Who Needs a Marketing Plan? YOU DO!

Who Needs a Marketing Plan? YOU DO! 08/19/2009

Read these interviews Rick Spence did with Eric in The National Post/Financial Post;
Draw Up Your Treasure Map and the follow up Entrepreneurs Biggest Barrier May Be Inertia.

Your business can strategize and operate more effectively with a well-written Marketing Plan. Here are five steps to help you devise your own. Why add to your heavy workload by writing a 40 page Marketing Plan?

7 Key Ways Your Marketing Plan Will Grow Your Business

Run your business better.
Analyze what you’re selling, to whom, and how.
Develop the right branding and all your communications.
Keep and grow markets.
Identify where you need to learn more about your industry, customer, competitors and yourself.
Communicate your vision of the company to your employees, suppliers and customers.
Bottom-line thinkers note more banks ask for both marketing & business plans before extending credit.

And much more. Register Here for a Two Day Treasure Map Workshop

Think of it this way; you wouldn’t go hunting for gold without a treasure map. Your business shouldn’t be without a treasure map either. If you can answer the questions below and follow the recommendations, you’ve got the basis of a useful, effective Marketing Plan that will help you understand your company’s strengths and weaknesses, the market you’re targeting, the risks you face and the steps necessary to achieve success.

These steps are covered off in far greater detail during my Two Day Treasure Map Workshop.

STEP ONE: GET AN OVERVIEW

What’s your company size and how is it evolving?
Are you small but aggressive, established and repositioning, or somewhere in between?·
What service or product do you market?
How large is the market for your product or service?
Is this a short or long-term opportunity?
Who is your customer?
Where are you selling?
Where are your profits really coming from?

(For example, if 20% of your customers are giving you 80% of your sales, do you know how to find more customers like these? Expand your energies where they’ll be pay back.)

What kind of risks are you taking?

(For instance, could you be caught after Christmas with thousands of dolls? Could retail prices dive and force you to sell below cost? Consider ways to combat the most likely downsides.

Consult with people you think will contribute good ideas to your business. The more people you talk to, the better. Consult your management team, but don’t forget grassroots input. Talk with your staff, accountants, suppliers, customers, consultants, even competitors.

STEP TWO: ANALYZE THE MARKET

Analyze industry trends to know where your business should be headed. Read vertical industry publications for direction.
What are your company’s strengths and weaknesses in its market segment?
Define your target market in detail. (For example, a moving firm might only pursue corporate clients in the Vancouver area who have offices at least 5,000 sq. ft. and are moving not more than a 100 miles away.)
Find out how many competitors you have, what their strengths and weaknesses are, and how likely they are to retaliate with their own marketing campaign. Could they promote a lower price or offer better service, more features or better payment options? What would you do to counter their attack?
Examine client case histories to find out what caused past successes and failures so you’ll do a better job next time.
Look for ideas outside your trading area. Read trade publications and attend trade shows to see what similar businesses are doing outside Canada. They might have a fresh way of doing things, or you may learn from their mistakes.

STEP THREE: OUTLINE YOUR MARKETING STRATEGIES

Set expected time frames to break even and to make profits.
Set marketing budgets and timelines accordingly.
How will you distribute your product or service - retail, resellers, commission sales, salaried staff?
What will it cost? Be specific and realistic about your goals for the long- term and short-term. Is this a major investment requiring bank assistance, or can you do it with private funding?
What kinds of selling tactics and tools suit your product or service: special discounts, gift-with-purchase, contests, promotions with other companies or mail-order catalogues?
What customer-service programs will you set up for order-processing, inventory, delivery, payment and warranties? How long will it take?
What will they cost to operate?
How will you position your product or service in the market?
What is its main selling point: low price, superior design?
What markets will you start with and which are next?
What will be your pricing and packaging strategies?

STEP FOUR: TARGET YOUR COMMUNICATIONS

Think about the message you want to send.
Identify the hot buttons that will inspire your customer to say “Yes” to your business.
What tone is most appropriate – youthful, adult, trendy, humorous or conservative?
What media will reach your customers – Internet, Social Media, TV, Print, Radio, Direct Mail, Billboards etc.?
What do they cost?
Create a budget for each medium you choose, and analyze the sales that result from each one. This breakdown helps you set priorities on where your marketing dollars will go first.

STEP FIVE: MAP OUT YOUR ACTION PLAN

Finally, how are you going to get all this done?
Assign certain tasks to employees with the skills and/or the time to help.
Find out what outside assistance you’ll require – Web, SEO, printers, designers, writers, photographers, consultants, etc.
Draw up a detailed list of tasks, participants and completion dates.
Stay flexible. What may seem to be the best course of action at first, may not be in the long run.
Revisit your plan at least once a quarter. Update it regularly based on ongoing changes in your company, industry or market to stay on course.

Register Here for a Two Day Treasure Map Workshop

Topics Covered While Preparing Your Marketing Plan

I-EXECUTIVE OVERVIEW
BACKGROUND AND INTENTIONS
PRODUCT/SERVICE SITUATION
MARKET SITUATION
RISKS AND OPPORTUNITIES
RECOMMENDATION

II- MARKET ANALYSIS
MACRO-MARKET PATTERNS ("BIG PICTURE")
DISTRIBUTION PATTERNS
MICRO-MARKET PATTERNS (SEGMENTATION)
TARGET MARKET DEFINITION
CUSTOMER CASE HISTORIES GOOD/BAD
COMPETITIVE ANALYSIS
YOUR STRENGTHS AND WEAKNESSES
RISKS AND OPPORTUNITIES

III - MARKETING STRATEGY
GOALS
INVESTMENT
PRODUCT STRATEGY
MARKET STRATEGY
SALES AND DISTRIBUTION STRATEGY
SELLING TACTICS
CUSTOMER SERVICE STRATEGY
BUDGET GUIDELINES

IV -MARKETING COMMUNICATIONS STRATEGY
CREATIVE GUIDELINES
ADVERTISING GUIDELINES
SALES PROMOTION GUIDELINES
TELEMARKETING GUIDELINES
DIRECT RESPONSE GUIDELINES
PUBLIC RELATIONS & PUBLICITY GUIDELINES
EVENTS MARKETING (SPONSORSHIP) GUIDELINES
SHOWS & EXPOSITIONS GUIDELINES
BROCHURES AND COLLATERAL MATERIALS GUIDELINES
BUDGET GUIDELINES

V - PLAN OF ACTION
TASK FORCE
SUPPLIERS/IN-HOUSE
CRITICAL PATH

And that's According 2 Eric
Register Here for a Two Day Treasure Map Workshop

For more information on Eric's Two Day Treasure Map Workshop.