MARKET PLANNING FOR YOUR NEW WORK AT HOME BUSINESS
Your New Work at Home Business Start-up Will Need a Quick Marketing Plan
Think that only large, multinational corporations need marketing plans? Think again! In fact, every business- no matter what its size or industry-needs the special guidance that good marketing plans can provide. If anything, smaller companies- given their scant financial and human resources- need them even more than the giants.
Definition and Ingredients
As detailed blueprints, marketing plans are designed to guide any kind of business through a potential maze of marketing needs and obstacles. In addition to helping owners formulate their marketing objectives, the plan also serves as a reminder of specific goals, and as a benchmarking tool for measuring results. In fact, the process of developing the plan yields its greatest reward by forcing entrepreneurs to methodically think through their circumstances and objectives. Even the writing process itself is amazingly productive; for in the course of writing down some ideas, many more fresh ideas and insights will take form, and come rapidly bubbling to the surface.
"Though you might not be ready to launch a PR effort, or engage in the internet commerce, you would be wise to provide space within your plan for these and other possible options."
Another important function of a marketing plan- often overlooked- is a useful tool for business owners who wish to attract loans, partners, business services, or even SBA assistance.
Marketing plans might vary somewhat, depending on the nature of the organization for which they're designed. But in general, they cover such basic information as the following:
A. Executive Summary. Overall description of your company, encapsulated into a few paragraphs.
B. Nature of your business. Your offerings and unique attributes.
C. Mission Statement. Organization and your marketing goals.
D. Positioning Statement. One- or Two-sentence statement that defines what distinguishes from competitors.
E. Primary and Secondary Markets. Most desirable and attainable markets, followed by others.
F. Marketing Environment. General background environment, such as the local economy, demographics, etc.
G. Competition. Specific competitors, ranging from most serious to least serious. Also potential competitors.
H. Marketing Channels. Various advertising media and distribution channels.
I. Budgets. Actual and projected marketing budgets.
J. Short- and Long- Term Goals. Plans and intended accomplishments.
K. Partners. In your marketing efforts.
L. Resources. All resources that can help your marketing efforts.
M. Targeting Strategies. How to effectively reach desired markets.
N. Research. Needed for your marketing efforts.
O. Promotional Efforts and Ideas. To get "free publicity."
P. Price Strategies. Using price strategies to gain market share.
Q. Direct Marketing. Direct mail, phone, e-mail, etc.
R. Software Options. Marketing-related software you have or wish to obtain.
S. Miscellaneous. Other important details you would like to add.
Working with your plan
Even if you haven't yet launched your business, you should begin to develop your marketing plan as soon as possible. The purpose of a plan, after all, is to be in place before the planned actions are taken. Besides, you can still modify your plan as time passes.
In fact, you should think of your marketing plan as a "living document" that will constantly evolve. Because you can count on change in your market and in you own circumstances, you can be sure that you will need to alter or update your plan from time to time. You'll also need to revisit your plan on occasion in order to remind yourself of certain goals and to retain whatever lessons you had learned in the past.
If you've already prepared a business plan, you might review it before writing your marketing plan, and compare the two after both are finished. Is each document consistent with the other? If there are contradictions, review them and smooth them out. Also, be sure that your marketing plan is in keeping with the broader goals of your business plan.
As the heart and soul of your business, your input is essential, and you should deal with the particulars yourself. But you might also invite others to contribute to the development of the plan, even if it's just to share their own insights. They might be partners, vendors, key employees, investors, clients, industry experts, or others who are in a position to offer valuable insights.
Make reference to all options, potential as well as current. For example, though you might not be ready to launch a PR effort or engage Internet commerce, you would be wise to provide space within your plan for these and other possible options. Then if needed, you can always add what is needed in the future.
Don't worry about your "literary style." Think too much about how you write while you write, and your and will glaze over with anxieties. Just enter all information in clear and simple terms, and go back and edit as needed. Remember that a marketing plan is valued for its content, not for its style. That said, the better the piece is written ( at least when it reaches its final form), the easier it will be to read and understand and the more respect the reader will have for you.
Professional Services
You might tap a wide variety of resources for help, such as professional associations, chambers of commerce, the Internet, or even special government agencies, such as the Commerce Department, or the County Bureau of Economic Development. Even if they can't help, they might point you toward other useful resources.
Also available are professional services that can provide you with assistance ranging from special research to help in creating your plan. The Brandow Company (http://www.bizminer.com), a research organization, would be one example. But many other services can be found online under such headings as "Marketing plan assistance" or " Marketing plan research." Similar organizations might also be found locally.
"Don't depend too much on outside assistance; for no software or expert can provide the special ideas, insights and values that only you can give."
Nevertheless, don't depend too much on the outside assistance; no software or expert can provide the special ideas, insights and values that only you can give. Remember, you are the should of the business, and your marketing plan is but an extension of you.
So plan your marketing plan before you look at software packages, or seek someone else's advice. It's very important that the groundwork is laid, based on your own special insights before your thoughts are colored by other people's ideas. Once that's done, you can go on to consider other ideas, and refine you plan as you see fit.
Some General Pointers
It's not hard to follow boiler plate outlines, such as those provided by software programs. Not surprisingly, most problems stem for the seemingly small details connected with the initial development and maintenance of most marketing plans- especially those developed for small entrepreneurs. Here are just a few of the more important tips:
- Be specific. Instead of stating something in general terms, such as: "I will try to work harder and expand each year," go for a more specific: "I will concentrate on selling product A to Market M during the first year, until market saturation is achieved. Then I will promote product B to same market…" In addition, keep sharpening and refining specific details of each part of your plan each time you review it.
- Along with facts, the plan might also include questions about matters that are not yet fully understood. This incorporates the additional goal of getting answers to those questions.
- Don't hesitate to alter your plan over time. Understandably, some goals won't pan out, while new opportunities may arise. You've got to be flexible enough to accommodate "change."
- Keep it easy to read. You might need to share the plan's contents with lenders, partners, associates, or others.
- Resist imitation. People tend to copy the essence of other plans and then fill in a few specific details. While you can learn much by studying other plans, only your own custom tailored plan will serve your needs. Precision and specificity is the key to the plan's value.
- There are no real absolutes in writing business plans. You don't have to follow any model exactly, and you shouldn't be afraid to customize your own as you see fit. Don't be afraid to experiment a little.
- Minimize theories; maximize facts. Focus on what you know, and shun assumptions. For example, before you determine to reach your market through one particular medium, find out if the evidence indicates that to be a sound move.
Yes you'll need to do a good bit of home work. But remember, if it's not done right…
Work at Home Business Articles
Page Number:
[1] | [2] |
[3] |
[4] |
[5] |
[6] |
[7] |
[8] |
[9] |
[10] |
[11]
Disclaimer: The information presented and opinions expressed herein are those of the authors
and do not necessarily represent the views of Work-at-Home-Business.com and/or its partners.
|
