So you have the contacts, networking and financing for a great business and want to get going on your new venture but how are you going to come up with a marketing plan? So many business owners and entrepreneurs make the mistake of believing that because their business ideas are great, they won’t have any problems selling their product or service.
How does your business plan square up against the four p’s of marketing?
1. Product
The most important aspect of whether your marketing plan is going to succeed or not lies in your product and its saleability. If it is something that everyone wants or, even better, something that everyone needs, marketing it is going to be easy. Are you selling a tangible product or providing a service?
You have to be satisfying a niche requirement and fulfilling a consumer need to give a product the wings to take off in the marketplace.
2. Price
Where does your product feature in the market place’s price range? Who can afford to buy it? Is this viable? How many do you need to sell at this price? Is this viable? Your pricing is going to dictate, to a large degree, the target audience that can afford your product, so make sure that you get it right. Too cheap can be as damaging as too expensive so don’t forget your market research.
3. Place
What physical infrastructure do you need to run your business or offer your service? Do you need retail space to sell a product or an office from which to offer your service?
4. Promotion
The medium is the message- what form of promotion is going to best suit your target market and the product you have so accurately priced in the market place?
And here’s one more…
Your business is your best marketing tool, and it doesn’t come at any extra cost. Make sure that keep the people who keep the till rolling happy. Invest in some client relations work and make sure you are offering the best value-added service possible. This is going to help you a great deal with successfully achieving point 4 so invest wisely.
Showing posts with label advertising. Show all posts
Showing posts with label advertising. Show all posts
Wednesday, May 11, 2011
Monday, April 18, 2011
Marketing Mistakes Clients Make
1. A penny saved is a penny earned:
a. The money boss makes the marketing decisions
b. Believing that not spending on advertising or PR is saving money
c. It seems so expensive so I am going to get the cheapest one OR
d. It seems so expensive so I am going to get the smallest quantity even though the cost per unit is almost double
So many entrepreneurs believe that the mere ingenuity of their idea is what will sell it. Most of them are right, but most of them also do not give any thought to how they are going to get that idea across to their target market. Just because an idea exists does not mean people know about it. Clients spend fortunes on setting up the most advanced operations with the most high-tech equipment and gadgetry and don’t even toss a quarter of an idea at how they are going to give this idea wings, how they are going to carry it across to the people they want to sell it to.
"The person who saves money by not advertising is like the man who stops the clock to save time."- Attributed to A Very Wise Man
2. I am the boss. Therefore I do everything the best
Including writing press releases and marketing material, despite the fact that there is a fully-fledged marketing department at my disposal to do it for me. Yes, you may have put your heart and soul into that new campaign or launch and, while you may have been the fire behind the company for the last twenty years, a press release is not your personal platform for sharing your expertise or thanking everyone you have ever had the pleasure of working with. Give a written or verbal brief and step back.
3. I placed an advert. Advertising doesn’t work
Yes, that is why advertising revenue has reached infinite trillions in terms of revenue generation the world over. Refer to point one. Did you let the money boss decide where to put the ad, how big it should be and where it should go? Did he also decide on a singular placement? Exactly. Advertising is a strange game, sure, but definitely one that has to be played properly. Consult a professional to get the most mileage out of your money when it comes to advertising.
4. The internet is the place to be. If I have a website I will make sales
Yes, you and the 300 billion plus other website owners out there. You have to make a bit more of an effort than that to be singled out. Find out about search engine optimisation, social media marketing and copy writing for the internet.
5. Editorial is not advertising
While great PR can get you good editorial in print, online and broadcast media it cannot get you free advertising. That fabulous package, special or promotion you are running doesn’t count as press release material and can’t be sent out as media release-worthy.
a. The money boss makes the marketing decisions
b. Believing that not spending on advertising or PR is saving money
c. It seems so expensive so I am going to get the cheapest one OR
d. It seems so expensive so I am going to get the smallest quantity even though the cost per unit is almost double
So many entrepreneurs believe that the mere ingenuity of their idea is what will sell it. Most of them are right, but most of them also do not give any thought to how they are going to get that idea across to their target market. Just because an idea exists does not mean people know about it. Clients spend fortunes on setting up the most advanced operations with the most high-tech equipment and gadgetry and don’t even toss a quarter of an idea at how they are going to give this idea wings, how they are going to carry it across to the people they want to sell it to.
"The person who saves money by not advertising is like the man who stops the clock to save time."- Attributed to A Very Wise Man
2. I am the boss. Therefore I do everything the best
Including writing press releases and marketing material, despite the fact that there is a fully-fledged marketing department at my disposal to do it for me. Yes, you may have put your heart and soul into that new campaign or launch and, while you may have been the fire behind the company for the last twenty years, a press release is not your personal platform for sharing your expertise or thanking everyone you have ever had the pleasure of working with. Give a written or verbal brief and step back.
3. I placed an advert. Advertising doesn’t work
Yes, that is why advertising revenue has reached infinite trillions in terms of revenue generation the world over. Refer to point one. Did you let the money boss decide where to put the ad, how big it should be and where it should go? Did he also decide on a singular placement? Exactly. Advertising is a strange game, sure, but definitely one that has to be played properly. Consult a professional to get the most mileage out of your money when it comes to advertising.
4. The internet is the place to be. If I have a website I will make sales
Yes, you and the 300 billion plus other website owners out there. You have to make a bit more of an effort than that to be singled out. Find out about search engine optimisation, social media marketing and copy writing for the internet.
5. Editorial is not advertising
While great PR can get you good editorial in print, online and broadcast media it cannot get you free advertising. That fabulous package, special or promotion you are running doesn’t count as press release material and can’t be sent out as media release-worthy.
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