Is your business on the path to failure?
Three reasons businesses fail:
- Inadequate Marketing & Business Systems
- Problems with staff due to a lack of People Systems
- Acting tactically without a Marketing & Business Plan
According to MarketingSherpa, the lack of an adequate marketing system, combined with a business attempting to operate without a marketing plan, are two of the top reasons that businesses fail.
Like a Ship without a Rudder: More Than Half of Businesses Operate without a Marketing Plan
As the old adage goes, if you fail to plan, you plan to fail. No where is this more true than in business. To succeed in a highly competitive industry such as yours, you must have a solid marketing strategy that forms the foundation of your marketing plan.
Checklist:
- Develop Marketing Strategy
- Write Marketing Plan
Luftig Warren professionals will first get to know the "inside reality" of your business. To develop your marketing strategy, we will:
- Define what your company is
- Identify the products or services that your company provides
- Identify your target buyers/end users
- Establish the marketing category (e.g., fast food purveyor, high-end audio equipment sales, etc.)
- Determine whether your company will be a market category leader, follower, challenger, or niche player
- Describe your company's USP (Unique Selling Proposition); that's is, what unique characteristics of your products or services distinguish them from the competition.
- Define whether your pricing will be above, below, or at parity with your competitors and establish whether you will lead, follow, or ignore changes in competitors' pricing
- Identify the distribution channels through which your products/services will be made available to the target market/end users
- Describe how advertising and promotions will convey the unique characteristics of your products or services
- Describe any research and development activities or market research plans that are unique to your business
- Describe the image or personality of your company and its products or services
From these pieces of information, and working in conjunction with your leadership team, Luftig Warren will create and publish a marketing strategy for your company. With your company's marketing strategy in hand, Luftig Warren will then go to the next step: creating a written marketing plan that will define all of these features:
- Market Research - Collect, organize, and compile data about the market that is currently buying the product(s) or service(s) you will sell.
- Determine your Target Market
- Describe your Product and how it relates to the Current Market
- Identify your competition and determine their Strengths and Weaknesses
- Develop your Unique Selling Proposition (USP)
- Create a Mission Statement that includes your Key Market, Product Line, and USP
- Marketing Strategies - Develop key marketing strategies that best fit your business
- Marketing Goals - Establish quantifiable marketing goals
- Monitor Results of Marketing Plan - Identify the strategies that are working and adjust to favor successful strategies
Learn the 15 Steps to Effective Marketing
Download your copy of our FREE guide today!
Recent Articles
2 Key Components To Increasing Your Sales (pdf)
Lead generation and sales systems
3 Biggest Problems With Marketing Today (pdf)
Things to avoid
4 Fast Ways To Grow Your Business (pdf)
That anyone can use!
How To Choose A Web Designer (pdf)
8 Critical characteristics to look for
How To Get Prospects To Call You (pdf)
Great tips
