A well planned business strategy is the important key to small business success. But, if you don't already have one, you don't exactly know what is a marketing plan? How to increase your sales? What can you do with your little budget? Take a look at the infographic below (called get your small business ready for take of - by Fast Business Canada) to get to identify your marketing plan; including some helpful tips to deploy in order to achieve them.
What exactly is a marketing plan?
Your marketing plan will identify sales goals for the year and the strategies you will use to achieve them. Start with your branding, pricing, distribution and promotion strategies; then layout the methods you will use for each of those four strategies.So how do i increase my sales?
New business - A good business marketing plan will help you to invest money in campaigns that will generate revenue. 10 to 25% of your first years sales should go into your marketing budget.Existing business - Review sales records and identify your best customers; allocate some of your funds to market to them. What does your business do better than its competition? Target your marketing messages to play up those advantages.
Increase sales to new customers - Assign a media budget to cover the costs of placing ads serving your target market. If you can, get a booth at a relevant trade show (or simply attend), nab sales leads and follow up with them right away. Partner up for a promotion with other non-competing businesses that serve the same market. Create "buy here" - save there" type offers.
Increase sales to existing customers - Cross-sell related products/services; or "up sell" by suggesting a similar but pricier product/service. A rewards program will encourage repeat business. You can also modify your product/service to be consumed more frequently. Invest in customer care and perks; keeping your existing customers will cost you far less than it will to attract new ones.
How do I make sure my business stands out?
Quality products/services - Delivering high quality goods allows you to set premium pricing for them. Refer to your commitment to quality often, and extend your lines so trusting customers will buy more. Delivery speed - Make it tough for the competition by guaranteeing delivery time. Invest in your internal operations so that what you promise is on time, every time. Change a premium price for your "rush" service.Price - If your prices are high and customers are paying, your mission is to find more customers willing to do the same. IF your prices are low, focus on volume, ensure customers buy more during each visit.
Customer experience - Look for ways to add more to the customers' experience without adding to your costs; and promote the level of service customers can expect when they buy from your business.
Now what can I do with my budget?
If you have very little to spend - Word-of-mouth is very effective and costs nothing. Ask your customers to refer your business to others who may benefit from what you have to offer. Communicate regularly with clients and prospects through newsletters and press releases that offer tips/advice. Do some networking at functions that your prospects attend. Develop an introduction that highlights the benefits of doing business with you.If you have a moderate amount - Try pay-per-click advertising next to keywords relevant to your business, or place small banner ads on websites that are proven to attract your targets. Distribute flyers and brochures in locations visited by your customers. Include a trial offer to entice contact. Purchase prospect lists from mail brokers according to your target market's age. income level, location, occupation and recent purchases.
Congratulations! by completing these steps and performing these marketing tactics, you're well on your way to growing your business to the next level.
Thanks to Fast Business Canada which is leading source for the latest news and resources for small businesses and entrepreneurs.
