Entrepreneurs and small business owners are constantly looking for ways to improve their business and earn higher revenues. However, one important element that is often overlooked or undervalued is the marketing plan.
If you don’t have a formal marketing plan, you’re not alone. Most importantly, you are in a position now to remedy the situation. Here are important things to consider when drafting your small business marketing plan.
Know Your Customers
There is little value in a marketing plan if you do not know who your customers are. Your customers are a demographic who becomes a general profile of the average person demanding or wanting your product.
However, it’s not enough to know that your product sells mainly to married men 25-50. Find out more. Do they own their homes? Do they have children? Do they use smart phones? What kind of cars do they drive?
Find out how your customers use your product. Why do they buy it? Where do they buy it? How frequently is it used? All these questions can give clarity to improving your marketing scheme.
Target your Markets
Your market is not just your customers, but the habits, goals, and the industries that use your products or services. Avoid targeting just a small ‘core’ or niche market. While fitting a niche is good, you still have other markets that can use your products. Find them and make them aware of your products as well.
Explain How You Will Succeed
In terms of a successful marketing plan, you need to spell out exactly how to quantify it. Is it earning a target revenue? Perhaps selling a specific number of units? Lofty goals are important, but be realistic as well. Research your industry and find out what average outcomes are, and set yours accordingly.
Monitor and Adjust
Setting a marketing plan into action is not enough. A marketing plan is meant to be adjusted to actual results. Capture the data you need to determine if a plan is working. Test a variety of marketing ideas to see which works best. The more you can refine your marketing tactics, the more efficient your marketing plan will be, resulting in higher income for your small business.
