Every company starts with an idea. Business owners flush out the concept, create the product or service and bring it to market. Some businesses will write a business plan first but many do not. Some will fail early and some will gain traction. However, ALL businesses at some point need to do marketing to gain that initial traction, keep growing and to prosper. While a small percentage of startups create a formal business plan even fewer include a written and effective marketing plan.
Here are 5 Defining Foundational Keys to help begin your marketing plan.
- Concisely define what you do / offer – Yes you love this part so much its what you want to do all day long!
- Define your ideal customer and your bread and butter customer – Two very different customers. You should know both and how to describe them to others.
- Define how you help them – Your unique value proposition for those customers. Do this for both your ideal and bread and butter customers.
- Always start with the customer in mind – Survey many potential bread and butter customers along with several Ideal customers on your offering AND the pricing you plan. (Also check out any potential competitors – what they offer and their pricing model.
- Determine if your planned pricing is competitive in the marketplace, a fair price for your customers based on the value you are providing them. Remember all business transactions should be a win-win. Finally confirm you can provide the product or service at that price profitably. If not go back to Key #1. Remember, you can not make up it up in volume. That is how so many businesses run out of capital quickly.