Ten Part Series on Starting a Business - Part 4

The marketing plan

Once you’ve decided what you are going to do with your business, service, or product, it is time to develop a solid marketing strategy to let the world (or at least your target market) know what you’re doing.  Marketing can be costly, so it is important to put some effort into a marketing plan to make the most efficient and effective use of your marketing dollars. 

First step in designing a marketing plan?  Determine your target market(s).  Who wants or needs your product or service?  The more specific you are, the better the chance that you can reach exactly who you need to reach. 

Once you’ve identified your specific target market(s), it is a good idea to determine what your marketing budget will be.  Then you can brainstorm how to make the best use of those dollars.  Do you need to attend trade shows? Purchase/rent contact lists? How can you leverage social media, contacts you already have, email marketing, advertising, and/or direct mail to get the most “bang” for your marketing buck?  Do you have a marketing professional on staff?  Do you need to hire a consultant to help you with strategy, branding, messaging, etc.?

Your marketing plan will be most effective if you choose a variety of ways to reach people, and set a schedule for implementing each of them. 

Don’t overlook “internal” marketing.  Does your staff know the message you are trying to send?  Are they well-versed in your product or service line? When a current or potential customer reaches your company, do they get a professional and helpful person on the phone, someone who is just trying to get through the week (and it’s obvious), or an automated run-around?  Make sure your WHOLE business reflects and LIVES your mission and vision.

And finally, be sure to measure the effectiveness of your marketing efforts and make adjustments along the way as necessary. This will assure you are getting the best return on your marketing investment and your marketing efforts are always meeting your organization’s goals and objectives.

What’s your biggest challenge with developing and implementing a strategic marketing plan?

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Kim Luedke is Co-owner of ProfessionalEdge Associates, offering a wide range of marketing and support services to businesses that want to increase their success, but aren't in a position to add to their staff.

Ten Part Series on Starting a Business - Part 3

Part 3 - The business plan

We could (and maybe we will) write a series just on this topic; but let’s start with an overview.  A business plan may seem like a huge, tedious undertaking with little return results, especially when you have so many other things to do as a new entrepreneur.  But don’t make the mistake of thinking that way.  You will gain so much by going through this process! 

All business plans describe the business in detail and show financial calculations/budgets projecting income.  Beyond that, different business plans serve different purposes.  If you are planning to obtain business loans or attract investors, a business plan is usually a requirement.  This type of plan should be written to sell investors on your business vision.  A plan to persuade potential investors/money-lenders to support your business must include thorough market research, a management plan, and detailed financial information including projected revenue and expenses.  This plan must be written clearly and professionally. 

If you are not planning to apply for loans or entice investors, your business plan is a tool to make sure you have thought of everything.  This type of plan can be much more informal, because it is for internal use only; however, don’t do yourself the disservice of thinking you can just throw something together.  You will get out of it what you put into it, and you may save yourself the heartbreak and financial distress of learning much too late that your business isn’t viable. 

A good business plan is comprehensive, and should include the following information at a minimum:

·        A thorough description of the business including its purpose, mission, and vision, and how it will work

·        A market analysis

·        Detailed financial projections, including start-up costs

·        A competitor analysis

·        Resumes of the key players in the business

·        A marketing plan

What other items would you include in your business plan?

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Kim Luedke is Co-owner of ProfessionalEdge Associates, offering a wide range of marketing and support services to businesses that want to increase their success, but aren't in a position to add to their staff.