Developing a marketing strategy for your business can sound like a time consuming and a complicated process and it can be unless you decide to take a minimalist approach.
This means keeping it as simple as possible by focussing on the absolute basics. In this case I'm talking about generating revenue through sales.
The basic requirement for any business is a viable market with long term growth potential. Stagnant, saturated or declining markets are not a good idea, unless you plan to revitalise them. So the starting point for any business is to assess the market potential, which is code for “How much money can this idea make?”
And the simple equation to use is this;
Average Sales Value x Number of Sales - Costs
This will give you a very high level view of the net revenue potential, which is the right starting point.
Identifying opportunity is one thing but achieving it is another. This is where strategy meets execution and to succeed you need the following;
- Messages that attract attention, arouse interest and motivate action;
- A plan to communicate your messages and engage with potential clients to create a vibrant supply of sales enquiries;
- The right sales skills to win business and develop relationships;
- A focus on customer satisfaction to win repeat business and referrals
Obviously there is detail behind each point, but if you start from this position you will have a clear view of the important things you must do to succeed.
As American military commander George S. Patton once said, "A good plan violently executed now is better than a perfect plan executed next week". And that's exactly the same in business.
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