OK, this one is important. You either get it that your business, no matter how small, must have a well thought out marketing plan or you don’t. Can you get by without one? Sure. Can you achieve rapid or steady and impressive growth over the long term without one? Extremely doubtful.
Do you know:
- Exactly where your business comes from?
- The demographics of your market?
- The details of your market segmentation?
- How people find you?
- Why they pick you?
- What the drivers are on why customers come to you or don’t?
- Where your biggest opportunities are?
- How you’ll develop a tactical plan to go after them, to acquire new customers?
- How you’ll maintain your current customer base?
- How to track customer satisfaction?
- How you’ll position yourself to be seen as the best choice for the opportunities?
- Your ROI on your marketing and PR initiatives?
- If you’re spending your money wisely?
- What your expectations are about marketing and PR expenses?
- What you are trying to accomplish?
- How you want to be seen or perceived?
- What the value of your brand is?
- Whether your brand has real value in a liquidity event?
If your MP is incomplete or old, my advice is to look at your calendar, set aside at least one full day and assemble your team or advisors to get it current. If you don’t have a marketing plan, ask yourself, why not? Is it too much work? Are you not interested in growing your business or even getting a deeper understanding of your industry and looking for ways to stand out?
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