The Maroondah Business Association, is the new name of Maroondah Homebiz, which has shifted from being specifically focused on home-based businesses to one that can assist any size business as it grows and develops.
The Association holds monthly meetings with guest speakers discussing topics relevant to the business community. This evening I attended the March meeting of the Maroondah Business Association, where the speaker discussed marketing and the importance of having clearly set objectives for a business.
There are 1.65 million small businesses within Australia and 68% of them are home based. Unfortunately less than 10% survive more than five years, highlighting the importance of ongoing marketing and sound planning.
The speaker highlighted five key principles in running a successful business:
- Know where you are
- Know where you are going
- Decide your income
- Tell the world
- Manage for success
Underpinning these principles is the need for policies, systems and processes to ensure a responsive business that can remain relevant and profitable. In particular, there is a need for strong and complementary marketing to ensure that communications reflect the nature of the business and the product or service that is being offered.
Inconsistent marketing can confuse consumers and tarnish the reputation of a business. It is imperative that all forms of marketing, such as websites, brochures, advertisements, product placements, are consistent to create a positive experience for the consumer.
A marketing plan assists in ensuring consistency between these forms of communication and helps a business identify its objectives and actions to achieve them. A comprehensive marketing plan will assess the current environment, the nature of competition, the organisation’s capacities and the marketing mix that contributes to the products and services offered by a business.
A marketing plan is a component of an overarching business plan that considers the composition of the business, as well as its operations and finances. While each of these plans have a different focus they should be complementary in achieving the identified aims of a business.