Posts Tagged ‘business development’

Marketing Plan Check-up For New Product or Service

posted by Frank Buddenbrock 10:29 PM
Wednesday, January 31, 2018

The marketing plan you’re developing for a new product or service should be designed to achieve certain objectives. Your plan’s success will depend on determining if those objectives are indeed the “correct” ones, and if the plan is properly implemented. By answering the following questions, you will ensure that your marketing plan is moving in the right direction. Download your printable version of this worksheet.

1. Who are you trying to reach? Can you succinctly describe your ideal buyer? This helps tremendously when formulating your offer. How have you determined that this is the correct target?

EXAMPLE IDEAL BUYER: Angelica- a 28-year-old single Caucasian woman. College graduate. Loves to travel and frequently eats out at posh restaurants with her girl friends. Drives a 5-year-old Japanese SUV. Loves the outdoors. Owns a labradoodle. Is not planning on getting married. Is a work-a-holic. Owns a Samsung smart phone. Eschews social media. Is an Amazon Prime member.

2. Where can you reach your most likely prospects? Are they Online/offline? The description of the idea buyer above will help you decide the most likely places to reach her.

3. When is your message most likely to be well-received? Choose your timing carefully. Selling skis in August, or picnic baskets in January may not be the best-timed events. Make sure your promotion isn’t overshadowed by another anticipated event. Think Super Bowl.

4. Have you determined how many prospects you have to reach to make this viable? How did you arrive at that number? If you can’t economically reach your prospect, you may have to re-think your plan. Don’t spend so little that you remain “invisible.”

5. How frequently will you present your offer to your market? Does your budget take multiple touches into account? A new product/service will need lots of help to just get on your market’s radar. Will this campaign’s budget survive the long haul?

6. What can you do to make your message/promotion stand out from the noise and clutter? Can you select the most effective media that will enhance your message?

7. Think Different. Have you looked at this from multiple angles? Have you had other members of your team analyze your plan? Do you need to consider alternative approaches?

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As business owners, we are intimately involved in the day-to-day machinations of our businesses, those things that make the business go. This makes perfect sense.

You may be a fantastic accountant, lawyer, plumber (fill-in-the-blank) who spends their day accounting, plumbing and lawyering, but if you (or someone you delegate) don’t make the time to grow your business, it will wither and die. To be sure, things change EVERY day. You may be working at capacity today, but you can be sure that will change. Without a plan to continue to grow your business, you may be caught off-guard with dire consequences.

I’ve put together a checklist of 10 ideas to help you grow your business. It it not an exhaustive list but it hits some major areas I believe need to be addressed if you plan to continue with your business.

Please download a pdf copy of this list and print it out. Keep a copy of it visible in your office to remind how important business development is to the longevity of your business.

1. Ensure that you do some Business Development EVERY DAY. Make NO excuses, NO exceptions- EVER!

2. Develop the mindset that Business Development is as important as any fee-earning or income-earning work or activity.
3. Create a plan. Determine what you want your future business to look like- and WHY. Do you want to dominate the field? The goal is to KNOW where you want to go, and then make a plan to get there.

4. Business Development is hard work. Explore techniques/methodologies that will help you keep your momentum. Consider working with an accountability partner- a friend or buddy to whom you communicate your progress.

5. Make more phone calls. Talk with clients- be sure to LISTEN. Email and text less.

6. Ensure that your communication with clients adds value and are not simply chasing business.

7. Work diligently to delight clients at every point of contact- never give them a reason to look elsewhere.

8. When cold calling, never be pushy or come across as desperate- believe in the value you bring to the relationship. Remain relaxed, calm, and be the expert.

9. Make sure that new customers/clients can find you. Much of future business is going to be found online. If you’re not there, that new business is going to find it elsewhere.

10. Your ultimate goal should be to build a business that can run without you. Learn to train and delegate. You DON’T really have to do it all. If you can’t take time off without fear that your business will fail, you own a job, not a business.

Download a pdf copy of my 10 Business Development Ideas checklist, print it out and keep a copy of it visible in your office.

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