With so much research and development taking place in the early stages of your business, it can be easy to forget just how vital it is to create a solid marketing strategy for your product or service. Unfortunately, overlooking something as important as this means you will be selling your company short. You could also be harming your chances of receiving an investment that will see your business reach its full potential.
Recently, our Investment Director, Giovanni Finocchio joined Chris Bourne, Head of Marketing for Natural HR, one of our portfolio companies, and Javan Bramhall, Managing Director at Birmingham-based marketing agency Digital Glue, for the former’s latest SL/CED session – a bi-monthly webinar and podcast that takes the big topics in marketing and breaks them down into bite sized pieces.
SL/CED: Invested Business? Invest in Marketing digs deep, not only into why you should have a marketing plan in place to drive awareness and sales, but also into how to achieve this, with urgent and actionable top tips from the experts.
Here are some key takeaways for companies when putting together a master marketing plan:
What are the dos and don’ts when approaching us with a marketing plan?
- DO have a marketing USP for the most effective channel.
- DON’T forget about the long-term – whether or not you’ve received investment, you still need to have create goals and work towards them
- DO be specific. Focus on the top 10 customers or prospective customers.
- DON’T spread yourself too thin; work out where the initial leads are coming from and spend more money on these strategies.
- DO have data to back spending or investment plans up.
How should you articulate your marketing plan to us?
- Demonstrate to your investor that you know your marketplace inside and out – proving you understand your company’s opportunities.
- Tell us who your competitors and customers are.
- Let us know how you plan to reach these customers, through which channels.
When coming to us with a pitch, what should you consider in the context of marketing?
Think about what the investment is for and be willing to adapt your marketing, as not all of it will work.
- Be prepared to fail; what works for one company may not work for another.
- An investor may not expect a fully-formed marketing plan at the start, but ensure you have this ready.
The latest edition of SL/CED also covers:
- What should be included in your marketing plan.
- What should be considered for your ‘go-to market’ plan.
- Your long-term considerations.
- The risks of not having an efficient marketing plan.
- Top tips for companies who have recently received investment.
Download SL/CED: Invested Business? Invest in Marketing now as a webinar or podcast, here