Before you write a small business marketing plan there are three things you need to know and understand: your small business, your market, and your competition. When you have the information you need about all three things, the details of your business plan will easily fall into place. Alternatively, if you neglect to do the research on these three things, you will be confused about how to create a realistic small business marketing plan.
Your Small Business
Here is a series of questions to ask and answer to pull together the information you need about your company.
• What are the figures in my company’s financial reports since the time I’ve been in business? You must take a look at operating budgets, profit and loss statements, sales figures by product and by region, and current and past reports for the time you’ve been in business.
• What products or services am I currently selling to my target market? Make a list of all the goods and services you are selling to your customers. This should include cross-sells, upsells, and even affiliate products.
• What does my business network look like right now? Make a list of staff members, suppliers, clients, and so on.
• What is my current understanding of my small business and its role in the marketplace? Identify what you need to learn to improve your knowledge and skill sets.
• What do other people think about my business? Ask your staff and sales people, ask your business colleagues and mentors, ask your customers. Other people’s perspective will help you see your business from a different angle.
Your Market
The first series of questions helped you to get clear about your business structure and purpose. The following questions will help you get an understanding about the business environment you participate in. Avoid guessing and do research to fill in any gaps in your knowledge.
• What types of products or services are provided in this marketing space?
• What is the dollar size of my market?
• How are sales distributed in my market?
• What geographic area does my market cover?
• What are consumers like in this market? Describe demographics and income distribution.
• Who are the players in this market? Describe competitors and influencers.
• What is the history of this market? This will help you to identify trends.
Your Competition
Here are some questions to ask to see where your business stands in the marketplace in comparison to your competitors.
• Who are my main competitors?
• In what ways are we similar?
• In what ways are we different?
• Is there an underestimated threat here?
• Is there an overlooked opportunity here?
Summary
Knowing and understanding your business, your market, and your competition will give you many insights on how to write your small business marketing plan.
