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How to Become a Better Marketer & Tips For Your Business Startup
You just opened your business. You make all business, financial and marketing decisions. But how well do you really know your market? Are you doing everything you can to maximize the ROI of your campaigns? Many people think that they know their market too well, but unfortunately that is not the case. In this post I will discuss the various steps you should take to better understand your market and hopefully increase your returns. The biggest pitfall is a lack of planning because people don’t take the time to map out what they need to do. That’s why I’ve developed an outline that you should consider when planning your own business.
Step 1 – Know your environment
The first thing you need to do is to prepare an analysis of the situation. First, you should start by looking at past business and marketing plans. The point of this step is to analyze your environment. This includes identifying competitors, the various macroeconomic factors that affect your environment, and the various drivers behind these changes. Typically, drivers affect legal, technological and market factors, so you need to be aware of how these changes will affect your environment and therefore your ability to sell. The next step is to prepare a SWOT analysis of your own company. It is an effective tool for analyzing your company’s internal strengths and weaknesses, as well as the external opportunities and threats you may face. One of the most important parts is to consider your competitor’s strengths and weaknesses, as this will ultimately help you identify your own competitive strengths.
Step 2 – Goals
Once you understand your environment, your next step should be to create goals. Your goals should be unambiguous and very specific. Each goal should cover three broad aspects: what you are trying to achieve, what and how much you need to achieve the goal, and a specific time frame. This basically ensures that your goals are SMART (Specific, Measurable, Attainable, Realistic, Time bound). An example would be: Increase online sales by 25% by the end of the first quarter of 2009. Knowing your goals means knowing exactly what you want to do.
Step 3 – E-Marketing Planning
Once you know where your business is and where it should go, you need to come up with a strategic planning process that will outline how your business will get to where you want it to be, that is, to achieve its goals. Next, you need to conduct a market opportunity analysis that includes demand and supply analyzes for segmentation and targeting. Demand analysis assesses the potential profitability and sustainability of potential market segments. Segment analysis should draw conclusions about the characteristics of your target market, including demographics, psychographics, and past consumer behavior with similar products. By analyzing segments, you can determine the level of demand for your product or service and better predict behavior. You can also tailor your product to the needs of the target markets you have identified. The next thing you should do is think about how you will differentiate your offerings and how you plan to position your product, services and brand in comparison to your competitors in your target market.
Step 4 – Marketing Strategy
The next step is to develop strategies around the 4Ps. You need to map out specific plans regarding your product offering, your value proposition (price), how you will distribute your offering (place), and how you will effectively promote it. One of the most important parts of this step is your value proposition. You should consider the margins you feel are fair when deciding how much to charge, and you should also do some simple financial calculations such as break-even points, NPV and IRR to give you a better idea of what price to charge . By taking the time to plan, you can better predict future cash flows and mitigate capital shortages, and even determine whether your goals are realistic. Charge a price that is as close to the industry equilibrium as possible, or try to differentiate your price based on value added.
Step 5 – Budget
This is one of the most important parts of your marketing plan. Here you should try to predict the revenue in units and dollars that you will receive from each of your revenue streams. Also, don’t forget to consider the intangible benefits as they count too. It is important to be reasonably conservative (especially when forecasting close to your launch or early in your product cycle) because most of the time the revenue is significantly less than what was originally expected. You should also carefully consider your costs, including marketing, operating, administrative, technology and other costs. Also, the costs are usually higher than you initially anticipated, so plan accordingly. Next, you need to calculate your return on investment (ROI) and internal rate of return. These results will tell you whether what you are doing has potential and whether you should pursue your business idea. Just remember that not all businesses are profitable in the beginning, it may take time, just make sure you have the necessary capital to be successful over time.
Step 6 – Implementation
This step is about what you will do to achieve your goals. There are various marketing mediums including online marketing, direct marketing, online advertising partnerships, etc. There are endless possibilities to start implementing your plans and promoting your products/services; you just have to choose what’s best for your offering based on price, value, and simply what’s convenient.
Step 7 – Feedback
Feedback is extremely important. Use a variety of performance metrics to help you gauge your progress. You can do this effectively by developing a Balance Scorecard with all four dimensions including customer, internal finance and innovation/learning dimensions. For each dimension, you should define a goal and how you can measure that goal. Here are two examples.
Goal: Lower customer acquisition costs. Measure: promotion costs/number of customers
Goal: Improve technical support. Measure: time to complete calls, number of satisfied callers.
Side note: If you have a website, it’s important to make sure your website is visible online. You need to ensure that you optimize your content for search engines (SEO). You can do this by creating SEO friendly URLs (long ones that describe your address/date). You should also keep in mind that search engines analyze how many times keywords appear on pages. Search engines also consider the number of highly ranked sites that link to your site, so try to get involved! Why is SEO important? Because it drives traffic that can convert into sales. A good PageRank can also draw prospects away from your competitors.
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