Update July 2016
When it comes to building a business in the age of the Internet, some if not most young companies will forgo developing a marketing communications plan. Instead, they will fall back to more comfortable methods such as promote the heck out of the product and hope for the best.
People now search the Internet for easy-to-read blog posts or hire someone from a different country for $5.00/hour to develop the tool that is meant to grow their company.
After listening to her interview with Daniel Roth from LinkedIn, Barbara’s business philosophy is based on an old-fashion idea that should be new again. What Barbara also lays claim to is that she is proud of her ‘getting angry’, it is a trait that she has used well in closing more sales, building the right partnerships and getting on Shark Tank!
And, that’s why I am a new fan of Barbara Corcoran. Here are her top tips for building a business.
- Have a goal
- Know your skill set
- Bring in people that are opposite your skill set to help achieve your goal
- Have a plan but don’t be married to it
- Have traction, don’t give up.
- Don’t listen to opinion makers
How to Develop a Marketing Communications Plan Based on BARBARA CORCORAN’s Business Philosophy
- Bring In The Experts: Creating a marketing communications plan should not be left to people who will charge you dollar store rates. A marketing communications plan includes strategy and tactical design, which needs to be kept a secret!
- Trust Your Gut: This is where your gut is telling you that product or service you’ve been thinking about will work. Basically, it is okay to go against the market.
- Marketing Mix: Look at everything as a possible tool for your business, it shouldn’t be just social media or only direct selling.
- Target Market: You can expand to other markets. You don’t have to follow what Harvard Business School tells you! But you need to understand how businesses grow and how to enter any new market. So do your homework, which the Marketing Communications Plan will force you to do that.
- Create The Marketing Communications Plan But Don’t Be Married To It: As someone with over 14 years in the marketing profession, I will tell you first hand that this is very true. While the marketing plan is critical, life does get in the way. Staff changes, product development mistakes, lousy event and even the bad weather, can have a negative impact on sales. Your business needs to be agile, it needs to be able to change quickly.
- Keep Track of Your Industry: Very important to know what is happening in your industry and why. It will help you to ask the right and tough questions.
- Do Research: Everything that you put on your Marketing Communications Plan needs to be based on facts, clear, unbiased observations, customer comments, trends and numbers.
- Be careful of what you put social media, the competition is watching: A good marketing team will be online checking your competition daily and providing weekly reports. Your competitors’ online activity reveals quite a bit about their internal business and next tactical moves. At the same time, when your junior marketing intern asks a question on a LinkedIn Group, this too says a lot about your business as well! So, don’t give away the shop. Bring in a marketing communications expert – for goodness sake!