How To Start Marketing Correctly And Avoid Failure------------------------- (c) 2004 Charles Kangethe -------------------------
A Problem For Marketers -----------------------
Very often new marketers lack a solid success plan.
Many start with high hopes and great expectations, but in "failing to plan, they plan to fail".
Here is how to start correctly...
Step # 1 - Planning -------------------
Your first task is a modified SWOT analysis.
* Strengths - Note your personal strengths in terms of skills, knowledge, experience, and personality. How can you use your strengths to give your business a competitive avantage ? Be realistic and objective.
* Weaknesses - What are your weaknesses ? What personal and business skills do you need to improve on ? How will you remedy these ?
* Opportunities - What business opportunities will you exploit ? For instance are you interested in selling digital or "real" products ? Are you going to work largely alone or are joint ventures your forte ? * Threats - What issues do you forsee ? Identify
competition, consider your cash flow, think about targeted traffic and search engine ranking etc. How will you cope with each issue ?
Your next task is to create a business plan consisting of :
* Financial Plan - Here you write up your borrowing requirements, your own capital stake in business, and general business budgets.
* Marketing Plan - Detail your marketing and advertising strategies. Set budgets for these key activities.
* Sales - Estimate sales levels and timescales when you anticipate sales.
For more details on constructing a business plan consult
* An accountant
* Your bank
* Your local small business advisory service or
* Use Internet resources such as :
The small business administration for US businesses http://www.sba.gov/starting_business/planning/basic.html Business Plan for UK businesses http://www.businessplanning-4- you.com/businessinfo/business_plan_uk_.html
International business can start at http://www.bplans.com
Above all, your business plan must be realistic in sales estimates and it must not under estimate your time and money costs.
Step # 2 - Research and Find A Niche ------------------------------------
If planning is "road map", research shows "destination".
Research and planning are simultaneous, parallel activities. One is incomplete without other.
* Product Centric Research :
Based on your SWOT analysis, define business, products or services you want to focus on.
For instance if you have a strong interest and experience in a sport, or breeding of a type of pet, you may choose to cater for others with similar interests.
Being easier, most new marketers use a Product Centric approach to define their business interests.
* Market Centric Research :
This is difficult, but more likely to succeed, approach.
It focuses on identifying clear market needs and then finding very specific products to satisfy those needs.
This approach is based on market research techniques such as interviewing people about their needs and then finding out how best you can satisfy those needs.
With this approach you know your business will succeed before you commit money !
Your aims in finding your niche are to :
* Identify a "hungry" market
* Find out exact nature of "hunger"
* Determine how best to satisfy "hunger"
Step #3 - Create a Feature Rich, Content Site ---------------------------------------------
Most people will not buy from you at their first visit, even if they have previously expressed an interest.
Visitors must learn to trust you, before they will buy from you.
It takes time and communication to build trust.
A content rich website is an invaluable tool for building trust.
Building and marketing such a site achieves two goals :
* Depending on your advertising strategy, it attracts targeted traffic, and builds good double-opt in mailing lists.
