 Even if you launched your business years ago, it's important to revisit and
refresh your plan. In recent years, the economy, technology and consumer habits
have changed rapidly and dramatically, affecting every aspect of your business.
That makes it absolutely vital to re-evaluate your short- and long-term
strategies.
One of the most critical elements of any business plan is your marketing
strategy. Too often, people don't think through that all-important component
with the same rigor they tackle aspects like projected cash flow and long-term
goals.
Or, they do put thought and effort into planning for market research,
promotion and positioning — and then never follow through on their great ideas.
One problem is that most entrepreneurs — or professionals or authors — don't have marketing experience. They may be skilled tradesmen, savvy financial
advisers or talented writers — the expertise they plan to build their business
around — but they're not marketers. Some don't realize that executing a solid
marketing strategy is essential to any venture's success; others know it's
important but don't know where to begin.
Here's why it's so important: You may have the book that changes the way
business is done, or the product that solves a problem for lots of consumers,
but if no one knows about it, they can't come looking for it. Marketing is the
fundamental building block of any business; it's what drives the business, so it
can't be an afterthought.
The marketing component of your business plan should include a budget for
time — if you're going to tackle the job yourself — and money. You need a
timetable and a professional website that attracts visitors and makes it easy
for them to learn more about you, your product, book or service — and equally
easy to purchase what you're selling.
Here are some other points to consider as you're developing your marketing
plan:
Your
message needs to be more than "My product is great." What's the problem it
solves? If you're a professional, what's the value you and your service
offer? How are you different from your competition? As an example: At EMSI,
we create visibility and credibility for our clients by using a
pay-for-performance model that guarantees media exposure and sets us apart
from our peers.
Who is my audience? Unless
you have a niche product, consider your potential audience in terms of
ever-expanding ripples. For instance, a collapsible coffeepot may be just
the thing for a college student's tiny dorm room. That's your initial target
audience. But his parents and grandparents, who are helping outfit that dorm
room, might also be audiences. If they've downsized their living quarters,
they might just want one for themselves, too. In fact, it could be great for
campers, boaters — anyone living in a small space.
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Which are the
appropriate media outlets for a public relations campaign?
Social media is great for niche products because online forums
build communities around common interests. Daytime TV talk shows
tend to have audiences with lots of women. Most newspaper
readers are now 55 or older. Once you have decided who your
audience is, figure out what they're watching, listening to,
reading and doing online; then customize your message for that
medium and audience.
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What's your budget? When you've
answered these questions, you should be able to determine how
much marketing you can do yourself — if you'll be doing any at
all — and how much you'll need help with. If you're handling it
yourself, budget for the time it will take to do things like
keeping your website active with fresh blog posts once or twice
a week; posting content on social media; and developing pitches
to get print, radio or TV interested. If you plan to pay a
professional for marketing services, use your marketing plan to
explore the costs and timetable, and budget accordingly.
Whether you're launching a dream or strengthening your existing
business, you need to lay a good foundation with a solid plan. If
marketing isn't an important component of that plan, your rocket to
the moon will likely fizzle and fade.
___
Marsha Friedman is a 23-year veteran of the public relations
industry. She is the CEO of
EMSI Public Relations,
a national firm that provides PR strategy and publicity services to
businesses, professional firms, entertainers and authors. Friedman
is the author of "Celebritize Yourself." She can be heard weekly on
her BlogTalkRadio show, "EMSI’s PR Insider," every Thursday at 3
p.m. EST. Follow her on Twitter:
@marshafriedman.
[By MARSHA FRIEDMAN. Text from file received from
News and Experts.]
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