Tag Archives: marketing plan

How to conduct your small business annual review

If you haven’t already thought about what you want your business to achieve in 2022, now is the time to review the past year, so you can plan for next year.

It’s a bit like having your annual performance review when you work for an employer, only you conduct it on your small business. When you run your own business, you need to keep track of so many things, it’s normal for things to sometimes slide. But as we are getting close to the end of 2021, it’s important to be thinking about what your goals will be for next year and how you’re going to achieve that. But you can’t do that until you know how you’ve done this year.

Your business performance review should cover everything your business has been through over the past 12 months and include your successes as well as those not so successful moments.

Look at your 2021 goals

Did you write down your goals last year? If you did, did you achieve what you set out to do?

This is the time to look at both your short term goals for last year – and the more long-term goals to see where you are. You could ask questions such as:

  • What went well in 2021?
  • What challenges did you face?
  • What didn’t go so well?
  • What did you learn from the things that didn’t go so well?
  • Did you learn any new skills or take any courses?
  • How can you repeat the successes you had for next year?
  • How can you avoid any mistakes you made this year?

If you employ anyone, such as VA, it’s time to have a conversation with them and ask them the same questions. You can brainstorm ideas, give, and receive constructive criticism for improvements and come up with a few good goals for 2022.

Look at your business practices

All of us small business owners offer either a service or products to our customers. This is the time to look at how your business practices are working…and if you are aiming all your sales/content etc. to the right audience.

  • Look at your customers. Do you know what your customers’ pain points are? Do you know what your customers’ needs are?
    Once you know this, you can identify how your business is going to provide solutions.
  • Are you giving your customers a good service? If you set your standards high at the beginning of the year, are you still delivering the same standard of service at the end of the year?
  • Are your products or services good value for money?
  • Look at feedback and reviews from your customers so you can identify what products or services were most popular and why.
    If you can identify why a particular product or service is so popular, you can look at how you can replicate that in 2022.

Look at the financials

We all hate looking at our figures, but it’s important to make financial evaluations to determine where you are…if you’re making a profit etc.

Cash flow is the obvious one. You take money in; you pay money out. Sales and expenses are important to understand how you’ve done this year. Compare your sales and expenses to the previous year and see where there are improvements, or losses. Doing this, you’ll be able to have an idea of what you might be able to do next year.

What do you pay out? All businesses must pay out to buy materials, stock, stationery etc. Are you getting the best deals for those items? Have they increased in price this year? Do you need to take that into account for next year? You might need to raise or lower your prices to compensate.

Look at your business insurance. This is often overlooked. Does it cover you for everything you need to be covered for or do you need to have a conversation with your financial adviser?

Are all your relevant licenses and safety certificates up to date?

Expansion – As your business grows, you may have to think about expansion. Do you need to take on an assistant? Do you need bigger premises? Do you need to have a larger stock to cover your increasing client base?

If you are expanding quickly, now is the time to be thinking about employing an accountant ready for those all important, but pain in the wotsit tax returns.

Look at all your social media data

This might seem obvious, but if you’re on social media, it’s really important to look at all your insights for the year. Here are the areas that are worth looking at:

Engagement – yes, you might be getting loads of ‘likes’ on your content, but does it actually get followers to click on your website, or your profile. And do you get sales from those clicks?

You can use this information to help you look at your marketing strategy for next year.

Location – you can see where your followers are from in your insights. We often assume our most engaged followers are local and buy from us. You might be surprised…and if you find you have a following from another country or area, you can customise your content accordingly.

Feedback/Reviews – You will be able to see if any customers have left reviews or feedback on social media, but what about all the other people you’ve sold to this year. If you haven’t had complaints from them, you can assume that they must have been happy with your product or services. You could send out a survey to ask questions about your products or services. If a customer has bought a specific item, ask them what they liked about it. If you put a clause in the survey to say that you can use comments on your website or for promotion – any complimentary reviews you get, you can use. (I still always check if it’s OK to use anyway, but worth including the wording.)

You could offer an incentive to reply, such a 10% off voucher to use in January. This is a brilliant way to get more replies as people just love getting something for nothing – a freebie or money-off voucher.

