In today’s increasingly complex and fragmented media universe, customers engage with marketing messages in far more places than ever before. This includes online display ads, search engines, newspapers, magazines, radio, mobile, social media and dozens more. And because of this complexity, having a plan is more important to avoid an ineffective scattershot approach.
Much like having a detailed business plan is crucial to launching and growing a business, having Preparing a marketing plan is critical to reaching customers and selling successfully.
But how can you create a marketing plan quickly and simply? First know that marketing is not a single action but a combination of steps your business takes to identify, attract and retain profitable customers. It might include everything from market research, advertising, pricing and packaging, to what employees wear, your mix of print and online marketing, and much more.
Marketing is a foundational part of almost any business, so it’s important to have a plan of attack. For example, can you clearly identify your mission and what sets you apart from competitors? It’s tough to market without knowing this.
Marketing plans are flexible but generally include your goals, product or service descriptions, target markets, competitive analysis, pricing, distribution methods, media mix (print, digital, mobile, etc.) and action plan. These 10 steps can help you prepare your plan:
1. Vision statement
Write a short paragraph that defines what compelling advantage or value you offer, including how it solves a problem and makes the customer’s life easier. Be specific. Pinpoint the customer “pain” that your product or service will relieve. Before you can effectively market yourself you must decide what type of problem your business solves.
2. Market research
This is how you identify customer needs and wants. Build a detailed, trait-by-trait profile of your ideal prospects. Again, be as specific as possible. Later, when you create your actual marketing messages, aim those messages at these prospects. Research needn’t be complex or costly. Online research, 1-on-1 interviews with prospects, informal focus groups and email or web-based surveys are all inexpensive and relatively easy to do.
3. Define your product or service
Carefully identify every product or service you offer, individually. Some products or services can be broken into separate pieces, and priced separately. List as many benefits as possible that you can offer. You’ll want to incorporate these in your marketing message.
4. Check the competition
Identify your key competitors – both direct and indirect – including their strengths and weaknesses, and how your business compares. Write down your analysis and make it part of your plan.
5. Prepare proper pricing
Analyze your pricing structure, and avoid the “markup mistake.” That’s when a business merely calculates costs and adds a set markup. Instead, use your market research to establish what customers are willing to pay, and build pricing around that.
6. Build a budget and promotion mix
Don’t think of marketing as a cost, but rather as your ace-in-the-hole. This is what gives you the edge when competitors slip in their own marketing efforts, and it keeps employees motivated when your name is always in the public eye.
7. Match marketing to your target terrain
If yours is a local market, for example, then that’s where your marketing focus should be. Once you have the basics covered, consider marketing neighborhood by neighborhood or even block by block.
8. Marketing metrics
Build testing and metrics into your plan: Marketing should not be risky or single-focus. One advantage of advertising online, for example, is the ability to track results effortlessly.
9. Prepare a marketing message that resonates
Craft a rally cry – a small, repeatable phrase that becomes the slogan for promoting your product, idea or business. Fine tune all messages. Coordinate key phrases with the same language in all your marketing materials.
10. Include an action plan
Simplify everything; eliminate potential interruptions in the sales process and make decision-making as painless as possible for your customers. Make sure your own employees grasp your objectives and strategy and plan to market continuously. Your effort must be ongoing or people will quickly forget.