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How to create a marketing plan for your small business - build a brand, target customers and set prices that will maximise sales.

The internet has transformed business marketing. No matter what you do, the internet is likely to be at the heart of your marketing strategy.

Social media is firmly established as a marketing tool. Having a presence opens up new lines of communication with existing and potential customers.

Good advertising puts the right marketing message in front of the right people at the right time, raising awareness of your business.

Customer care is at the heart of all successful companies. It can help you develop customer loyalty and improve relationships with your customers.

Sales bring in the money that enables your business to survive and grow. Your sales strategy will be driven by your sales objectives.

Market research exists to guide your business decisions by giving you insight into your market, competitors, products, marketing and your customers.

Exhibitions and events are valuable for businesses because they allow face-to-face communication and offer opportunities for networking.

Why it's time for a money makeover

18 August 2020

Three-quarters of Brits say the coronavirus pandemic has prompted them to rethink their spending and saving habits.

A poll of 2,000 adults by AA Financial Services has found that 77% of Brits want to change the way they manage their finances, rising to nine in ten people (91%) under the age of 35. The study suggests that months of home isolation and an uncertain economy has created a fundamental shift in people's attitudes to money, spending and saving.

The key findings show that:

  • 35% of respondents plan to increase the amount of money they put away each month;
  • 23% say they want to avoid dipping into their savings to pay for luxuries;
  • 16% want to get rid of their credit cards;
  • 10% plan to invest more money into their pension.

The under-35s are twice as likely as the over-55s to say they would save more than they had done before lockdown (46% vs 22%). The under-35s are also those most likely to say they will cut back on luxuries (30%), put more into their pension (13%) and consolidate their debts into a single loan (10%).

More broadly, the research found that 87% of those polled say that lockdown had prompted them to make significant changes to their lifestyle, from everyday money management to reassessing their carbon footprint.

A third of people (37%) intend to spend more time at home, while a quarter (23%) plan to cook more than they have done previously. Overall, 25% say they now have a greater appreciation of the environment and a stronger desire to protect the planet, while 18% of respondents intend to take more staycations.

The study also highlights a significant shift in attitudes to lifestyle, with 30% of respondents saying that they now have a greater appreciation of the simple pleasures in life. A quarter of those polled (25%) are planning to maintain a slower pace of life, 14% say they will spend less time on social media and 37% plan to spend more time with their loved ones in the months ahead.

James Fairclough, director of AA Financial Services, said: "The last couple of months have been very challenging and, for many, a period of anxiety and loss. But, as we emerge from lockdown, there are signs some positive habits from lockdown will remain. Many people have used the period at home to reflect on their lifestyles and make positive changes for the future.

"For some, the next few months will be a time for a money makeover. The two clear priorities relate to saving more money, to build up a rainy day fund for the future and to consolidate debts."

Written by Rachel Miller.

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