Take note of any feedback you get and act upon it. If there is a criticism, ask more questions so you can understand what a problem might be – you may be able to solve it simply and quickly with a tweak to your products or services.

Visibility – Where did your customers find you? Did they discover your business on social media? Did they come across you on a Google Search? Was it a personal referral or something else?

This is useful data as you know which areas to work on and you can see which area works best. Every business is different, so what works well for one, won’t work well for another.

Market analysis   

When you first started in business, did you do a business plan or marketing plan? If you did, you will have conducted research into your ideal market. However, this can change so quickly, so it’s always worth including this in your review.

  • This is where you’ll look at your customers’ needs and how you can best serve them. Have your customers’ needs changed since the last time you looked?
  • Look at your existing customers – what do they like/dislike. Is there something they need that you can supply – or do they have a problem that you can solve?

Check out your competitors

This is always worth doing to see what they are up to and how you can compete.

  • Can you offer something unique, that they don’t offer?
  • Is your customer service up to scratch?
  • Look at why your customers choose you over your competitors and make sure you include something around this advantage in your marketing plan for next year.

Celebrate your successes

The point of doing a review is to find out how your business has done against the plans and goals you set. But it’s also important to celebrate all your hard work. Shout about any wins you’ve had and let your customers know how successful your business has been.

You could share the highlights of your year in a social media post for example. Then also give your audience a little teaser about what’s to come in the New Year.

Your 2022 strategy

Once you have completed your 2021 review and have all the data, you’ll be in a better position to know what works well for your business and what doesn’t.

With this in mind, you can now go on to plan your business and marketing strategy for 2022.

If you have some big or challenging goals you want to aim for, why not think about breaking them down into more manageable chunks?

Good luck with your marketing planning and strategy. If you would like a free marketing strategy workbook, that takes you through your marketing plan, step-by-step, please click on the link below and sign up to my monthly marketing tips email. You will receive your free workbook into your inbox.

As always, if you need any help, please feel free to contact me…my inbox is always open.

Review of 2020 and plan for 2021

Here we are, nearly at the end of another year, and it’s time to look at our year-end review. What a year 2020 has been! The year of a world-wide pandemic, which is still seeing businesses unable to open and more people than ever working from home. Words we’d never linked to our everyday lives before are now the norm; lockdown, covid, furlough and I’m sure loads more. We wear masks wherever we go and we are restricted on when we can go out of our homes and who we can visit.

And all through this we still have to try and run our businesses from home. This has meant a huge upsurge in the number of people online, selling their products and services like never before. So this year end is even more important than any we’ve seen before; it’s even more crucial to do an end of year review and to start planning for the year ahead. With a possible vaccine in our sights, hopefully 2021 will see a more positive outlook for small businesses. That is, at least, something we can do for ourselves and our businesses. We can use what we’ve learned this year to plan for next year, taking into account the new skills and tips we’ve picked up to push business forward and still be successful.

So, where to start…

Review of 2020

Your business and your products/services

First of all, go back to basics. This helps you look at your business in a whole new light. Ask yourself the following questions:

  • Who are you and what does your business do?
  • What are your products or services?
  • What went well and what didn’t go so well?
  • What products or services were popular? Is there room for improvement? 
  • Do you have any new products or services planned for next year?
  • Due to the changes you’ve had to make this year, are there any expenses you need to take into consideration for next year, e.g. for training, new technology, new equipment?

Your competition and your area of business

How, look at your competitors.

  • Do you know who your competitors are? If not, do some research and find out about them and what they offer.
  • What is your USP (your Unique Selling Proposition) that sets you apart from your competition?
  • Looking at what you do and comparing yourself to your competitors, are there any trends, any opportunities you haven’t picked up on or any threats you hadn’t thought about?
  • Are there any changes in your industry that you need to be aware of or address?
  • Do you adhere to all the new GDPR rules that came about in 2018? For example, does your website comply with those rules? Are you doing everything you can to protect your customers’ data?
  • I hate to use the ‘B’ word, but have you considered Brexit, due to hit the UK in January 2021? Have you thought about how this will impact your business?
    – Can you still get access to materials for things you make? If you can, will there be any export charges?
    – If your business involves travel, either to or from the UK, depending on where you live, what impact will Brexit have on travel? Parliament have already passed the bill to take away freedom of movement, so how will this affect you?

