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The Marketing Starter Kit
8/3/2010 2:30:18 PM
Over the years I have talked with a lot of people who have had great ideas for starting a business.  These days, it seems that many more are trying their luck at startups.  I will show due respect to anyone who can take a business from scratch and make it grow, but there is a common misconception among many who travel this path: If you have a great idea, people will knock down your door to get to it.  The key to starting a business is not a great idea, per se, but the marketing of the great idea.

Let’s get one thing straight out of the gate; marketing is not sales.  The two are commonly confused.  Marketing does not close any deals. That is the function of sales. However, the two go hand-in-hand. Marketing is the path that leads to sales. Without it, sales are not possible. In any business, but particularly in new businesses where capital investments are many times very shallow, the distance from the customer and the sale must be the shortest path possible.

That is where a marketing plan becomes very important. A good marketing plan should take into account several factors. First, is this the best time for your idea? You should have an analysis of the market and the need for your product or service. Some ideas are ahead of their time, others are behind it.  How do you know your idea has any stickiness? Measure the needs of the market against your idea. Will anyone buy it? You need to have that discussion with people who are part of the industry you are targeting. Secondly, what does the competition look like?  If you want to start an auto parts store, how many auto parts franchises are also in your area?  Is there enough work to support all of you or are you going to try to push one of the competitors out of business? A competitive analysis will tell you just what you are dealing with.

Within a mile of my office, there are three car washes. One was a do-it-yourself- five quarters for two minutes. It serves the low-end market. Two are franchise drive-through operations. They serve the higher end market of people who want a clean car, but don’t want to bother doing it themselves. They don’t mind paying $8 a wash to have someone else clean their car. Along came a fourth car wash; an independent drive-through start up that marketed a three month, all-the-washes-you-want-for-one-price deal. I could have my car washed every day for three months for less than the do-it-yourself place. It was a sweet deal. Within six months, one of the franchises had gone out of business. The market can only support three and the new independent found a way to get customers in the door quickly.

That brings me to the third part of the marketing plan. You must understand that no one will purchase from you until they know who you are and you have given them a compelling reason to do so. You must make the market aware of your business offerings, In that communication, you must be able to address three questions.

  1. Why should they be purchasing from you instead of someone else? This is where you must differentiate yourself from the competition. Do you have better service, better prices, better products, quicker turn-around time, etc.?
  2. Why should they outsource to you instead of doing it in-house? If you can set yourself apart as an expert in your field, this is a very compelling reason. Most in-house staffs are given a number of varying tasks to do. If you have your specialty, play this up. This is where the quality of your work will come into play. If your company is a business-to-consumer type of business (i.e. my car wash example), play up the convenience of your services.
  3. How will you be a benefit to them? If you do not take care of a need or a desire, you will never make a sale. Needs are the things that have to happen in order to continue to function, such as selling fuel to auto owners. Desires are more emotional purchases that bring us pleasure, like purchasing the little red sports car instead of the station wagon.
These three components need to be up front and clear in your marketing presentation. If you can make a case for these three, you are on the short path to a sale.

Keep in mind that many new businesses fail in the first year simply because they cannot get the sales to support their expenses. Marketing plans are essential for new businesses.  They should be a key component to your overall business plan. Doing a little upfront work can go a long way in making your new business a success.
 

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