An effective marketing plan provides you a road map to efficiently lead your company toward the goals on your journey. The established direction equips you with information to strategically develop initiatives and identify tactics to fuel your expedition; and with great reward, it empowers you the ability to get it done.
A MARKETING PLAN MUST BE CLEAR, CONCISE AND SIMPLE
STEP #1: Set the goals/objectives of your marketing.
The marketing goals detail exactly what you expect your results will be at a specific time in the future.
Examples:
"To increase sales revenue by 15% within the next 12 months, by March 31."
"To increase my current customers' buying rates by 15% by June 30."
"To gain one new client by 5:00pm on the last business day of every calendar month."
STEP #2: Identify the customers you plan to target.
Do not attempt to be all things to all people! You must successfully:
a. Recognize your current customers,
b. Identify who your future customers will be.
The pulse of your business is a direct result of your ability to retain and attract customers. Once you know your target audience, you have a huge opportunity and responsibility to reach them.
Who are they?
Are the married? Kids?
What do they drive?
Where do they shop?
Ask them what they want.
Listen for why they buy.
Observe what they actually do.
etc.
Examples:
"Single, working mom of pre-school children"
"Middle & upper income homeowners who have little time to mow their own lawns."
STEP #3: Define the Unique Selling Point
The unique selling point of your business sets you apart from your competition. Identity the specific benefits your customers receive when they buy from YOU. The unique selling point does more than identify what you do, it communicates what you do for your customers. Much more than a simple product feature, the unique selling point is the benefit you provide to your customers.
Exercise:
1. Make a list of all benefits your business provides to your customers.
2. Next, highlight the benefits on your list that are unique to your business versus your direct
competition.
3. Place a checkmark beside the unique benefits that are most important to your customers.
(REMEMBER, you have already identified your customers. If you don't know where to place
your checkmark, ASK THEM!)
4. Circle the checkmarks of those benefits that are most difficult for others in your industry to
copy.
5. Asterick those circled checkmarks that can be easily communicated.
STEP #4: Investigate the TACTICS to use
For many, Step 4 is the most enjoyable part of the plan. After they have invested valuable time studying and researching in order to...
- set goals/objectives,
- identified target customers,
- defined unique selling point,
...they now can confidently investigate the various marketing tactics to use in order to reach their audience.
Exercise:
1. Brainstorm a complete list of options that you know can reach your target audience.
(i.e. newspaper - radio - television advertising, public relations, online-SEO, blogging,
brochures, sales letter, in-store promotions, etc)
2. Determine how to incorporate your unique selling point messaging within ALL your
approved marketing tactics.
STEP #5: Assign a Marketing Budget
Marketing budgets for small businesses can range from 1% to 10% of projected net sales. An interesting idea to consider if you do not have a history of determining the marketing budget:
a. Select the strongest competitor you have
b. Look at the various tactics your competitor is using
c. Price out the expenses of those tactics that are reaching your customers.
d. Calculate the percent of your projected sales from Step 1 to determine how it compares to the 1% to 10% range of your projected net sales.
STEP #6: Finalize the Marketing Plan
You are now able to review the complete list of tactics from Step 4, so you may determine which best reach your audience and remain within budget.
STEP #7: Evaluate the Execution Process
Your written plan combined with a timely execution of the various tactics will definitely increase your opportunity for success. Please do plan to evaluate the execution process at periodic time intervals as you move toward your goals to ensure your efforts are moving you in the direction of your approved roadmap.
Enjoy your journey!
Beyond the valid Dave Ramsey platform of CUT YOUR CREDIT CARDS (which is liberating!), Entrepreneur's blog discloses industry statistics that educate and encourage (hopefully!) small business owners to LIMIT THE USE OF YOUR CREDIT CARDS!