Customers

Our customers are the most important aspect of our businesses. Do you know your customers well? If not, do some in-depth research.

  • Who are you selling to? Build up a picture of at least six customer personas, so you can tailor your products and services to them.
  • What are your customers’ needs and wants?
  • What are they buying and why?
  • Has their buying behaviour changed? For example, where are they buying? Is it more online?
  • What are your customers’ challenges? What are their problems and can your products/services solve those challenges or problems?
  • Are there any new markets or new groups of people that could benefit from your products/services that you haven’t yet considered?

Customer behaviour will constantly change, so it’s important to keep ahead and know what they want. If you have customer personas or profiles that you’ve created in the past, how have they changed and evolved?

Marketing your business

Marketing is a hugely important part of your business. This is an area that you really need to review. Take a step back and look at what you’ve done this year to market your business.

  • How are you talking or interacting with your current customers? Can that be improved?
  • How do you approach and talk to new or potential customers?
  • How are you positioning yourself in the marketplace? How are you promoting yourself and your business?
  • Look at your brand; what does it say about you?
  • Take a look at your pricing. Is it relevant to what you offer? Do you need to put your prices up to compete in your market?
  • Look at all your social media channels. How are your using them and how engaged are your audience?
  • Are there any new platforms or ways to market on social media that you’re not currently doing, but should…such as video?
  • What are your competitors doing with their marketing? Is there something you could take or use from their example?
  • Think about new campaigns or activities for 2021 that will help you stay connected to your current customer base, and also attract and engage new customers.

Resources

Look at your current resources.

  • Do you have anyone working for you? Do you have a business coach or Virtual Assistant? If you do, do they meet all your requirements? Is there anything more you can outsource to them, or anything they shouldn’t be doing anymore?
  • Do you have any skill gaps that you need to fill? If you do, look at what courses you can take to get you up to speed.
  • Is your workspace or office space big enough? Does it suit your needs? Do you need to update any equipment?
  • Do you need to update any technology or invest in something new?
  • If you buy in materials, are you getting a good deal? Sometimes we stick with one company to supply materials because we know them well, or just because we always have. That doesn’t mean they’re the best supplier, so take a look at some alternatives.
  • Are there anything you’re currently paying for that you no longer need?
  • If you post your products to customers, do you have a good deal? There are so many new companies that have sprung up, you may be able to find a much better deal than you currently have.

Finances

OK, now we’re at the biggie. The one we don’t like to think about, but a very important part of your year-end review.

  • What was your turnover in 2020 and what was your profit?
  • What is your projected turnover and profit in 2021?
  • Do you have a healthy cash flow or is your business having cash flow problems? If you’re having problems, what can you do about it? It’s not a good idea to ignore it!
  • Do you have any capital or any excess cash?
  • Are your books all up to date and ready for the tax man? I know I said the ‘T’ word, but it’s important to keep your business afloat. If you need an accountant, shop around and ask friends who are in business. If you have an accountant, ask him/her to give you all the relevant figures for 2020.
  • Do you have any operational costs or employee costs for 2021 that you haven’t planned for? How are you going to pay for that?
  • Do you need to look for external funding or any kind of investment to reach your goals for next year?
  • Do some projections – they don’t have to be exact. Maybe start with monthly projections, or where you’d like to be this time next year. And then, what you’d like to see for your business in 3 years’ time or 5 years’ time.

Once you have completed your review of 2020, you’ll have all the relevant information you need to start planning for 2021. Now you can start planning your goals for next year and thinking about where you are going to take your marketing.

Good luck and happy reviewing and planning!

Small business marketing trends for 2018

Every year, there’s more and more for us with a small business to think about. The last five years has seen a surge in the use of the internet and in particular the mobile phone. Everyone is online these days…I know that if I want to buy something, the first place I go is the internet. With this in mind, I’ve done some research on what is trending in 2017 and will continue into 2018 for marketing your small business.

