Your gut is good, but having a marketing plan is better.
Do you have a marketing plan in place?
Many business owners, rather than having a marketing plan, rely on their “gut” when it comes to making business decisions. That’s all well and good when your business is small and you could afford to make a minor misstep. But as your business grows, so should the ways in which you plan for continued success. The best place to start is by creating a marketing plan strategy. The key word here is “planned” not off-the-cuff or from-the-gut. Once you put together an effective marketing strategy, you’ll be in possession of a roadmap that will enable you to define your business goals, and develop the activities necessary to achieve them.
Creating a marketing plan is not really that difficult.
Here are five simple steps you can take:
1. Describe your company’s unique selling proposition (USP). Your USP is what sets you apart from your competitors. If you attempt to develop a marketing plan without one, you most surely will fail.
2. Define your target market—
- Are your target customers male or female?
- How old are they?
- Where do they live?
- What do they do for a living?
- How much money do they make?
3. Work up a list of the benefits of each of your company’s products or services.
4. Think about and describe how you plan to position them.
5. Select your marketing methods— print, electronic, direct mail, public relations or, better yet, a combination of them. Once your marketing plan strategy begins to take shape, be sure to have a budget developed for your marketing plan. Remember, marketing should always be treated as an investment. If you want it to be successful, you must look at it as such. Oh, and be sure to revisit your marketing plan at least once every quarter. When you do, ask yourself questions like—are you on target? Do you need to revise it? Etc. Now get planning!
Best of Days to You
Ferrante & Associates, Inc.
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