When you start a new business or new product there’s a lot to consider. Not only must you have a good product and story to go with it, you must build credible and persistent processes to maintain it and keep out your competitors.
In the early stages process are intense and costly. As you seek out early adopters to invest in your products to being them to market the first sales will cost more. You invest not only in product and capability but also in promotion. But the secret of success is to reach the breakeven point quickly.
At some point in your plan you must see the critical mass needed to reach sustainable levels of profitability and where you stop investing more money. You will also want to see sales able to come in more freely as word of mouth and repeat buying habits replaced your high cost of marketing and promotional effort.
Getting customers and keeping requires you earn the right with a good reputation with and be known to delver sustainable value with reliable service. And once you are established you must keep and ever more vigilant stay ahead in the game as competitors try leveraging and copying your work.
As you make outlay on skills, systems, machines and a team it is it is like making a garden of food. Planting the seeds and making them grow to mature is only part of the investment. A great deal more effort is also required to get the product to market. That needs good processes for placement to sell and deliver new and repeat business that works for your customers.
Then as they learn about you and of your value and how to buy from you, your aim is to then have then impressed to want to form habits and continue to come back.
Here are some of marketing plan elements most experts say you need to consider to make all that happen:
- Word spreads where your success and reputation reach other prospects.
- Repeatable process occurs where your work for one can be used to help another.
- Budgets exists where there is more than one player with money and a need to solve a problem.
- Barriers exist so it is hard for copycats to steal a share share of your business & to lower prices.
- Prices rise as reputation increases and so you can charge more, not less.
In a services and many small business a large percentage don’t measure up. Banks also worry about these aspects when they get business plans that ask them for funding.
Have a think about how you business plan looks. If it meets these criteria you are on a winner. But if it is not working as you would like or you have some doubts, get some advice to help you understand how make it happen.