Here at Bangula we consider ourselves to be translation experts. Zulu to English, Xhosa to Afrikaans, you name it, we translate it!
Today we’re looking into a different, but hugely important type of translation. Translating a brand into a marketable sales platform – the marketing plan.
Business owners should be constantly asking themselves two simple questions.
1) How do I translate the unique identity of my brand to sales?
2) How do I ensure these sales grow steadily and exponentially?
Many business owners worry away at question one but don’t ever get as far as question two. Unfortunately question two is where the real planning comes in. Leave it out and face disaster. We strongly believe that a lack of careful planning for future sales and steady attainable growth contributes to the alarming rate of new business failures in South Africa. According to Fin24 63% fail within the first 2 years!
To illustrate the importance of a well thought out marketing plan to the long-term success of your business, think of building a house. Without careful planning by an architect, a strong foundation and a team that sticks to the plan – well you can just imagine living in your dream house transforming into a nightmare!
You would soon realise that no amount of patching up, on site repairs and desperate plans would prevent your house collapsing in upon itself. Without strong foundations and careful planning your house, and your business are doomed to collapse.
We recommend having someone with a strong background and strategy look at helping you develop a well thought out marketing plan.
To get you started here are a few basic elements to keep in mind.
- Set well researched, attainable goals and targets.
- Set specific goals (5% growth on initial capital over the first 3 years)
- Plan for emergencies!
- Research and understand your target market. (Where to reach them, what they like and who they are)
- Plan an advertising strategy that reaches your target market.
- Budget carefully.
- Plan for slow, sustained growth rather than borrowing heavily to fund expansive marketing campaigns too early on.
- Plan to use ‘Bang for Buck’ platforms like blogs and social media channels for brands on a budget.