As a small businessman, if you want to scale your enterprise, you must develop a strategic approach to growth.
Most small businesses think a strategy is something only large corporations do. However, this is not entirely correct. If you want to expand your company, a good strategy is essential.
A good strategy is basically a roadmap for your future success. A good strategy will help you avoid pitfalls along the way.
Recommended reading: Writing a Startup Business Plan
You will learn how to create an effective sales strategy for your small business.
Here are the 5 Steps to Developing an Effective Marketing Plan
1. Summary of the plan
First, define your objectives. What sales volume do you wish to reach this financial period? How much percentage increase do you desire compared to last quarter? How much budget should you allocate to advertising? Plan your marketing campaign accordingly.
2. Analyze the Present Marketing Scenario and SWOT analysis
You need to analyze which channels will be most effective for selling your products. Get feedback from markets where you’re planning to launch your products.
For example, if there is stiff opposition in urban regions, you should focus on semi-urban and rural regions.
To achieve this, you need to make an effort to increase your distribution channels. It all depends on what type of business you’re running. Find out who your competition is. Who they target. What they do better than you.
And then find ways to improve upon those things. Do a thorough SWOT (Strength, Weakness, Opportunity & Threat) assessment of your own business. You’ll probably find areas where you can improve. Then work on them!
3. Set The Marketing Objectives
Here you are supposed to make goals for the next year. You need to set smart, specific, measurable goals that can be achieved within one year. Be very clear about what you want to achieve.
Don’t say ‘we will grow our business. Say something like “We will double our revenue in 2017”. Make your goal specific. For example, if you want to double your revenue, then you must know exactly how much revenue you currently get and how much you would like to get.
If you’re not sure how to increase your revenue, then focus on increasing your revenue per sale instead of just focusing on increasing the total number of units sold.
Your marketing objectives must be clear, specific, measurable, attainable, relevant, and time-bound. You need to know exactly what they mean so you can measure them accurately.
4. Marketing Strategy
Here you go to decide who your potential customers are. You’ll then create a detailed strategy to attract those people. Your goal is to find out what they’re interested in so you can provide exactly what they’re looking for.
Think about your product’s features and benefits. What do they offer? How does your product stand out from others on the market? Once you’ve decided on these things, think about where your ideal customer might hang out online. Where would they spend their time? Who are they talking to? Are they searching for something specific?
Include a detailed plan for producing, distributing, and promoting your product. It includes plans for manufacturing, selling, and advertising your products.
5. Marketing Budget
You cannot set a fixed amount for your company’s overall advertising and promotional budgets. Instead, you should consider these things when determining how much you want to invest in your company’s advertising and promotion efforts.
Marketing experts say that start-ups should spend between $20 and $25 per month on marketing for the first two years of operation.
If you’re buying an established company, then you should allocate at least eight to ten percent of your total investment into goodwill.
Always seek professional help when planning a successful online presence for your small biz. Don’t neglect any important aspect of your plan. Also, don’t be afraid to ask for feedback from your team whenever necessary.
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