Making Your Marketing Plan

Making Your Marketing Plan

Have you ever spent money on ads that didn't bring in any business? You're not alone. It's very common for independently owned businesses to spend time and money promoting their business without creating a marketing plan first. Failing to do this can be very expensive.

A marketing plan is the tool that will guide you when making marketing decisions. It will help you know where to advertise, what your marketing materials should look like, which of your products or services to emphasize, and how much to invest in your marketing. Without a marketing plan you will be forced to make critical decisions without the information that could best support your investment.

A formal marketing plan can take months to complete and is usually quite expensive. Fortunately, a simple version of a marketing plan can be done in a matter of hours.

Here are six essential steps:

1. Get clear about your company values. Why are you in business and what do you hope to achieve?

2. Identify your target audience. You can't appeal to everyone. Pinpoint your best customers so your marketing can specifically address their needs. What need does your product or service fill? What segment of the population is most effected by this need? Make your marketing speak directly to them.

3. Look for a Niche. Could your product or service fill a need that is not effectively met in your area? If possible, tailor your business to specifically satisfy that need.

4. Evaluate your competitive advantages. In what areas are you strong where your competitors are weak?

5. Determine your core marketing message. This is a clear summary of who you are, what you offer, who needs it and why. This will guide you in the next stage of your marketing: developing your strategic plan.

6. Commit to your plan. Marketing is a long-term effort. To be effective, stay consistent. Strategic plans may change once or twice a year, but your marketing plan should stay fundamentally the same throughout the life of your business.

I encourage you to spend some time with each of these steps. The first answer you come up with is probably not the whole answer. Consider working with a professional, an objective friend or a peer.

When done thoroughly, your marketing plan will guide you through your future endeavors. It will make your marketing decisions easier and will increase the value of your investments.

The next step is to convert this strategic plan into a tactical plan. A complete tactical plan will involve developing your company's brand (a distinct image that people will come to recognize), generating printed materials including business cards, brochures, signs, etc., building a professional website and running advertisements. The key it that all of these marketing tactics strictly employ your clear marketing message. For the best results you will need to hire a professional designer and web developer or an agency that can provide all of these services. This is an area where many are tempted to cut corners, but remember that the image that your agency will develop will have a profound effect on the success of your business.

By bringing your well thought out marketing plan to your designer, web developer or ad agency, you will ensure that they have the best chance to help you bring in all the business you desire. Happy planning!