of the box a bit.

* First - Be clear as to who your target market is and what you do! ..... everyone and everything is not a good answer. Go for the target and accept clients from everywhere.

* Build your database in a CRM software and keep notes

* Networking must be a large part of the plan! Both online and off

- Facebook and LinkedIn is the best way to show your expertise for free.

- Learn how to use LinkedIn to make business connections in your city.

- Write articles for your local business newspaper and /or magazine.

- Speak at local groups - prove you are an expert in what you do.

- Join local business groups and visit as many as you can afford (back to networking).

* Have a clean clear website - don't get fancy - just offer the information your prospective clients need to know to hire you.

- include testimonials

- photos of you and your bio

- Use Bullets not big blocks of text

- State your prices, terms etc

- Copy should be friendly - not stiff

* Use SBI to build your website (see the banner at the top of this page). You can get a Do-It-Yourself package if you're confident in your skills .... or they'll build a custom site for you at a very reasonable price.

* Spend time and perhaps money on SEO of the website (SBI actually already helps with this by building it into your site as it's constructed)

* Blogging is great if you like to write and you are disciplined (SBI can help with this too, or just use Blogger or WordPress) - if not just post stuff on LinkedIn and Facebook - no silly pictures on Facebook and no games. If you wouldn't want you mother to read it don't put it on the Internet

* Start an e-newsletter (hence the database)

* Read trade magazines, blogs and website of your industry and others for ideas

* Answer questions on LinkedIn Answers

* Brand your business with a Logo and use that branding everywhere!

That's a good start.