Mobile phone

technology-2752109_640As more and more people rely on their mobiles for everything, from ordering fast food, the supermarket shop, to clothes, shoes and gifts, it makes sense to make sure that your small business is online and easy to find.

Most website visits are from a mobile and there are more searches being conducted on a mobile that anything else. Unfortunately research shows that there are many businesses out there that do not yet have an online presence…and do not think to include mobile phone marketing into their marketing plans. There are several ways to optimise a website for the mobile user and something to think about for 2018, if you haven’t already. You can ‘Google’ how to do this.

Content Marketing

seo-1447311_640Search engine optimization (SEO) continues to be important in order to ensure your business ranks highly in search engines, so it is easier for customers to find you. Content marketing is more important than ever – the Google search engine looks for new and original content for their ranking, so it’s vital to keep your website up to date, ensure that blogs are posted regularly with fresh and engaging articles. For example, customers love to hear a real-life story, so writing about how you have helped someone by solving a problem they had, is a great way to show that you care and value your customers, and it promotes trust and loyalty to your brand.

Video Marketing

technology-2608148_640You will have noticed how much more video you now see on your social media sites, especially on Facebook and Instagram. According to research conducted by livestream.com 80% of audiences would rather watch live video from a brand than read a blog and 82% prefer live video from a brand to social posts. This tells us a lot about where marketing is going in the future, customers are no longer happy with faceless marketing, they want to see real people giving them real information. So, it’s going to be very important in 2018 to incorporate video into your marketing strategies, whether it’s for a product launch, running a webinar or talking about product reviews or your services, it’s a fantastic opportunity that none of us can choose to ignore. You can use Facebook ads and YouTube to help you or just go ‘live’ on Facebook in real time. You may make some mistakes or stumble over a few words, but your customers will be able to relate to you much more easily.

Facebook ads

Facebook ads reach more than 1 billion viewers every month, so as a small business, you can’t afford not to try this out. You can use a Facebook ad to target your audience by age, mobile-phone-2398300_640demographic and gender. It’s not ridiculously expensive and has proved to be very worthwhile – definitely worth thinking about. Facebook has a great help centre, which can take you through this process, step by step.  Facebook asks you to choose the objective of your ad – why do you want to advertise on Facebook? You could choose to direct more traffic to your website, or to just make people aware of your brand. You can set a budget, choose who to target by age, gender, location etc. And you can see the stats of who looks at your ad. You can also choose to simply promote your business page.

This kind of targeted marketing is likely to become more and more popular, so why not give it a whirl?

Outsourcing work

Doing everything for yourself with your small business makes sense at the beginning, but as your business starts to grow, you have less time and it is always the marketing and advertising that suffers. Ultimately, this can lead to a decline in the focus of your business and a decline in sales.

Small businesses are starting to understand that it’s important to have a good marketing strategy and have someone that knows what they are doing to get the right messages out to potential customers. This often involves paying someone else, an expert in that field, to do it for you. Not only does this give you more time to concentrate on your products and services, but also means you have someone focussing 100% on marketing your business. You may have to pay out up front, but it will be worth it in the end, if you get the right person.

give-1545697_640If you can’t afford to use someone for all of your marketing, you could just outsource your blogs and get someone to write one or two a week for you – this will keep your business publishing new and fresh content, which will bring more customers to your website or highlight your brand…and it’s a much more affordable option.

It’s also worth seeing if you can get a well-known blogger interested in what you do – get them to review some of your products or offer a service for free and ask them to write a stunning review.

There are several ways to get help, but they do all come with a cost, some small and some not so small, so it is worth trying to factor in a budget for outsourcing as well as for advertising and promotion.

I hope that this article has been useful and that you have some new ideas to add to your marketing plan for 2018. Please feel free to contact me if you need any help with your marketing.

Right person, right time, right reasons…RIGHT CONTENT!

brainstorm-4222728_640

business-3189797_640.pngSo, you have your own business and you want to promote it – get your product or services out there. How do you go about it? Where do you start? It’s really important to have a content strategy….as this will help you structure exactly what the needs of your business are and what exactly is the right content for your business.

