New Jersey Enterpreneur - Small Business, Entrepreneurs and Venture Capital

It really isn?t so uncommon however, as most entrepreneurs were masters of their own destinies in a prior life. As such, they believe that their heightened motivation, leadership skills and success in rising to the top of their respective companies would therefore propel them towards an equal level of success as a new business owner. Furthermore, there is a sense that their knowledge, connections and experience will evolve into a flourishing enterprise just because they understand the industry they were once associated with and worked within. Well, obviously this is not the case these days.

As a new and budding business, consider a strategic marketing plan to be a needed priority in your early business plan stages. In fact, make part of your first steps. Your ability to asses your environment and define goals for your business is job one. If the product you offer can?t be marketed effectively, there is no sense in being in business. Analyze your objectives and then evaluate anticipated interaction that your customers will have to your products and services. At that point the real work begins. It?s interesting how many owners will spend more time designing a logo for their business than how it will be represented. In Michael Gerber?s book the E Myth Revisited, he describes how entrepreneurs must learn early to work on their business and not in it. A solid marketing plan will assist in that focus. So for simplicity sake, let?s think about how to start this process from day one with a handful of easy suggestions:

This simple exercise is grossly underestimated. The ability to benchmark key target dates will be critical in how you handle each interaction with a lender, vendor or business associate. Having that road map also instills a sense of urgency in making things happen within a desired time period.

This is when we review potential customer perceptions and or concerns about the product or service. By identifying what consumers are thinking, it becomes easier to avoid the pitfalls and sometimes correctable actions prior to opening your doors. Evaluating the competition is part of this phase with an exhaustive search taking place to learn how others are selling their products, treating customers, housing inventory, running promotions and marketing their product. If you are a small business seeking to re-engineer your company, it would be appropriate to survey previous and current customers about why they buy from you or have stopped coming to your store. Your own employees are a terrific resource for learning how they perceive the organization in the marketplace.

Defining your unique brand deliverable (UBD), audience, brand position, culture and key messages is next on the agenda. At this stage you?ll process and analyze all the information from phase two and translate that data into concisely articulated communications. Create a strategic brand platform with relevant and compelling messages.

Implement your strategic tactics. Ensure that the messaging speaks to the heart and soul of the brand you want to portray in the marketplace. We recommend that you elect brand advocates who will be responsible for being a champion of the brand. That means someone who will facilitate all the planning that has occurred and assure that the brand message is being preached loudly and enthusiastically by all employees from the person answering the phone to the individual making deliveries. The objective - One message being presented at all levels.

During any marketing endeavor it is crucial to benchmark identifiable means to determine success. Too often, an ad campaign or marketing promotion is created and executed and no one knows what is supposed to be accomplished. Ask yourself upfront “what will constitute a success for each and every campaign that is employed”? Example: Your leaf prevention gutter system company is running a campaign this Fall. The intention is to generate 200 new prospective customers who will register on-line for a free home evaluation. With a close rate of approximately 10% and the average installation costing $2,500, this campaign should provide an ROI of roughly $50,000. Anything short of that number is a shortfall in approach.

Establishing a fluid process that can be flexible will allow your business to adapt to marketplace changes quickly (e.g. your competitor is offering a similar special at exactly the same time you are planning yours).

Good luck with your marketing planning. Don?t be overwhelmed by what can be a very simple process. Just remember that structuring a marketing agenda has to be a legitimate and integral part of your business planning before you open your doors.