Kick off 2011 with a solid marketing plan!

Kick off 2011 with a solid marketing plan!

Experts tell us a marketing plan is key to sustaining the success of a business over the long term. But most small businesses see such a plan as a "nice-to-have" instead of as the crucial document it is.

It's good to look at the state of your enterprise every year, so why not kick off 2011 by putting together a solid marketing plan. It's not that difficult. Just base it on a clear understanding of your customers and competitors by asking yourself four questions.

1. Why would a potential customer use my business? Don't just think about what you offer. Ask yourself what's the core customer need your offering meets. Then ask why or how your offering meets customer needs better than the competition.

2. Who are my target customers? Look at your potential customers and figure out which ones are most likely to buy from you. Describe them in detail. Consider everything -- demographics like age, income, and education; and even psychographics like personality type, favorite hobbies, sports, and other pastimes. This can even help you set sales goals.

3. Who am I competing against? In other words, who else wants your target customers? And who will you take customers from to build your business? Determine the advantage each competitor is selling and how you will answer it. Also think about how competitors might respond to your offering -- with lower prices, bigger communication campaigns, etc.

4. How should I position my brand to my target customers? Write one sentence that says how you will meet customer needs and beat the competition. This statement summarizes what you symbolize as a brand to your customers. Your one-sentence "brand positioning" should be single-minded, focused firmly on your target customers' needs, and highlight your strongest competitive advantage.

Now you're ready to develop realistic, measurable goals for the year and the marketing tactics you'll employ to reach them.

With a comprehensive understanding of customers and competitors it's much easier to come up with compelling messages and offers and determine the best way to deliver them, from the local newspaper to the Web.

Good luck with your marketing plan. It will crystallize your thinking and keep you focused on the main reason you're in business....

For a look at last quarter's rates click here.

Have a great month!

As your success partner, we're your best source of information about any and all financing options. We're always here to answer questions and to help you take advantage of new opportunities. We see our relationship as an on-going business building opportunity for both of us!

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