DIVERSIFICATION CAN OFTEN REQUIRE WEARING MANY DIFFERENT HATS
Certainly in the earlier stages and often ones that you’ve never worn before.
If you’re not careful, inexperience in some areas can not only jeopardise your exciting new venture but can also risk giving your core business the full attention that it needs.
Planning your consumer marketing activity can often be one component that gets overlooked, even when arguably it’s the most important focus for any business - especially when going down the potentially bumpy road of diversification that is getting more competitive.
Even deciding what the business goals are is often not easy on your own, let alone establishing a detailed strategic marketing plan when you’re looking after the day to day. It’s therefore important to accept that you need to set aside enough time to do this effectively if you’re going to succeed. Let’s face it, you’re probably going to be investing large sums of money in your new venture, let alone many stressful hours, so it’s therefore vital that you start with a solid plan.
When it comes to formulating a plan, very often these might cover off a detailed schedule of funding and logistics involving mountains of research. This type of business plan might take you to that position whereby you can stand back and admire your golf course, your holiday park filled with shepherd huts or your trout lake in all its glory. But let’s make sure you’ve not forgotten that vital bit of work on how you’re going to reach people and persuade them to come along and part with their hard-earned cash. This is your integrated marketing plan which stems from a well thought out brand strategy.
We will all have heard of the expression ‘fail to plan... plan to fail’. Without a well-executed marketing plan, failure could easily be on the cards.
A common mistake is to think that a brand is a logo and marketing is a website and if you have both these things then what on earth could possibly go wrong. The truth is that without a well thought out strategy for your new brand and how you’re going to get it to market, the chances are that ambitions will not be met and targets will be missed.
This might all sound like doom and gloom but it doesn’t need to be. As a business person you will be well-versed in the creation of a business plan, you just need to either develop new skills and awareness of the process required to establish your marketing plan, or appoint a third party to do it with you.
While a designer can create a website for you along with a corporate identity, it’s important not to rush into these areas before you establish for certain how you want your new business to be perceived. You will need to conclude what it is that is both true and irresistible about your offering and how to communicate this story to the right people in a way they want to receive it.
Once this has been achieved, it will be easier to explore different promotional tactics, including your website, because you will be clearer about your new brand’s personality and point of difference. You will have established something that is distinctive and also defined what makes your brand more desirable to your customers than your competitors. As such, you will be in a stronger position to influence their perception and behaviour. Your brand will start to build a relationship with your customers because they will quickly get to know and resonate with it.
Getting this right from the start is critical so don’t risk putting this off – it’s better to make a lasting first impression to your potential customers for one thing, and there is a danger that you will feel less inclined to invest in a marketing plan when you’re losing that initial motivation and excitement you have now further down the line.
If you feel you might want to formulate your own marketing, then come and see our seminar where we will be sharing our unique process or see us on stand 3290.