«

Jan 23

Fitting Your Marketing Strategy to Your Business Plan

Circle Workflow Chart On Word Cloud BackgroundGetting into business is a never-ending process of testing, improving, redirecting and upgrading. The business market is a fully dynamic one, and as such, those who are engaged in it must be quick to adapt to these changes in order to survive. Those who lag a step behind will soon find themselves biting the dust of their competitors, especially if they don’t pick up their pace.

Experts would say that a sound business plan is an essential element in the foundation of a good business. Ideally, a “good business plan” constitutes an abstract of what the business is about, the goals of the business, its projected profitability and feasibility, its intended market, and of course, the methods or plan to reach to these markets.

That last item there focusing on the target markets and how they can be best tapped into should be addressed by a well-thought out marketing strategy. What is it and how can you make the most out of it by integrating it into your business plan?

Strategizing the Market

The Australian government initiative for business, through business.gov.au, defines marketing strategy as a plan that “provides direction and ensures a systematic, clear approach to promoting your business.” This is essential in drawing up your business plan because this is what will determine whether or not your business will fail. By following the direction laid out by your marketing scheme, you should ideally be able to get the consumers or audience that you would like to attract in order for your business to profit. In a certain sense, it is all a matter of pushing the right product at the right place, at the right time to the right people. If you are catering to a demand, you should be able to identify who is demanding what, for how much do they need it, and how is the best way to give it to them. Answering these issues is a solid step into ensuring that your business will establish its base among its target market and, eventually, grow or expand into a bigger structure.

Western Australia’s Small Business Development Corporation reiterates thus:

Effective marketing is a result of examining every aspect of your business and how it affects the consumer’s end experience. It covers everything you’ll need to do in order to deliver your products and services to the consumer including research, planning, pricing, packaging, promotion, selling and distribution.

Self-Identification and Branding

Cliché as it may sound, there is merit in the (paraphrased) saying that you should know yourself in order to be yourself. Herein lies the success of a person no matter the endeavor they intend to pursue. If you think that musings as philosophical as that do not have a place in the cold, hard world of business, you cannot be any more wrong.

The truth is that you have to know who you are as a business so that you could establish your brand accordingly. How else would you be able to effectively offer your product or service to your intended clients if you could not explain it perfectly? Being able to capture your business identity in a single brand, logo or tagline is imperative because this is what you want your clients to refer to every time they encounter the type of product or service you provide. For example, you are in the business of providing construction work and repairs to homes. When a household’s roof suddenly leaks, you would want that homeowner to think of your company immediately to get it repaired. This almost subconscious infiltration to your client’s consumer-thinking is achieved through effective marketing.

Sizing up the competition

Because your business is obviously not the only player in the market, you need to step up your game and keep a leg up over your competition. When building your own marketing plan, therefore, it should help for you to learn about your competitor too. What do they have to offer and how exactly are they better than you? Is there any added value to their products that are mutually exclusive to them? Based on these information, what can you do to equal, if not surpass, them in their efforts at cornering the market to their advantage? Other important questions noted by the Northern Territory Government’s Department of Business include the following:

  • What trading terms do they offer?
  • Is their location better/worse than yours?
  • What is their pricing structure?

The rationale in investing in these details about your competitor is not only for the sake of wrestling market shares with them. The bigger picture here is that having a clear picture of where your competitor is likely to go could give you the opportunity to improve and expand your business by carving your own niche market. Competition is necessary, but it does not have to mean that you will be competing for the exact same slice of the market pie, so to speak.

VIP Clients and Customers

Ideally, every client and customer is a VIP when it comes to your business. You have to know what catches their fancy, what tickles them, what ticks them off, which method entices them or gets them interested, what shuts them out. Finding out the demographic of your customers should better help you sell them your product or service.

If you are not quite what they want, then you have to know what they want so that you can suggest that you can be something they would want. Know their expectations, and you can better anticipate what they would need from you. Keep a close eye on their habits, likes and dislikes, and you should better be able to promote your business to them with the right advertising methods that would have your brand resonating with them stronger and louder than your competitor’s.

Creating a sound marketing strategy is not something that you can accomplish overnight. In fact, it does not end with you opening shop. Depending on how the business progresses, you will need to update and improve on it every once in a while. Keeping abreast of market trends and reacting quickly and accordingly to the shifts in these trends is what will make your business a solid success.

 

About the Author

Rabie Farse is the founder and CEO of Australian company, Associare. This company creates opportunities through networking for entrepreneurs and investors to make connections so they may bring their business ideas to fruition by getting funding for business.

Image courtesy of basketman / FreeDigitalPhotos.net

1 comment

  1. orenkomp.ru

    No doubt it is a whole science, that require well documented plan and schedule. I think most small businesses doesn t have content marketing plan, but we can learn a lot from big boys .

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

What is 6 + 9 ?
Please leave these two fields as-is:
IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)