To successfully start and run a business and earn consistent profit, the business needs to be based upon certain fundamental tried and test business platforms. These platforms are independent of the business and it is believed that the reason for failure of many business of the failure to pay attention to certain core elements of business.
The information provide is not exhaustive but in the opinion of the author these core elements when implemented will service to act as a sure and solid foundation for your business whether it is home based or whether you are running your own business unit within a larger corporation. Pay attention to the four areas below and work out a plan to constantly refine and update.
Category Marketing : You should know and should take time to sit down and plan out which category of the market your product or service fits into. What is meant by this ? consider the manufacturer's of cars - when they are planning to produce a new car they determine the category of car which will be produced at the design stage. That is to say, the car could be a Mini Car, a Sports Utility Vehicle, a Multi Purpose Vehicle, a Sports Car, a Soft Top convertible and so the list can goes on.
A car is not just a car - the master category of car (your product or service) can and must be split up to provide a solid foundation from which to launch your business. To define the category for your business, take a blank piece of paper, consider the example of the cars and try to come up with at least five different categories in which your product or service can be placed.
Market Segmentation : This deals with the other side of the spectrum after considering Category Marketing, this looks at the end users or the market place whereas Category Marketing focusses on you, your product and your company's services. Marketing Segmentation looks at splitting up the target market into group for which you can use to target your product and service to.
The market can be segmented by Race, Age, Earning Capacity, Living Area, Maritial Status, Disposable Income etc, etc which when devised correctly will give you a firm base for which Category of product you can sell to a particular Market Segment.
Channel Marketing : Every product or service must pass through a Marketing Channel in order to reach the end user. Most successful businesses today use multiple channels through which to reach their target market and your business should be the same. Examples of marketing channels are Retail Store, Networking Events, Distribution Warehouses, Shopping Malls, Telephone, Mail and the Internet. You should consider what you wish your primary channel to market to be and focus on this and then work on having a few secondary channels to market.
Develop most of your sales and communication tools for your primary market which will be in line with the Category of product and the particular Market Segment which you are looking to address. I consider the internet to be one of the most important Marketing Channels no matter what business you are in and I find the vast majority of my clients on a worldwide basis this way as I have developed significant expertise in this field.
Ideal Client Profile : Based on your definition of all of the above you should be able to develop and ideal client profile, this will tell you the type of person who is most likely to buy from you and with whom you are able to develop and long term relationship. The client profile will show which segment(s) of the market your client come along with the category of product that they prefer to purchase from you. Along with this you will understand through which marketing channel they prefer to purchase from you.
When working on your business focusing in on these key points will serve you will to take your business results to the next level.
You'll likely get an answer like this: ?Well, I don't really have one of those exactly, but I am doing some corporate branding, direct mail, updating my web site and considering search engine optimization.?
Fact is, just the thought of a ?marketing plan? overwhelms many. Mention of projections, studies, demographics and segmentation are returned with blank spacey stares.
Nevertheless, you shouldn't let the idea of a marketing plan scare you. Think of it, rather, as a marketing recipe'a mix of ingredients you pull together to create a fabulously tasty result like increased sales, better profits or more market share.
But before you start-throwing ingredients together like a cook gone wild, brainstorm ideas of what you'd like to eventually make with the recipe and educate yourself on the characteristics of the ingredients you might use?what will each bring to the final product?
And you know what's cool? After you find a marketing recipe that proves successful, you can use it again and again?just like any recipe.
I have numerous marketing recipes in my repertoire. I've got them for networking, getting speaking engagements, adding names to my e-newsletter list, creating a successful online sales letter and for following up with prospects and turning them into clients over the phone.
None of these recipes were especially brilliant. They were simply the results of brainstorming, research and testing. Many came from others, which is one of the best sources for winning marketing recipes. All I did was add my own twist to make it fit my business and market.
I continually tested and tweaked my recipes until I finally came up with something I liked?and that a few of my peers liked. Now, I have an arsenal of marketing techniques ready to tackle any marketing problem I may have. Here's a look at how I put everything together:
Marketing Activity: What action will you take to accomplish an objective? Focus on one per recipe, such as networking, speaking or search engine optimization.
Purpose: What's your goal for this marketing activity? What's the perfect outcome?
Intended results: What do you want to happen as a result of accomplishing your goal?
Target market: Who is it and how can you best get their attention?
Plan: What tactics does your research show will work? What ingredients are needed and how will they best work in?
Message/Attention: What's your key message? It must be attention-grabbing and memorable.
Marketing materials: Do you need a web page or a printed piece? Perhaps a combination?
Main activity: What is the main line of communication, and how can you best use it to reach your prospect?
Offer and Call to Action: How will you ask them to take action? What can you say or write that is compelling enough?
Follow-up: How will you get back in touch? Whatever you do, don't forget to do this'it?s what separates marketing from selling.
Time: Give yourself deadlines, and carefully place them in your calendar so you can realistically accomplish them.
If getting results from your marketing is truly important to you, you need to have a recipe like this. Just start with one ingredient and take it slow. Before you know it, you'll be cooking up a feast of new business wins.
Both Stephen Campbell & Scott White are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.