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Marketing Plan

Written by: Christian Mickelsen

Article Overview: There are few things that are more complicated than marketing plans. We decided to simplify the process for you.

Marketing Plan

7 Steps to creating a simple powerful marketing plan.

1.

Choose 5 or so different marketing strategies that you feel most comfortable or excited to run. Here's a list of marketing tactics.
2.

Factors to consider are dollar cost, time cost, and ease of implementation/expertise with implementing. Networking is less expensive than radio commercials, but costs more in terms of time. Having a great ad may require some expertise in writing in a way that appeals to your target market (the people that have the great need or desire for your product/service).
3.

Decide how often you will implement each strategy. EX: 1 workshop/month, 5 networking events/month, 2 e-mail newsletters/month, etc.
4.

Estimate your costs per strategy.
5.

Estimate how many prospects your company will be exposed to/interact with. EX: 1 workshop usually draws 20 people. Of the 20, 8 usually have a need or strong desire for what we offer. Of those 8, we will make 5 sales. If you have not been tracking your results yet, then ballpark it using your gut. If it's a brand new strategy, then take a wild guess. You'll be able to change your estimates later to be more in line with reality later.
6.

Calculate your dollars spent on each strategy and compare that with your projected income. This can give you your ROI/ return on investment. We spent $240 on BNI to network 1/week. We received leads that lead to $6000K in sales the return on investment is 2500%!
7.

Track the results of all of your marketing efforts so that you can see what works best. Which strategies can you change or improve? Which should you stop doing all together? What should you double up your efforts on?

Real World Example:



Small Biz U:

Email newsletters: 3/month nets us 40 new subscribers each month.

40 subscribers = 10 new SBU members

10 new members = 3 new coaching clients

Workshops: 1/month nets 15 new members of Small Biz U and 5 new clients.

Tele-Classes: 2/month = 8 new clients.

Networking: 5 events/month = 2 new clients

Telephone marketing: 50 calls per week = 2 appointments and 4 new clients.

Referrals: 5 referrals from existing or past clients = 2 new clients.

Totals: 20 new clients each month.

Marketing Expenses: about $50/month. (We keep our marketing costs low so we can offer so much value at incredible prices and spend massive amounts of time creating these powerful resources).

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Starting a New Business - Congratulations on the first step of deciding to create your own business. First, you have to ascertain if you are going to be selling your products or services to people or to businesses. People purchase products and services for three basic reasons: •To satisfy basic needs •To solve problems •To make themselves feel good. You have to determine which of these three categories your product or service is the solution to. Businesses, unlike individuals, buy products and services for three reasons as well: •To increase revenues •To maintain the status quo •To decrease expenses. Knowing the reasons why people/businesses buy, you should have a picture emerging of who you think your "Target Market" (or ideal customer) is. Once you have zeroed in on your solution, you are ready to create your Marketing Strategy. If you look at any company that has grown rapidly over the past few years, (i.e. WestJet and Starbucks), it should demonstrate to you the importance of Marketing. In simple terms these companies have: •Clearly defined what makes them different; •Who their ideal customer is; •How to reach them; •Why customers should buy from them; •And most importantly why customers should come back again. It is strong Marketing Awareness that singles out the best companies. I can not stress enough how important it is to create a "living" Marketing Plan before you even start. I hope this helps a little in the creation of your plan. All the very best of luck. Remember: "A Goal without a Plan is just a Wish" Miles of Smiles, Marketing Maven
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