MARKETING PLAN IS VITAL
It is always curious to me that people who own small businesses seldom have a business marketing plan. The core of any business plan is a sales projection, otherwise known as ”income projections.” Without a marketing plan that allows for alternatives if existing strategies do not work, one’s fate is determined by factors that are out of his control, e.g. inflation, interest, seasonality, etc. Thus his business is out of his control. You’ve got to have sales. Financial institutions are very interested in marketing strategies because such strategies secure your ability to repay a loan. There is another axiom that applies: ”If you fail to plan, you plan to fail!”
Professional business managers spend up to 30% of their time planning and monitoring their plans because it keeps them goal oriented and directed. The sorry fact is that most people spend more time planning a party than planning their business. I was called by a California manufacturer a few years ago who told me, ’We have spent 5 years and $600,000 developing our wonderful product, and now we want the best marketing that we can get.” I quoted them a cost of $3,000 (for $6,000 worth of marketing assistance and materials- I needed the sale) and they gagged! It represented only ½ of 1%! I have yet to see their product on the market... There is an axiom: ”If you build a better mousetrap, the world will beat a path to your door.” Baloney- the only people who will inspire anyone to beat a path are the ones who know how to market! He who controls his distribution controls his future. Don’t give away control of your distribution unnecessarily. Learn how to market! It is a common occurrence to see business owners spend $800-$1,500 to go to a trade show or for a computer to keep close tabs on profitability, and not spend anything on sales training, marketing assistance (don’t confuse advertising agencies with marketing!) or business management training or consulting.
Marketing is necessary for success, not an option.
Marketing Table of Contents
