December is National Write a Business Plan Month — so designated to encourage unhappy employees to become their own satisfied bosses. Whatever your goal, you’ll need to start with a business plan.
One of the most critical elements of any business plan is the marketing strategy. Too often, people don’t think through that all-important component with the same rigor they tackle aspects like projected cash flow and long-term goals.
Most businesses put thought and effort into planning for market research, promotion and positioning — and then never follow through on their great ideas.
One problem is that most entrepreneurs (or professionals or authors) don’t have marketing experience. They may be skilled tradesmen, savvy financial advisers or talented writers — the expertise they plan to build their business around — but they’re not marketers. Some don’t realize that executing a solid marketing strategy is essential to any venture’s success; others know it’s important but don’t know where to begin.
Here’s why it’s so important: You may have the book that changes the way business is done or the product that solves a problem for many, but if no one knows about it, they can’t come looking for it. Marketing is the fundamental building block of any business; it’s what drives the business.
The marketing component of your business plan should include a budget for time and/or money. You need a timetable and a professional website that attracts visitors and makes it easy for them to learn more about you, your product, book or service — and equally easy to purchase what you’re selling.
Here are some points to consider as you develop a marketing plan:
• What is my message? Your message needs to be more than “My product is great.” What’s the problem it solves? If you’re a professional, what’s the value you and your service offer? How are you different from your competition?
• Who is my audience? Unless you have a niche product, consider your potential audience in terms of ever-expanding ripples. For instance, a collapsible coffeepot may be just the thing for a college student’s tiny dorm room. That’s your initial target audience. But his parents and grandparents might also be audiences if they’ve downsized. It could be great for campers, boaters, anyone living in a small space.
• Which are the appropriate outlets for a PR campaign? Social media is great for niche products because online forums build communities around common interests. Daytime TV talk shows tend to have audiences with lots of women. Most newspaper readers are now 55-plus. Once you have decided who your audience is, figure out what they’re watching, listening to, reading and doing online, then customize your message.
• What’s your budget? When you’ve answered these questions, you should be able to determine how much marketing you can do yourself (if you’ll be doing any at all) and how much you’ll need help with.
Whether you’re launching a dream or strengthening your existing business, you need to lay a good foundation with a solid plan. If marketing isn’t an important component of that plan, your rocket to the moon will likely fizzle and fade.
Marsha Friedman is a 23-year veteran of PR. She is the CEO of EMSI Public Relations, a national firm that provides PR strategy and publicity services to businesses, professional firms, entertainers and authors. She is the author of “Celebritize Yourself” and she can also be heard weekly on her blog talk radio show, EMSI’s PR Insider, airs every Thursday at 3 p.m. Her Twitter handle is: @marshafriedman.
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