Thursday 3 January 2013
Small and medium-sized business (SMB) leaders need to ensure they formulate an effective marketing plan, it has been claimed.
Writing for Entrepreneur.com, Marsha Friedman said an advertising strategy is "one of the most critical elements" of the overall business plan.
"Too often, people don't think through that all-important component with the same rigor they tackle aspects like projected cash flow and long-term goals," she stated.
Another common problem is that people put thought and effort into planning for market research, promotion and positioning, but fail to follow through on their great ideas, Ms Friedman said.
She noted that one problem commonly cited by business leaders is a lack of marketing experience.
"Some don't realise that executing a solid marketing strategy is essential to any venture's success. Others know it's important but don't know where to begin," the expert claimed.
Ms Friedman said the marketing component of any business plan should include a budget for time and money.
Firms need a timetable and a professional website that attracts visitors and makes it easy for them to learn more about their company, product or service.
This should also make it easy for them to buy what the company is selling, she added.
Posted by Jenny Arthur