Extend the understanding of your market. Cover size of market; main players and their sales, products and growth; your customers and their buying and decision-making habits.
2. Write an action plan
An action plan should include all of the items in this checklist as well as your objectives. Putting a plan on paper helps you to see the big picture and set targets.
3. SWOT analysis
Do a SWOT (strengths, weaknesses, opportunities and threats) analysis. Strengths and weaknesses are internal issues. Opportunities and threats are external factors that affect your business. Convert weaknesses into strengths and threats into opportunities.
4. Know your products
Analyse your products. Can you improve your offerings? Look at new outlets for your product and see if you can make changes to find new customers.
5. Set the right price
Set the right price. Consider your place in the market, market share, prices of competitors, your overheads, the profit margin you want. The crunch question is ‘what will the market bear?' And remember any fool can give stuff away.
6. Distribution
Think about your customers. Do they visit you? Do you need to be near them? Would you benefit from a shop-front or can you exist through online selling? What about method and cost of delivery?
7. Promotion of your product/service
Remember that any marketing activity should increase sales. Make sure you can meet the demand for your product/service. Think through cost effective approaches. Networking? Prepare carefully. Get feedback. Do not forget to follow-up. Mailshots? Telephone? Newspapers and magazines? Cold calling? Brochure /catalogue? Advertising?
8. Choose your method
Public relations (PR) - write and distribute interesting press releases. Remember to set-out the name and key details of the point of contact.
Direct Marketing (DM) - hard copy, email or telemarketing to a targeted audience can increase sales. A good database is essential, however be aware of the Data Protection Act. Visit www.dma.org.uk for details.
Advertising – this can be expensive and only works if you use an appropriate media and you have a planned campaign. Solicit help for creative ideas from a design agency or experienced friends.
Exhibitions - organised exhibitions can generate interest in your products/service. However, these can be time-consuming. It is essential that the appearance of you, your stand and any printed material is excellent. And remember that shyness does not bring results.
9. Acquire skills
If you do not have any marketing experience, be sure to use someone who does. A specialist agency can assist with not only the production of mailers, brochures and adverts but will also give advice on your marketing plan. There are a number of freelancers who would do this job at a lower fee. Talk to your local Business Link, there might be financial assistance and also visit your local library to find books and checklists. The Internet is a good source of guidance.
10. Measure the results
Many businesses fail to measure the results from their campaigns. This is an important platform for future activities. Keep a record of the enquiries that result from advertising, mailings, public relations, exhibitions and the like. Take action and contact them quickly.
About the Author
Len Collinson has been the FPB's National Chairman since 2002. He is a founder and a director of Collinson Grant Group, the firm of international management consultants, and has investments in three other companies.
