Wednesday, August 16, 2017

Strategic Marketing Plan- An Ally Of The Successful Entrepreneur

7:05:00 AM

Mr. Daniel Adjei, an integrated marketing communications practitioner has said entrepreneurs must have their communications plan ready at the formation of their business if they have to be successful in their first year of initiation.

He said this when speaking at the 2017 Entrepreneurship and career fair at the Church of Pentecost, Ashalley Botwe English Assembly on the theme Being Competitive in todays Entrepreneurial world.

The marketing practitioner exclaimed that the latest report of Bloomberg suggesting 80 per cent of businesses fail in their first 18 months is alarming and it was about time new enterprises sought expert advice on how to effectively reach their audience.   

Mr. Adjei lamented why many businesses commence without putting adequate marketing plans in place. He noted that Day in day out we have many businesses springing up. Yet the most intriguing part is that majority of these start-ups begin operations without a well concept through marketing plan. The best product if not communicated remains untapped and provides no solution at all.

The very few who would acknowledge the need for marketing also see every marketing expenditure as cost other than the end result, a situation he expressed as an unwarranted setback hindering the growth and full potential of local enterprises.

Using the washing bay business as a case, he explained the vehicle washing business reflects a perfect competitive business that requires some level of innovation if a business has to survive in there.

The knowledge of the consumer in this type of business is fair, as a result one needs to sell more to make a pronounced profit margin. Being comparative in business is becoming customary for the competition. We must strive to be different as it is one surest way of offering added on value to the dynamic customer.

If you are not communicating then there was no need producing. It is like the parable in the bible where one out of 10 brides had extra oil. If your strategy is the same as the others, then you surely need the extra oil to get you to reach your target at the end of the day.

You need to be different! You have to be competitive. We need to gather adequate market insight before embarking on any venture. The taste and preference of the consumer is critical and must be taken into consideration He advised.

The only reason one brand does things differently from the competition and outcompetes the rest is the knowledge of the consumer they have which perhaps the others never idea of knowing. In the end, before you step onto the market, ensure you have tested your product, take feedback and restrategise if necessary.

Mr. Daniel Adjeis experience in integrated marketing communications spans across industries both with and outside Ghana. He has consulted with almost every giant market leader in Ghana including Barry Callebaut.

By Ghana Leaks Blog

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