Developing Your Marketing Plan
Developing Your Marketing Plan
Your plan should be a working document, a road map for your business. It should be designed to help you understand and grow your business. I recommend housing it in a three ring binder so you can change and add to it when necessary, include blank note pages, store relevant articles and expand on it throughout the course of the year.
Your marketing plan should include the following:
• List of products and services
• Detailed description of your target markets
• Challenges and competitive analysis
• Budget
• Identification of appropriate marketing vehicles
• Calendar with deadlines and expectations
• Goals; specific and quantifiable that can be monitored throughout the year
PRODUCTS & SERVICES
Your list should include all the services you offer including any you provide free of charge. Note which products or services are new, which will be offered in the coming year, which will be phased out, and those that are unique in the market. You might also want to write a list of products and services that you would like to offer this year or next year to begin the planning process.
TARGET MARKET
Next identify your target market. First, where are they located? Local, regional or national? Then define each target market as specifically as possible. Very often I have clients who say, "Everyone can use my product." This is rarely true. For example, while many adults might be able to use your product or service, when you start to think about specifics such as income level, geographic location, and marital status, you can begin to fine tune your market and therefore your strategy. Fine tuning this information will allow you to more accurately target your marketing budget as well.
If your target market is business-to-business rather than consumer, identify the type and size of business you are after. Location, industry and their customer base are all important. Again, the more specific and detailed this information is, the more wisely you will be able to spend your marketing dollars.
CHALLENGES & COMPETITIVE ANALYSIS
Identify your company's challenges, for example, perhaps you are not in an area conducive to walk-in business or your firm needs to hire additional employees in the first quarter, etc. Then set a time frame to address each challenge or develop a strategy to deal with each one.
You should also make a list of your company's strengths. What is your competitive advantage? Be realistic and specific however, and avoid vague sentences such as, "We are the best at what we do."
Your competitive analysis should include a list of all competitors, their strengths and weaknesses. Don't forget to include national competitors, for example, if you own a local mortgage company serving Rockland County, national firms that advertise on TV should be considered competition because they are reaching your target audience.
Consider how each one markets their business; what you like and dislike about their techniques or strategies and how you would like to differentiate yourself from each one.
ANNUAL BUDGET
Next, identify your annual budget which will help you streamline the rest of the planning process. For example, a small business with an annual budget of $10,000 will have a much different marketing approach than one with a $100,000 budget. A rule of thumb is to commit 5 -10% of your annual gross sales to marketing.
MARKETING VEHICLES
Next identify the vehicles that will reach your market:
• Newspaper advertising (daily, weekly, trades)
• Trade publications (regional, national)
• Google and other pay per click vehicles
• Website/banner ad advertising
• Radio advertising
• Public relations support (press release distribution, writing and placing articles)
• Television advertising (cable as well as regional or nati
• Direct mail
• Infomercials
• e-mail marketing
• Trade Show attendance
• Premium items
This section will take some leg work. If you decide that you want to advertise in local papers you will need to decide if you are interested in the daily paper and if so, what section, how often, black and white or color, etc. Or if you decide to advertise in weekly or monthly papers, there are usually many to choose from and while they are less expensive than the daily papers, you will have to decide if they reach your target market.
The biggest mistake people make with advertising is they don't make a long-term commitment. You shouldn't expect to take one big ad and have it turn your business around. People generally do not see an ad until they need a specific service, then they think back to which ads they have seen recently or heard on the radio. Advertising only works if you 1) make a commitment to it, 2) have a well designed ad and, 3) are in the right media to reach your market.
Small businesses should consider advertising in trade publications, which are often less expensive, and pay per click advertising. For example with Google's advertising program you can specify that you only want to locate customers searching on specific keywords within a 20 mile radius of your location with a maximum spend of $10 per day. We have had several clients use this strategy with tremendous success, well surpassing the daily newspaper advertising they had done in the past.
Don't forget the many free and low cost opportunities that exist to promote your business such as speaking engagements, cross-promotions, surveys, thank you notes, premium items, e-mailing to past customers, hosting seminars, press releases about new services or products, sponsoring a little league team or community event, board involvement for a local charity, etc. You are only limited by your imagination. One retail shop owner I know brings her Yorkshire Terrier to work to sit on her counter all day. She said her business has increased 30% since bringing him to work!
CALENDAR AND GOALS
Finally develop a marketing calendar to stay on track. Identify dates by which certain tasks will be accomplished. Next set goals that will help you determine if the plan has been successful. You should have some goals that are easily attainable (to have a sense of accomplishment) but also include some 'stretch' goals; for example, don't be afraid to state that you want to increase business by 50% by December 31st. But also include a goal of trying three new marketing tactics by June 1st.
Rmember to be flexible; if something doesn't seem to be working after giving it an honest try, move on and consider other options. The more creative you are, the more successful you will be. © Risa B. Hoag 2007
Developing Your Marketing Plan - To learn more about this author, visit Risa B. Hoag's Website.
Like this article? Share it with your friends
Whether you have a new business or one that has stood the test of time, you should create (or dust off) your marketing plan. Developing one doesn't have to be a daunting task. Investing a little time will yield great dividends. Here are a few things to keep in mind.
