Business Discipline #3: Develop a Marketing Plan

Written by Emma Wimhurst

Sunday, 23 May 2010 23:19

In today’s global marketplace, starting a new business is like setting up camp in the middle of the Sahara Desert, particularly if the business is Internet-based. No matter how great your product or service, customers are not going to buy it if they don’t know where you are or what you are selling.

In previous articles, I talked about the importance of having a Business Strategy (discipline #1) and Business Planning (discipline #2), the first two components of my 7 Business Disciplines. Now let’s move on to the third discipline: Marketing. Assuming you know where you want to go and how you want to get there, now’s the time to take action and start putting your plan to work.

Know Your Ideal Customer

Marketing can take many shapes or forms. But before you decide on direct mail, or some other type of marketing campaign, you need to take a large step back. First you need to identify, and truly know, your customer.

Embarking on a strategy to attract new customers when you have no idea what your ideal customer looks like is a bit like fishing for rubber ducks. You might get lucky and find the prize, but more likely you will waste your money.

Take some time to describe your ideal customer. What makes that person your perfect match, or better still, what makes you and your business their perfect match. In order to effectively sell your product or service, you have to identify a need in your customer and then fill it.

Remember, however, that your business will not be the only one attempting to service your customer’s needs. You will have to reach potential customers either before, or better than, your competitors. That is where your marketing strategy can have great effect, but only once you have identified and defined your target market.

Precisely Target Your Marketing Budget

Imagine that you are selling dog biscuits. What is the main criterion in your ideal customer? Right! They own a dog. Presumably you would not, therefore, place an ad in Cat's Weekly magazine.

It sounds obvious, but this is exactly what happens when you don’t target your marketing budget properly. Suppose you produce flyers selling dishwasher tablets and put them in 1,000 mailboxes. If one-third of those homes don’t have a working dishwasher, isn't that portion of the flyers a complete waste of time and money?

Be Style Conscious

Identifying your ideal customer also helps determine the marketing style and approach that will work best. You may need to shout about your product in a very direct manner. “Buy my book BOOM! It’s brilliant!” Or you may decide on a more subtle approach and seek to get the product mentioned in books, magazines and websites.

So, your marketing strategy needs to speak to the right customers, in the right way, to be most effective. And when you get in front of those perfect customers using the perfect medium, you need to make sure you have the perfect message.

Be Persuasive and Memorable

Why should customers choose your product or service over your competitor’s? What makes your offering special or unique? And once you have identified what it is about your business that makes it perfect for your customer, make sure you tell them! If you have managed to grab their attention for just one minute, make the most of that opportunity. Tell them why they need your product, what problem it will solve and why it is the best choice. Remember, too, that customers may not have a need for your product at the precise moment they encounter your marketing pitch, so you must get the message across in such a way that they will remember it later.

Sound like a lot of work? It doesn’t end there. You also need to monitor the effectiveness of your marketing activities. No matter how well things work in theory, reality may be completely different. Be prepared to track the effectiveness of each activity in your campaign. This will allow you to concentrate your budget on the activities that give you the greatest return.

The most effective marketing strategy is the one that attracts clients and gets positive results, but with minimal costs of time and money. Remember your time is your money. An effective marketing plan can help you bring in—and keep—more of it.

About the Author

Emma Wimhurst is an entrepreneur, international motivational speaker and author of BOOM! 7 Disciplines to Control, Grow and Add Impact to Your Business. Emma took her first business, Diva Cosmetics, from her kitchen table to a multimillion dollar turnover in just four years. Now, as an international motivational speaker and business mentor to small business owners and entrepreneurs, she shares the secrets of her success with others. Visit Emma’s website, www.EmmaWimhurst.co.uk and learn more about her book and DVD at www.boompreneur.co.uk.