Coming up with a marketing plan for your products or services is essential in being profitable. This within itself is a “no-brainer.” How to accomplish and implement that plan however is what many small businesses struggle with. There is no magic formula as each business has different goals, different products, different demographics and the list goes on and on. Some of more inexpensive considerations may include print media, social media, radio or TV ads. Also do not forget networking with your business associates, leads groups, or direct mail campaigns. All of these options can help your marketing goals. Some basic questions to ask yourself before you begin are these.
1. Why should anyone buy from me over my competition?
In a nutshell, what makes you stand-out over your competition? You need to be aware of what businesses in the same line than you are do, what they charge if possible and what you do that makes your customers need your products or services.
2. What market share would value my business and how can I capture that? Is there something unique about my products or service that would attract a specific market share?
Do you have something within your business you can offer that is unique or totally different from your other competitors? If so maximize it in your marketing no matter how small you may think it is.
3. How much should I spend to make my brand stand out?
As I discussed above, your budget is something only you know. Nobody can tell you how much to spend, where to spend it, and how long of a campaign to run. You can hire experts or ad agencies who would love to tell you because they want your money and many of their employees work on commission or a percentage so they will be happy to engage you in a long-term campaign. With answering the questions honestly I mentioned here, you can do much of this yourself. True, large national or regional corporations need professional guidance and I am the first to say they should engage a professional agency. Many small businesses however can’t afford that luxury. Take your time and draw up a sensible marketing plan. Then follow through! Good luck.