6 Branding

Chapter 6
Branding

Time to get serious. Now we’re talking money. It’s what we like to talk about, so get ready!

When putting together your marketing plan you need to consider how much money you have to spend, if any, and/or how you will spend that money.

Remember, there are dozens—if not hundreds—of places to spend your marketing dollars and all players are ready, willing, and able to take your money. So beware.

You need to think about the free methods that are available to market your business and then the plan which will work best for you. As with all marketing tactics, you need to keep in mind your target customers.

When you test your market and marketing strategies to see what works for you, make sure that you plan each attempt for the same length of time. That way if something doesn’t work over the same time that another strategy did you will have a good basis for each test. For the ones that don’t work change it a bit and retry. Once you open for business and start advertising it then becomes

Test and Tweak.

And remember that just because it worked (or didn’t) doesn’t mean it will (or won’t) work next week, next month, or next year. Be open-minded.

Tweak and Test, see what works.

However, all that said, knowing what has worked in the past, use it again, and refrain from using the “duds” in any big way until you test and tweak it in a small trial.

Keep records of what you did so that you can keep what works and what doesn’t. This will be more important as time goes on.

Test and Tweak.

Now is a good time where we must point out that a marketing plan is absolutely essential if you want to be successful. Sadly only about 1% of all private business owners usually make a detailed marketing plan and they don’t even realize how much business they are losing without one.

Research points to the fact that businesses that have a marketing plan outperform those who don’t have a marketing plan by about 30%.

So if one business is making $40,000 a year without a marketing plan, that business could make as much as $52,000+ with a marketing plan.

Is it worth $12,000 a year (or more) to you to invest a few hours in a marketing plan?

If your answer is “No,” give this book to someone else and do whatever you’re going to do.

However, if your answer is “Yes,” then keep reading. We like you. You’re a sharp cookie.

We would say that your chances are better than 30% if you start with a business plan/marketing plan and stick to it.

We both have had personal experience where we have had no basic plan of anything but the first sale and the next few sales. That’s part of the hazards of thinking that you can do it without a plan.

To be most effective, the plan has to be formalized, usually in written form, as a formal marketing plan.

The essence of the process is that it moves from general to the specific, from the vision, to the mission, to the goals, to the objectives of the organization, then down to the individual action plans for each part of the marketing program. This part is going to explain how you’re going to get your customers to buy your product and/or services.

The plan will then include sections detailing your:

  • product and/or services and your unique selling position
  • USP
  • pricing strategy
  • sales/Distribution Plan
  • advertising and promotion plan

A marketing plan is just that important; it is the most important part of your business plan.

If you have no sales then you have no business. Period.

 

www.theNewMarketingBasics.com

 

 

 

 

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