For many individuals who take the plunge and start their own home business—marketing is one of the last things on the list of things to master. With budgets and business plans, it isn’t always easy to figure out where to begin drumming up customers and marketing the business. For starters, it helps to draw up a marketing plan.
A marketing plan is not something that is cast in stone. It is really working document that can be changed and adjusted as you try things and your business evolves and changes. The first step is to determine WHAT you are selling or marketing and to WHOM you are planning to market to. If you are selling a product this might be easier than if you are a consultant or providing some type of service. You need to get a clear understanding of just exactly what your business provides and to whom you are trying to provide it.
In “fancy talk,” a marketing plan generally includes an analysis of the targeted market and the competition. This means that you figure out who you are trying to attract—the age, income level, where they live, what they do, where they shop, and what other products they use. You also need to understand who your competitors are—are they just local or are you competing on a regional, national, or global scale? What are the competitors doing well and where can you offer something they can’t? This can take some research, but the more you know about your competitors, the more useful your marketing plan can be.
Once you have a good understanding of the WHO part of your marketing plan, (who to sell to and who you are competing with) you can develop the goals and objectives that you hope to accomplish. Again, keep in mind that this is a working document meant to be used and changed by you as you build your business. This means that you can be as strategic and specific as you want to be and not worry that anyone else is going to read your plan and judge your efforts. Taking the time to set goals and objectives, however, will give you that outline you need to devote time and energy to marketing your business.
See Also: How to Conduct Market Research
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