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.

What Is The Biggest Technological Hurdle Small Business Face When Marketing Themselves Online?

Is it a time issue? Is it a lack of skill? Is it budgetary constraints? What would help small businesses make the biggest impact in the shortest amount of time if that hurdle didn't exist?

All of the above, and more.

Human beings tend to stick with what provides proven results. That means doing things the way they've always been done.

Small business owners, like everyone else, have "invisible scripts" that affect their decision making even if they're not aware of it. They probably have this script in the back of their minds that says, "Anything related to technology and online tools is going to be expensive."

In other words, it may not be a REAL budgetary, skill, or time constraint, but the perception that these factors prohibit online ventures. Plus, they don't really know where to start. They probably know that either they're going to have to learn (script: "I don't have time for that") or hire somebody on to manage it (script: "I can't afford to hire someone to manage an unproven tool"). Perception trumps reality every time.

Though new technology can save money and make tasks easier in the long run, and online ventures don't have to cost an arm and a leg, if the perception is that such things are going to be expensive with questionable ROI...

But it may also be more fundamental. Small business owners get a bright idea, or have a skill, and want to turn it into a business. They decide they need a website. Then, usually much to their distress, they discover that they will have to be in 2 businesses. One of them is the one they want to be in, and the other is something, that vaguely dawns on them, under the heading of internet marketing. They aren't sure where to turn. They don't know who to trust. They discover that if they don't get a grip on technology and marketing, they probably won't have a business.

Have you heard the expression, "surrounded by people and no one to talk to"? The whole 'technology and marketing' thing is so vast, with so much information, much of it conflicting, that they wind up frozen in place. They don't know where to turn, or what a reasonable first step might be.

We've spent years trying to crack the code on this. I think we learn a little more about it every day. When it comes to technology and marketing online I think small business owners need to first take a step backwards, back to the basics of marketing and planning. I'm a firm believer in setting goals first, then making a plan based on those goals, and then taking action.

Without knowing what they want to accomplish it's difficult to decide which tools to use. More web traffic? More sales? Make the phone ring? And it's hard to determine a budget for online marketing if you don't know why you're doing it.

That said, I think small business owners face one or all of the hurdles mentioned. Time, skill, money. As to what would help, once they've identified goals and challenges, it's easier to identify if they need to carve out time, learn new skills, or outsource everything. I don't think there is one size fits all solution, but if you've got one, I want to know!

Is Advertising In The Yellow Pages Worth It Anymore?

If it provides a higher ROI than other forms of advertising/marketing that you are tracking, then YES, it is worth it!

Don't get sucked into an oversimplified WORKS / DOESN'T WORK thought process about any given advertising medium. It's not a question of "Is it worth it anymore? It is a question of "Can I make it work for my business?"

Clearly, it is still working for SOME businesses in SOME industries, unless 100% of phone book advertisers are losing money and not tracking their results at all. But, assuming some of the advertisers are actually tracking ROI (return on investment) of their phone book ads, then it IS possible to make it work in some situations.

If you think Yellow Pages/other phone books are worth testing for your market, be sure you include the following elements in your ad, so that it is effective, and so that you can track its results. Then, be sure to track all your inbound leads, including phone book ads, and compare not just the sales to the cost of the ad, but the profits from those sales. Remember, we're in business for profits, not topline sales.

Elements to include in a phone book ad:

* Clear headline that attracts your exact target market and compels them to stop and read your ad

* A compelling, exciting offer that is only offered to phone book readers, AND which is described as being only for phone book users (this allows you to track the ad performance/ROI, and also gives readers something "special/unique" they can not get anywhere else)

* Clear instructions on how to respond to the offer - email, phone, website, mail, physical location, etc.

* Testimonial from a happy customer, preferably with that person's full name, city, age, occupation, etc. (makes it more credible - make sure you have the person's testimonial release signed and on file so you don't get in trouble)

* Make your ad about the customer and "What's In It For Them". Don't make it about you, your company, or your product/service.

Phone book ads are not the "must have" for all businesses that they were 20 or 30 years ago. But, they can be effective in certain industries and for certain demographics. Don't rule them out totally until you have measured the ROI against other marketing you are doing... (That goes for anything you are considering in advertising/marketing.)

The bottom line message is this ....

It depends.... on your target audience!!!! For example the 60+ audience in some markets tend to use traditional "old school" media outlets; therefore, the Yellow Pages, bill boards, print newspapers should still be considered. Social media doesn't reach all audiences.

Point - successful marketing campaigns need to reach your target customer ... where they are ... not where you are.

Social Media Marketing For Small Business

Many small business owners might think that social media marketing is just a "fad" or a short term "craze" that will fade out soon. Don't count on it.

In fact many of the most influential and successful marketing efforts today ... regardless of the size of the business ... all involve social media marketing. Never before has something like this come along that also levels the playing field between the "little guy" and the "big boys". With little to no expense any small business can play in the big time without breaking the bank ... or breaking their back.

To arm you with the information to take advantage of this business building technique ... here's the link to a YouTube playlist of video's with hows-to's and tips for using social media marketing for your business.

Social Media Marketing For Small Business

Simply click on the link above ... than scroll down to the last Featured Playlist in the right side menu. Clicking on that link will take you to a list of videos designed to show you various ways to market your small business using social media.

You'll find such topics as .....

* How To Set Up A Facebook Profile (Updated)

* Creating A Facebook Page (Updated)

* About The New Facebook Page Timeline

* Using A Facebook Page For Your Business

* How To Set Up A Twitter Account

* How To Find Followers On Twitter

* Top 10 Twitter Tips For e-Business