Your plan should be a working document, a road map for your business. It should be designed to help you understand and grow your business. I recommend housing it in a three ring binder so you can change and add to it when necessary, include blank note pages, store relevant articles and expand on it throughout the course of the year.
Your marketing plan should include the following:
• List of products and services
• Detailed description of your target markets
• Challenges and competitive analysis
• Budget
• Identification of appropriate marketing vehicles
• Calendar with deadlines and expectations
• Goals; specific and quantifiable that can be monitored throughout the year
PRODUCTS & SERVICES
Your list should include all the services you offer including any you provide free of charge. Note which products or services are new, which will be offered in the coming year, which will be phased out, and those that are unique in the market. You might also want to write a list of products and services that you would like to offer this year or next year to begin the planning process.
TARGET MARKET
Next identify your target market. First, where are they located? Local, regional or national? Then define each target market as specifically as possible. Very often I have clients who say, "Everyone can use my product." This is rarely true. For example, while many adults might be able to use your product or service, when you start to think about specifics such as income level, geographic location, and marital status, you can begin to fine tune your market and therefore your strategy. Fine tuning this information will allow you to more accurately target your marketing budget as well.
If your target market is business-to-business rather than consumer, identify the type and size of business you are after. Location, industry and their customer base are all important. Again, the more specific and detailed this information is, the more wisely you will be able to spend your marketing dollars.
CHALLENGES & COMPETITIVE ANALYSIS
Identify your company's challenges, for example, perhaps you are not in an area conducive to walk-in business or your firm needs to hire additional employees in the first quarter, etc. Then set a time frame to address each challenge or develop a strategy to deal with each one.
You should also make a list of your company's strengths. What is your competitive advantage? Be realistic and specific however, and avoid vague sentences such as, "We are the best at what we do."
Your competitive analysis should include a list of all competitors, their strengths and weaknesses. Don't forget to include national competitors, for example, if you own a local mortgage company serving Rockland County, national firms that advertise on TV should be considered competition because they are reaching your target audience.
Consider how each one markets their business; what you like and dislike about their techniques or strategies and how you would like to differentiate yourself from each one.
ANNUAL BUDGET
Next, identify your annual budget which will help you streamline the rest of the planning process. For example, a small business with an annual budget of $10,000 will have a much different marketing approach than one with a $100,000 budget. A rule of thumb is to commit 5 -10% of your annual gross sales to marketing.
MARKETING VEHICLES
Next identify the vehicles that will reach your market:
• Newspaper advertising (daily, weekly, trades)
• Trade publications (regional, national)
• Google and other pay per click vehicles
• Website/banner ad advertising
• Radio advertising
• Public relations support (press release distribution, writing and placing articles)
• Television advertising (cable as well as regional or nati
• Direct mail
• Infomercials
• e-mail marketing
• Trade Show attendance
• Premium items
This section will take some leg work. If you decide that you want to advertise in local papers you will need to decide if you are interested in the daily paper and if so, what section, how often, black and white or color, etc. Or if you decide to advertise in weekly or monthly papers, there are usually many to choose from and while they are less expensive than the daily papers, you will have to decide if they reach your target market.
The biggest mistake people make with advertising is they don't make a long-term commitment. You shouldn't expect to take one big ad and have it turn your business around. People generally do not see an ad until they need a specific service, then they think back to which ads they have seen recently or heard on the radio. Advertising only works if you 1) make a commitment to it, 2) have a well designed ad and, 3) are in the right media to reach your market.
Small businesses should consider advertising in trade publications, which are often less expensive, and pay per click advertising. For example with Google's advertising program you can specify that you only want to locate customers searching on specific keywords within a 20 mile radius of your location with a maximum spend of $10 per day. We have had several clients use this strategy with tremendous success, well surpassing the daily newspaper advertising they had done in the past.
Don't forget the many free and low cost opportunities that exist to promote your business such as speaking engagements, cross-promotions, surveys, thank you notes, premium items, e-mailing to past customers, hosting seminars, press releases about new services or products, sponsoring a little league team or community event, board involvement for a local charity, etc. You are only limited by your imagination. One retail shop owner I know brings her Yorkshire Terrier to work to sit on her counter all day. She said her business has increased 30% since bringing him to work!
CALENDAR AND GOALS
Finally develop a marketing calendar to stay on track. Identify dates by which certain tasks will be accomplished. Next set goals that will help you determine if the plan has been successful. You should have some goals that are easily attainable (to have a sense of accomplishment) but also include some 'stretch' goals; for example, don't be afraid to state that you want to increase business by 50% by December 31st. But also include a goal of trying three new marketing tactics by June 1st.
Rmember to be flexible; if something doesn't seem to be working after giving it an honest try, move on and consider other options. The more creative you are, the more successful you will be. © Risa B. Hoag 2007
Developing Your Marketing Plan - To learn more about this author, visit Risa B. Hoag's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
|||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
|||
Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
|||
Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Risa's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
 |
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Romance to the Dance Workplace Culture EMPLOYMENT PRACTICES LIABILITY Visual Pipeline Trainning Template |
|
 | ||
 |
Top 50 Raising Capital Blogs
Top Blogs To Watch In 2008 | |
 |
Fortune Hunters
CBC Entrepreneur TV | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||||
| ||||||||||||
|
|
||||||||||||