Build Your Business Model Before Your Marketing Plan

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The most common questions I hear from small and mid-sized business owners deal with marketing and business development.  Many times they have gone about their previous efforts in the typical entrepreneurial manner of “ready, fire, aim.”  The message of your marketing needs to be well structured and specifically targeted.  The path to laser-focused marketing begins with a business model.

A business model is simply how you deliver value to your customers.  A great template is that of Osterwalder and Pigneur, which captures nine distinct areas of a business.  The starting point in creating a model is your value proposition.  What is it that you provide/sell that is valuable for your customers?  Next in importance is your customer segments.  Who are your customers, can you describe their attributes, how does the value proposition relate to them?  The rest of the areas of the business model deal with creating and delivering the value and analyzing revenue/costs, but the crux of the model are these first two areas.

If you can coherently and accurately describe the value proposition and your targeted customer segments, you are far down the path of creating an effective marketing campaign and switching the phrase back to “ready, aim, fire.”

Michael Nelson

“The Cogent Coach”

Small Business Coach

 

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