Crafting a marketing plan that works

Black Enterprise, Nov, 1994 by Joan Delaney

DEVELOPING YOUR PROSPECTS

Understanding your customer base is vital to any marketing plan. You can't improve your marketing techniques without detailed knowledge about the people who are buying your products and service. Marketing consultants can get this information faster than you can, but if your budget is tight, check out local business schools. Marketing professors sometimes are available for consulting work for a nominal fee. Since most basic market research questionnaires ask for similar information, using consultant to help design a survey your business can save you from venting the wheel.

ARE YOU GIVING THEM WHAT

THEY WANT?

Nothing will derail a company faster than poor service or unwanted product "Talk to suppliers and customers to get feedback," advises Thomas Clark, professor of management at Xavier University in Cincinnati. "If the market is chasing other products, they'll be the first to signal changes."

If there's a sudden change in the market, consider new applications for old products. "You may be able to repackage or reposition the product to appeal to a wider market," suggests Bangs. "[A product such as] Arm & Hammer baking soda started out as a cooking agent. Then it was repositioned as a refrigerator freshener. Now it's a toothpaste and a deodorant."

When updating your marketing strategy, assess what's working and what's not. "Too many people spend too much time fixing what should be killed," says Joseph Mancuso, president of the Center for Entrepreneurial Management in New York. "For instance, if your direct mail is not bringing in customers, drop it and try something else."

It took an entrepreneurship course to help travel consultant Frances Owens realize that she was going after the wrong customer. "I was handing out my business cards to the postman and the grocer instead of targeting the market I wanted, which was business travelers," says Owens of New Act Travel in Los Angeles.

Changing tactics, she focused her marketing efforts on small businesses. She checked out business journals and networked at professional organizations to get leads on companies that might use her services. Then she mailed brochures and contacted companies with fewer than 50 employees.

Owens' refocused marketing campaign helped her reach her goal. Now 50% of her, business is corporate travel. "Cold calling, networking and referrals work best. We offer the same services that large agencies do, but we're more personalized," she says.

CHECK OUT THE COMPETITION

Just as major leaque managers rely on scouting reports, business owners should know who are the other players in their field and where they are located. Constant monitoring of the competition is the best way to stay ahead of the game. But knowing who or where they are is not enough. To be effective, research should include information on your competitors, strategies, strengths and weaknesses and what they do in a pinch. "You won't be able to compete on every front, so try to match your strengths - people, product, service - against your competitors, weaknesses," advises Goetsch.