The Vault
by Graham Barber

Just as every small business should have a business plan, a good sales and marketing strategy is essential to creating awareness of your service or product in the marketplace. A good marketing plan will keep your company focused and identify ways to attract and satisfy customers.

"It's best to start with the basics. Always keep in mind the four P's of marketing; position, price, promotion and product." Advises Diane Giard, Vice- President, Small Business at Scotiabank. "This will give you an overall look at the advantages and opportunities of your business."

Position

In positioning your company, consider what sets your business apart from similar businesses and how you want to be perceived. Consider how you would like customers to think about your business - quality, price or service? What makes your business different from other similar businesses? What is your overall value proposition?

Price How much will you charge? The price you charge for a product or service can determine who your customers are, how much business you will do, and the amount you make from each sale.

Promotion

Consider various ways to promote your business: advertise, start with a website, become known as a expert in your business field, mail newsletters/promotional material to customers and potential customers - and of course, word of mouth.

Product

What sets your product or service apart from competitors? Is it the best quality product or service available? Will customers pay a premium? Is it accessible and easy to use? Use you unique benefits as leverage points when marketing your small business.

As a small business owner you will likely have to do the marketing and promotion yourself, and that means you will be consciously promoting your business at all times. "There are a number of excellent ways for small businesses to promote or sell them without spending a lot of money," says Giard. "When you are reviewing your four P's, remember to look at everything from your customer's point of view and emphasize what's in it for them."

How do your promote your business on a very thin budget? Here are some helpful tips;

- Use every outgoing piece of paper and electronic document as business promotion

- Write articles in local newspapers on articles related to your business

- Promote your business through leisure activities

- Join an association and local community group and ensure people you come in contact with know what you do for a living

- Use your car or van to promote you business

The proceeding information was provided by Graham Barber, Branch Manager of Scotiabank, Alcona Branch. The Scotiabank, Alcona Branch, is located at 1161 Innisfil Beach Road, (705) 431- 6116. The Vault is a weekly series of articles provided by Graham Barber with financial advice and suggestions.