Invest In Marketing Communications Planning
When it comes to building a business in the age of the Internet, some if not most young companies will forgo developing a marketing communications plan. Instead, they will fall back to more comfortable methods such as promote the heck out of the product and hope for the best.
People now search the Internet for easy-to-read blog posts or hire someone from a different country for $5.00/hour to develop the tool that is meant to grow their company.
After listening to Barbara Corcoran’s interview with Daniel Roth from LinkedIn, I found my business partner! Barbara’s business philosophy is based on an old-fashion idea that should be new again. What Barbara also explains during the interview is a claim that she is proud of her ‘getting angry’, trait. It is a trait that she has used well in closing more sales, building the right partnerships and getting on Shark Tank!
Top tips for building a business
- Have a goal
- Know your skillset
- Bring in people that are opposite your skillset to help achieve your goal
- Have a plan but don’t be married to it
- Have traction, don’t give up.
- Don’t listen to opinion makers
Develop a marketing communications plan
- Understand Strategy Versus Tactics: A list of tactics is not a strategy. A strategy is the decision to invest in a direction. A marketing communications plan includes strategy and tactical design and the four P’s. Yes, the four P’s are still relevant!
- Marketing Mix: Look at everything as a possible tool for your business, it shouldn’t be just about your blog or trade shows. Integrated and measure.
- Target Market: You can expand to other markets. You don’t have to follow what Harvard Business School tells you! But you need to understand how businesses grow and how to enter any new market. So do your homework, which the Marketing Communications Plan will force you to do that.
- The Plan is Fluid: As someone with over 14 years in the marketing profession, I will tell you first hand that this is very true. While the marketing communications plan is critical, life does get in the way. Staff changes, product development mistakes, lousy event and even the bad weather, can have a negative impact on sales. Your business needs to be agile, it needs to be able to change quickly.
- Keep Track of Your Industry: Very important to know what is happening in your industry and why. It will help you to ask the right and tough questions.
- Do Research: Everything that you put on your Marketing Communications Plan needs to be based on facts, clear, unbiased observations, customer comments, trends and numbers.
Invest In New Sales Channels
A good marketing team will be online checking your competition daily and providing weekly reports. Your competitors’ online activity reveals quite a bit about their internal business and next tactical moves. At the same time, when your junior marketing intern asks a question on a LinkedIn Group, this to says a lot about your business as well! So, don’t give away the shop.
Social media is also a valid sales channel. In particular Facebook and Instagram. Learn all you can about these channels and build your community wisely.