Anything you put out about your business needs to go to the right people at the right time and for the right reasons….and of course, the right content is crucial.

If the content is NOT right, then the people you are hoping to reach won’t read it. Whatever content you put out needs to be valuable to your potential reader, so make sure your content is useful and relevant – what’s in it for your reader? Does it solve a problem for them? Does it give them a solution that they need?

If you DON’T target the right people, then your content won’t be read and definitely won’t be acted upon. You need to ensure that you know who your audience are – just sending content to ‘people’ in general won’t cut the mustard, you need to be specific.

thought-2123971_640If you don’t send content out at the right time, then you are wasting your time. You need to firstly understand your audience or intended audience – what do your customers want? Do your customers or potential customers have questions that you can answer? Do you have solutions to your customers’ problems? If you are aware of these things, you can plan to put content out at the right time.

If you’re NOT putting content out for the right reasons, you are also wasting your time. When you are writing your business plan for the year, you will include measurable business goals. These goals are usually a reason for sharing some kind of promotional content to pull in more customers, or address an issue that your customers may have. The content you publish won’t necessarily sell your wares, but can help to set yourself up as an expert in your field. This, in turn inspires confidence in your abilities and business, which can lead to those all-important recommendations.

Plan your content for 2016

computer-1185626_640December and January is the ideal time for you to look at planning for next year. It’s time to take stock and look back over the last year – what worked well for your business and what didn’t work so well? Which way are you going next year?

Take the time to look at last year’s business or marketing plan (or both) and decide what you need to change to make next year more successful.

Have you ever asked your customers for feedback? Amongst that feedback, is there anything you can address to make your business more attractive? Do your customers have any problems you can solve? If you can pinpoint what it is that your customers want, that you are not currently giving them, you have the greatest opportunity to truly delight them in solving those problems.

future-2372183_640.jpgIf you haven’t asked for feedback, then why not do it now? Why not send out a short survey asking some questions to help you decide which way to go next year – get your current customers’ opinions and ideas – their input could open a whole new market to you.

Once you know what your customers want and have a new plan for next year, with new goals, you are ready to plan your content strategy and will be one step closer to a successful 2016!

 

 

Customer Engagement – Newsletters

news-634808_640 (1)
It has been said that marketing your business with the use of newsletters are a bit ‘old hat’ and are losing their value, but I don’t agree. With other forms of marketing, such as adverts, people will see your advert and look at it if they’re interested in the subject, but it will bypass lots of people. But a newsletter is a powerful tool and goes right to the heart of your business, reaching all your customers. You know they are interested in what you do as they’ve bought your products or services. As well as keeping your customers informed about what’s going on in your business, you can include special offers and highlight some of your products.

calendar-1990453_640Whether you choose to send your newsletter out in print format, or as an online version on e-mail, it’s important to decide the frequency. Most of my clients send out newsletters by email on a monthly basis, so they can be a bit longer than if you are sending out something each week. The most important thing is that the content is timely and relevant, adding some sort of value to your customer. For example, I send out a monthly newsletter for a garden centre – as well as including any news about new stock and special offers, we also include monthly hints and tips on jobs that need doing in the garden that month. We’ve also run a series of articles over a few months on planning the garden for 2014 – this encourages customers to take a good look at their garden, decide what worked well last year and what didn’t, and gives advice on plants and shrubs without doing the ‘hard sell’.

Goals of your newsletter

So you’ve decided you want to send out a newsletter for your business – now you need to think about what you want to achieve. Is the purpose of your newsletter to send traffic to person-1245959_640your website; increase engagement to your brand; create a buzz for a new product or service? The type of goals you have will help you create a more effective newsletter. For example, if you want to send more traffic to your website, you could include an excerpt from an article that will generate interest in your products and then direct them to the full article on your website, or you could just send an introductory paragraph from the newsletter, but keep the full newsletter on your website, so customers have to go to your website to read the full article. Similarly, you could give them a taster of a special offer, but point customers to your website for full details.

