Marketing Plan for a Small Business
You ought to start with a business plan. Design an overview of your company’s ethics, scope of business and financial targets. Analyze realistic figures of monthly cash flow by carrying out extensive research concerning finances relevant to your field of business. Business plans help companies get loans from banks. Banks decide upon approving the application only when the business plan is appealing and shows a solid road map for the success of the business.
A marketing plan needs to be carefully drafted to complement the business plan. A prudent marketing plan worked out by focusing on expected market trends always gets good results. Small businesses should start with a market plan that will target one year. Gradually, after some time, plans can be laid for near-future terms of 2 – 4 years.
Marketing plans require a great amount of effort in terms of time, strategy and credibility. Devising marketing plans for a business involves collective effort. It should be planned so that it boosts the profitability of the business. Expert employees with good insight into marketing trends can put their knowledge to great use in planning for the firm.
Select A Name And Logo For Your Company
Choosing an appropriate name is yet another important task that needs to be approached with the proper perspective and insight. The name of a company should be such that it sends an attractive message to customers. It is always advisable to choose a name according to the field of business that you are in. Since small companies may not be able to spend large amounts on advertising, the name should be chosen with utmost care. For starters, it should not have any negative connotations and should be something that the target market can identify with.
The logo again requires a great deal of discernment in its design. Choose one that is simple, good to look at, keeping in mind that it should not belong to any other company. You should learn all the legal intricacies involved in naming a company and assigning it a logo.
Small Business Advertising
On The Internet: Create a good website with all the details of the business. Hire a good search engine specialist to get your website on the first page of search engines and increase traffic, and therefore potential customers, to your site.
Newspapers, Magazines: Put classified ads in newspapers and magazines. Newspapers have a large audience and readers often spread the word when they come across good advertisements. Both magazines and newspapers serve as an excellent search method for readers and potential buyers.
Print And Online Yellow Pages: Yellow pages are yet another popular source of information. Online directories net a far greater audience compared to printed ones. Identify potential customers and follow-up persistently. You could call prospects or write a sales letter to them to build a relationship and trust. Small businesses should strive to provide good service, the cornerstone for increasing the customer base and, consequently, sales.
Find Customers To Boost Sales
It is very important to decide on the location of the company in terms of identifying your target market. You need to select a location appropriate to your business, choosing one that is conducive to meeting sales targets and getting results.
Network with friends, relatives and business-to-business referrals, and advertise intelligently. Advertisements can make your job easier by reaching a large number of people in the least amount of time. And in business, especially small business, time is money!
Follow certain sales ethics to leave a long-lasting positive impression on your customers. Some of these are:
- Always greet the customer before introducing your company and getting down to business.
- Always appreciate the customer for having provided his/her time to you.
- Arrange for in-person meetings to progress on any business deals.
- Do not delay in sending a sales letter or letter of confirmation after a sales meeting. Take the time to do a follow-up.
Shrewd sales and marketing tactics can go a long way in getting a small business up and running and succeeding.