In college, you could seek help for your business plan assignment and get good grades too. On the ground, this approach just does not work anymore. There are several factors that contribute towards drafting a successful business strategy. We need to brainstorm on various aspects of setting up and operating a business and ultimately, making it profitable and sustainable.
If you are one of those business or non-business graduates and want to start your business instead of working for someone else, continue reading to learn the tips on how to make a successful small business marketing plan.
Steps to grow your business
Summary of the roles: When we say a summary of the roles, you need to have a plan of who is in the team. It can be anyone; from an employee to a vendor to an advisor. You need to have an exact blueprint of who they are and what their roles are going to be. When you have this summarized accurately and as per the business plan, you can take the leap you want later. When these executives will have a summary of the jobs, they will have faith in you. Your team will grow and so will your business eventually.
Your customers: There is no business without customers. If you have ever done a marketing plan assignment in college, you might already know that you can’t start a business without knowing who your customers are. Know the age group, sex, and interest of the customers and how your product or services may appeal to them. You should be clear on how you can attract your target customers. You’ll need to talk the lingo they speak to be able to associate with them more vividly. Any wrong move can repel your customers – which does not bode well for your brand image.
The unique selling point: No business sells without a unique selling point – also known as USP. Do you know what it is? If you don’t, start investing time and discussing with your team what it is. Once you know your USPs (keeping in mind the target customers), your business will start finding its place in the market in no time. Ask these questions:
- Do you love your product and services?
- Why should customers come to you and not your competitors?
- Do your customers benefit from your product?
Include positive answers to these questions in your marketing plan and you will not be far from attracting your potential customers.
Pricing: The rate at which you sell your products and services will determine the traffic to your business. Do a market research as it is the key to developing your market strategy. As per the demographics, interests, the standard of living and other factors, you need to fix a price. It should neither be cheap nor unreachable. If the standard of living is high and the price you have fixed is low, buyers won’t take interest in buying your products or services. On the other hand, if the standard of living is low and the price is too high, customers won’t be able to afford them. It has to be strategically planned after a thorough research of the market.
Sustainability: Will your business sustain the worst market situation? Will the business sustain its impact even if there is high competition in the market? 20% of the businesses fail in the first year of their operation. No matter what, your business should be consistent so that it stands strong and gets established as a brand.