Content

The content of your newsletter needs to be engaging – if you don’t keep the attention of your customers and make the content relevant to them and add value, they will either hit the ‘delete’ button or will unsubscribe. A good headline will pull your customers in, so try and make it interesting – not just ‘January’s newsletter’. It’s crucial that you use good grammar and that there are no spelling mistakes and that it is easy to read so ensure that, if you do the newsletter yourself, that it is thoroughly proofread.

question-mark-1751308_640Of course, a newsletter is only one of the marketing tools you can use and it’s always best to use a variety of tools to engage your customers. I’d be interested to hear your thoughts on the role of newsletters. Do you use them for your business?

Be SMART with your business goals

goals-2691265_640
And so we’re into another year – can’t believe that it’s 2014 already. At this time of year, I review my business and marketing plan from last year; look at what worked well and what didn’t and decide on new objectives and goals for the coming year. But where do you start?

When I worked for a big company in the UK, business planning was all around SMART objectives and this translates well to the small business too. So, what is SMART?

  • S – Specific
  • M – Measurable
  • A – Attainable
  • R – Realistic
  • T – Timely

It’s a good idea to use the measures above to think about your goals – so let’s have a look at them all in turn.

Specific – if your goals are general, you are less likely to achieve them – for example, my New Year’s Resolution usually includes something around losing weight! But as everyone who’s ever tried to lose weight knows, if you just say ‘this year I want to lose weight’, it’s unlikely to happen. However if you make the goals more specific, you are more likely to be successful – for example, goals could be ‘I’m going to join a gym and go three times a week’ and ‘I’m going to join a slimming club and follow a structured diet’. So, in order to be specific, think about:

  • Who is involved?
  • What do I want to achieve?
  • Where – Identify a location
  • When – Establish a time frame
  • Which – Identify requirements and constraints
  • Why – Specific reasons, purpose or benefits of accomplishing the goal

carpenter-3509492_640Measurable – to ensure that you attain your goals, they need to be measurable; then you can keep an eye on your progress and you will stay on track and reach your target dates. If you have a website for your business, one goal may be to push it further up search engines, so your business can be more easily found by potential customers.   Questions you could ask yourself could be:

  • How will I know when I’ve achieved a goal?
  • What does success in a particular goal look like?
  • How will you measure the success?

Attainable – Once you have your list of goals, you can start to think about how you can achieve them. Look at each of them in turn and make sure that they are attainable. In the TV programme, ‘Only Fools and Horses’ Del-boy was always saying ‘this time next year – we’ll be millionaires’ – a great goal, but not necessarily attainable…and too generalised!

Think about how you can turn your goals into reality – by writing them down, being specific, may give you further ideas or may highlight opportunities that you may have previously missed.

Realistic – it’s really important that all your goals are realistic. You must be both able and willing to work towards them. You are the only one who can decide what is realistic and achievable for you – some people like to set high targets and goals and get more satisfaction out of the challenge; others prefer to set several smaller goals that will work towards the higher target. It’s up to you which approach you take…but make sure your goals are realistic for you.

time-3222267_640 (1)Timely – Goals always need to have a timeframe – if you don’t have a timeframe, then there’s no sense of urgency and it’s easy to keep saying ‘I’ll start that tomorrow’…and we all know that tomorrow never comes! If we go back to the weight loss scenario, if you say ‘I want to lose a stone’, but don’t put a time limit on it,  it’ll never happen. But, if you give yourself a date (a realistic and attainable date), for example, ‘I want to lose a stone in three  months’ – it’s more likely that you’ll succeed.

By keeping your objectives/goals SMART, you’ll be able to keep a tight rein on how your business is progressing and achieving what you want it to achieve.

Good luck and if you have any further ideas on the subject, please let me know!

Nine fundamental tips for your marketing plan

If you think about marketing, advertising automatically springs to mind. However, marketing (or promoting) your business, is more than just advertising. It helps you to ascertain who your customers are, which customers you want to target and how to get them to choose your products above others in the marketplace.

A marketing plan will also include your existing customers – retention of customers is just as important as gaining new ones, so you need to look at continually reviewing and improving your offer to ensure you stand out from your competitors.

