You’ve gotta have a plan. And when starting a new business, everyone knows that you need a strong business plan. But for some reason, many times business owners forget about a marketing plan, which is just as critical to the success of a business.
A marketing plan focuses on how you are going to get the customers you need to survive. It’s your plan of action – what you are going to be selling, who is going to buy it and how you are going to reach those potential customers and convert them to sales.
Here’s how to create a marketing plan that works:
Who are you? Define your company, the products or services you offer, and what sets you apart from the competition. Positioning your product requires a complete understanding of the market segment you are entering. You must know what your competitors are offering and what makes your product or service unique or a better value.
Include an overview of your company’s strengths, weaknesses, opportunities and threats. Strengths and weaknesses will be factors within the company while opportunities and threats are external factors.
Who is your target audience? Describe your prospective customer – this can be done in terms of demographics or by lifestyle. If you’re marketing B2B you may define your target audience by the type of business, size of the business, job title or any other factors that make them potential customers. It is important to know exactly who your target customer is in order to plan your marketing strategy.
What do you want to achieve? Write down a list of measurable goals.
Develop strategies and tactics. These are the guts of your plan! Focus on reaching prospective customers at all stages of your sales cycle, whether they are cold or warm prospects. Outline your primary marketing strategies, then include a variety of tactics you’ll use to reach prospects at any point in your sales cycle. This should be a combination of several tactics that can include social media, traditional print advertising, online advertising, blogs, customer events, loyalty programs and email marketing. It’s important to know which media your customers and potential customers will go to for information on the type of product or service you sell.
Remember, a great marketing strategy needs to be realistic and implemented consistently over time. Building brand awareness takes time and patience. If you need a guiding hand, we on the Porch can steer you in the right direction!