Marketing and a Business Plan - Classics

3. May 2010 by Frank Goad.

There’s a lot of talk about how not following the latest marketing, branding or advertising trend means you’re destined for the trash heap. People are saying that Facebook, Twitter, LinkedIn and all the other new/social media out there are the only places you should be advertising. Being told this over and over is distressing. With all the platforms (soap boxes) to shout from these days, there’s a new guru and a new must-do technique on your doorstep every day. Some of these folks are right on target, and some aren’t.

I’m kind of old school and believe that there are tried and true techniques that technology will not change. People are people and we pretty much have the same motivators that we always have. Nothing substitutes for sound business practices no matter what the latest technology and current trend is. So, before you jump on the the next band wagon, think about these first:

1. Go back to your business plan – are your daily operations in line with it? That document is the foundation of any business. Do you have a thoughtful, well-considered mission plan? Do your employees know and understand these? Case studies abound outlining how a failure to follow a company’s own core directives led many to serious trouble. Everyone in an organization needs to embrace these documents. On the other hand, are you doing well because the market changed you? If so, maybe it’s time to update it to align with what’s working now. Here are Tom Peter’s five favorite questions that business owners and managers need to ask. These can help you evaluate your business plan and mission statement:

• What is our mission?
• Who is our Customer?
• What does the Customer value?
• What are our results?
• What is our plan?

2. Remember that when someone is telling you how great a certain thing is, they likely have a personal incentive. Some folks have a truly great idea, product or service; others are just selling snake oil. If your gut says it seems wrong, listen, but do your research and talk to folks you trust. Our gut reactions are important and should be listened to, but they’re not always right either. Yes, include me in this - advice should be patiently considered to see if it aligns with your operations.

3. Do your own research because no one knows everything. Some of my favorite books are “Made to Stick” by Chip and Dan Heath and just about anything by Seth Godin. Tom Peters has been dismissed by some as being out of step, but he’s still a genius; the same goes for Peter Drucker. The American Marketing Association has a wealth of ideas on their website. Go, read, learn!

4. Remember that there is no silver bullet, magic potion or marketing amulet that will make customers magically appear. A thoughtful, balanced approach that spells out what you’ll do for the year is important. Advertising requires - repeat, requires consistency. Your marketing plan needs at least six months to be effective.

5. Track your marketing and advertising, otherwise you won’t know what’s working. It can be as simple asking customers how they heard of you. Coupons and special offers are good, trackable ways. Let’s say you put a coupon on your website, run a print ad and also have a radio promotion. The web coupon has a code of wb01; print’s is prt01 and the radio’s could be, “Just mention that you saw this ad to get 10% off your order” Make sure your employees track this, too. Once you and your employees get in the habit, it’s no extra effort at all.

6. Take your advertising and marketing’s pulse on a regular basis. Ask your salespeople what they’re hearing about your company, your competitors, the market in general. They’re an excellent source of intelligence. Likewise for delivery drivers, receptionists and all employees who talk regularly with the public. Train them to get feedback and info and give them questions to ask.

7. Do your own market research or get professional help. Surveys and questionnaires are awesome feedback mechanisms. For instance, collect email addresses from your customers, send them a simple survey that will take less than three minutes to complete and let them know that, upon completion and return to you, they will get some special offer. Or, call The Matrix Group in Lexington, one of the finest research companies around. They will get you info that covers all the market, not just your customers and uncover insights that a typically polite customer won’t say to you.

The basics don’t change even if the technology to do them does. Build on this foundation and watch your business and profits grow. Remember: Advertising and Marketing are investments, not expenses.

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