You will need a marketing plan to help you to: - identify potential customers;
- decide which customers to target;
- plan for retaining them.
A common approach is to work out an appropriate marketing mix based on the five ‘P’s of marketing: - Product: making it attractive to customers: design, technology, or materials used;
- Place: how and where to sell: retail, wholesale, the internet, business-to-business, or business-to-consumer;
- Promotion: reaching your customers: advertising, PR, mailings, or personal selling;
- Price: e.g., sell high numbers of units with low margins or sell low numbers of units with high margins, matching the competition;
- People: training your staff and/or analysing your customers.
Know your customerWho are your customers, in terms of age, location and income? A gut feeling that there is a niche for your product will not convince lenders and business advisers. You should be able to give an overview of the competition and potential product demand. Useful formal statistics include: - government data;
- electoral rolls;
- consumer surveys, sector reports (e.g., Mintel);
- information held by trade and professional bodies.
The Data Protection Act and commercial considerations require that you may have to pay to access this. Try local or specialist libraries for access to subscription-only websites. Carry out your own investigations by: - desk research;
- visiting potential stakeholders;
- visiting competitors and collating trade literature;
- observing similar businesses;
- visiting and/or surveying potential customers;
- visiting trade association websites.
A list of websites valuable for market research and statistics is available from RBA Information Services - statistics. Use this as a basis for your: - sales forecast: how much you can expect to sell, where and at what price;
- marketing plan: how will you develop your activities at set stages in the foreseeable future?
back to top Promoting your businessConcentrate on the basics. Business cards and matching headed paper are cheap and can do a lot to establish a professional image in any context. Some suggestions for networking: - exhibitions, trade events and conferences: take a stand or just mingle with potential clients;
- structured opportunities provided by Chambers of Commerce, Business Network International, professional associations and institutes;
- Business Link to help you locate certain types of business or business people.
Some organisations offer marketing strategy mentoring, which may cover factors such as pricing, branding and media mix. Go to Business Link for links to online marketing courses. back to top Advertising your productBlowing your entire budget on advertising may not produce the biggest return. Think carefully about which publications or websites to use. Find out about their coverage, circulation and target audience. Do they reach your intended customers? A mix of media can be particularly effective, e.g., radio and the Yellow Pages. Cheaper methods include: - leafleting (door to door, high street);
- sending out press releases or arranging free ‘advertorial’ features in the press;
- asking professional bodies to place your details on their websites;
- an easy-to-navigate website.
The best advertisement is you. If you deliver good products, excellent service and original ideas, word will get about and you’ll hear from new clients. back to top Tendering for contractsYou may be asked to bid for work and contracts against competing suppliers. Business Link provides comprehensive guides. back to top E-commerceIf you intend to trade via the internet, take professional and legal advice to ensure you meet acceptable and required standards. Issues to cover include: - computer capacity - a website that constantly crashes will lose customers;
- data protection/security for customers and yourself;
- branding, domain name and a user friendly site that is easily accessed by search engines;
- reliable systems for online payment;
- compliance with legal requirements such as the Supply of Goods and Services Act.
Business Link can point you to e-marketplaces that match up manufacturers, distributors and others in the chain. The Office of Fair Trading provides excellent advice and tips on how to keep your customers happy. Whichever way you decide to market or sell your products or services, make sure you stay within the law.
| 
