Marketing Planning

Successful Entrepreneurs realize marketing is the most important activity in their business, and no matter what business they think they’re running, it is fundamentally a marketing business.

For that reason the most successful Entrepreneurs spend more time and energy on planning and executing their marketing than anything else.

Sales Training
No one makes any money until someone sells something. Left to their own devices, prospects simply won’t buy.

Successful Entrepreneurs understand this and also understand effective sales is a learnable skill – so they’ll invest substantial amounts of time and money to ensure they and their team are exceptional at sales.

Product Development
Your business’s biggest asset is the list of past and present customers and clients. But if you’re not selling to them, you’re leaving a lot of money on the table.

So your duty to yourself and those loyal buyers you serve is to discover what their problems are, what they need and are not getting… and then create the products and services to fulfil those needs and offer them for sale through relentless marketing.

Pricing Strategies
Smart Entrepreneurs sell to the top end of their market. As we saw elsewhere, it’s easier to sell one N100,000 Rolls Royce than a hundred N1,000 used cars.

Ordinary business owners chase sales; successful Entrepreneurs follow the money.

Print Advertising
Print advertising can be incredibly effective and profitable for Entrepreneurs… but usually it simply doesn’t work.


Because there’s a right way and a wrong way to write an ad. The right way is to follow the AIDA formula and to drive people to take a specific action, which is increasingly nowadays to visit a website where they give you their details in exchange for something of value to them. And now you do have their details, you can begin marketing to them, relentlessly.

Seems too simple – but some very successful businesses have been grown using this very simple model.

Right now is a great time to become excellent at print advertising because the recession means prices for media are rock bottom. Couple that with the knowledge of how to write effective ads, and you have a winning combination.

Direct Mail
Direct mail is effective, powerful and cheap – if you do it the right way.

Most business owners get it wrong because they fail to follow the fundamental rule: the right message in front of the right person at the right time.

The place to start is always with your existing customers and clients. A simple offer once a week by postcard, letter and newsletter is a fantastic foundation to a solid direct mail marketing system that can sustain your business in the toughest times.

Online Marketing
The Internet is the most powerful marketing medium ever to hit the planet.

Never before has even the smallest high-street business had virtually free and unlimited access to marketing media that can reach literally billions of people in every corner, nook and cranny of the globe.

Successful Entrepreneurs are now, without exception, using the Internet marketing phenomenon to its greatest advantage.

Social Media
Social media is the great untapped goldmine for many businesses… but it’s also a vast black hole which can suck all the time out of your day if you don’t handle it properly.

Successful Entrepreneurs are becoming excellent at social media marketing, studying it as a proper discipline and a marketing exercise, NOT as a place to hang out and chew the fat.

Most Entrepreneurs will recruit a person for a position; but this is a mistake. The real answer is to recruit for a role.

What’s more, the successful Entrepreneur understands the role should be filled by someone who merits the position. It’s not about personality, or liking… it’s about effectiveness and efficiency.

They live by the maxim “fire fast; hire slow”.

Cost Reductions
Most Entrepreneurs don’t realise that the easiest way to add to their bottom line is by cutting costs on the front end.

Consider: if you work on a 35% margin, to add 35k to your bottom line, you’ve got to sell N135k of products or services, which necessarily means investing N100k in the cost of sale and provision, plus your time and energy.

But you can achieve the same result – with far less effort – by simply shaving N35k off your costs.

In Conclusion
The successful business owner allocates times to all these tasks simultaneously and will often have a 5 – 10 year plan in place.

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