Here are nine fundamental tips on what to include in a marketing plan to ensure you cover the essentials…

  1. Executive Summary – Although the executive summary is at the beginning of the marketing plan, it should be written last. The summary will help you ensure that your plan makes sense and that you haven’t missed anything out.
    The summary should include details of your business, company name and contact details; what your business is about; your key objectives and your strategy for achieving your objectives.
    This helps you to ensure that your marketing plan, your marketing strategy and your overall business strategy all work together.
  2. Vision or Mission Statement – This is a statement that includes what your business is, who you’re selling to, what you’re selling and what is your unique selling proposition that makes you stand out from the crowd.
  3. The four Ps – once you know what your vision or mission is – your strategy – look at the four Ps…
    Product(s) – what is it about your product that makes your customers want to buy it? Do you need to change your products in any way to meet your customers’ needs?
    Pricing – how do you aim to compete with your competitor’s pricing – do you want to match it… undercut them… or do you want to charge more for a more quality product and service?
    Place – where and how are you going to sell your products? Do you sell them yourself or outsource them to retail outlets?
    Promotion – how are you going to let your existing and potential customers know about your products? This includes thinking about advertising, PR, direct mail and personal selling.
  4. Market Analysis – this is where you need to do copious research into what your competitors do and what the state of the marketplace is in relation to the products you sell.
    – Who are your competitors and how well are they doing?
    – What makes your competitors successful?
    – Who are your customers and potential customers – what are their geographic area and income levels?
    – What are your sales and distribution levels – what is your set up?
    – How well have your products sold in the past?
  5. Your target markets – it’s crucial to know exactly who your customers are and what they’re looking for. Take time to understand what your customers want and need and understand why they buy particular products. You’ll be able to target your market more easily if you know who you’re talking to, and what their problems are. Everyone buys products for different reasons.
    If you have an existing customer base, you can easily find out some of this information, by sending them a simple survey, asking them a few questions – maybe give them an incentive to reply, such as all replies will be put into a prize draw to win one of your popular products.
    If you’re not sure who your target market is – try this exercise. Write a description of one of your products – for example, if you were selling mobile phones, you might say it’s small and easy to use. Then write the features – in the case of a mobile, it might be that you can use it anywhere and it’s useful in a crisis. Then make a list of who needs this product – with a mobile it might be people under 20 to keep in touch with friends and parents/people in business to keep in touch with business partners when away from home or office/ for older people it’s good to have in case they have an accident in the home or need to keep in touch with relatives or carers…. You get the idea!
    Then try and decide which will be your target market and which will be your secondary markets…probably best not to have more than two or three secondary markets at most.
  6. Marketing objectives – In this section, you are planning the future of your business. What objectives do you want to achieve? Each objective should include a description of what you intend to achieve and should include numbers to aim for. For example you might want to sell more of a particular product, but just saying you want to sell more isn’t enough – you need to be precise, so you have something concrete to aim for, maybe sell 40% more of that product over the next 12 months. This gives you a solid objective.
    Pull together a timeline of your objectives – what you want to achieve and by when. This makes it easier for you to review at a later date.
  7. Promotion strategies – what tools will you use to promote your business? You could use:
    – Networking – join a business networking group and talk to people at
    every opportunity
    – Direct marketing – brochures, flyers, sales letters
    – Online – website, blogs, articles (give advice, become known as an
    expert).
    – Social media – Facebook, LinkedIn, Twitter etc.
    – Video – embedded into social media or via your own YouTube channel
    – Advertising – print media, business directories, ads in magazine and
    online
    – Press releases
    – Direct or personal selling
    – Trade shows/markets/craft fayres
  8. Budget – Along with promotion strategies comes budget. You need to know what you can and can’t afford to do and plan accordingly. Can you do some of the promotion yourself or do you need to outsource it?
  9. Measurement – you should aim to review your marketing plan every couple of months. Look at your various promotion methods and determine which ones work best for you and which don’t.
    You can survey existing customers for feedback; ask for feedback and recommendations; look at what your most popular products are and why. Then you will know what you need to do in future.

Pulling together a marketing plan isn’t something that can be done in just a few hours, it can take days – or even weeks – to ensure you have the right information and conduct the necessary research.

Now it’s time to take action!