The most important, yet overlooked aspect of marketing is an actual written marketing plan A business simply cannot succeed without marketing. Whether you are a one person business or have 50 employees, you simply must have a marketing plan to succeed.
Just as a business plan is a blue print for the overall success of your business, your marketing plan is the blueprint for your marketing success. Marketing without having a clear and user-friendly marketing strategy is like stringing beads without tying a knot at the end of the string. Your strategy should guide your efforts for a minimum of three years; a good plan should really last ten or more years.
The marketing plan is a plan within your business plan. In the marketing plan you must quantify the benefits your customer gets from buying your product or service. You must establish the size of your market. Also, your competition must be evaluated and assessed.
In other words, you must be customer-oriented or "market driven." Your plan should explain the benefits your product or service has to your customer, how your customer will profit or gain from product or service. Explain why your customers will buy your product over those of your competitors.
A good marketing plan should contain six sections:
1. Description of the market. Who are the customers and why will they buy your product or service?
Explain what perceived need you fill in your target market. What is your market niche? How will you position your product or service? Your positioning strategy must be elaborated in detail.
Your marketing plan must show a deep knowledge and understanding of your market. Do you know all the factors that will effect your sales? Describe in detail the background of your industry, including it's size, chief characteristics, trends, and major customers. Project any changes inside or outside your industry that will affect your business.
Don't forget to describe your prospective customers in detail, including their demographics and psychographics. Remember, businesses don't buy products or services, people do. You must understand all about those decision makers.
2. Customer benefits. What are the benefits of your product or service to the customer? In talking about benefits, you must relate them to the customer and to the competitor's products or services. Here are some of the ways to do that.
Your product or service is better than the competition's because it is: (1) cheaper, (2) better quality, (3) more efficient, (4) convenient to use, (5) has fewer rejects or breakdowns, (6) reduces the customer's labor costs, (7) lowers the customer's inventory costs, (8) improves the customer's productivity, (9) improves the customer's performance, (10) saves the customer money or time or both, (11) entertains the customer, (12) improves the customer's appearance or health, (13) solves problems, and (14) generates profits.
3. Market Share. What are your assumptions about your market share? When explaining market share, instead of just stating what percentage of the market you intent to capture, employ a bottom-up approach. Based on sales projections, using specific customers. A common mistake made by most people discussing market share is assuming they can predict sales by gathering some general numbers on the size of the market, then projecting share from there. The old statement "we only want 1% of the market" does not cut it anymore. You must explain in detail just how you will arrive at your market share. Document your assumptions with marketing research.
4. Competition. Who is your competition? Compare their products and services to yours, and outline your strategies to sell more than they do. Explain how difficult it is to compare with you.
Don't underestimate, ignore, or downplay the competition. Everybody has competition, and if you think you don't, then you obviously don't comprehend the weaknesses of what you're trying to accomplish, and you probably won't be in business for very long.
5. The sales strategy. This is one of the most critical parts of the marketing plan. You can have the greatest technology in the world but if you can't figure out how to get it into the customer's hands, you've got nothing! The world will not beat a path to your door just because you have a better product or service! You have to sell the world on buying your product or service.
If you think of marketing as strategy and selling as tactics, you have a good idea of what you should put into your plan. How are you going to get your prospects to buy your product or service? You must describe the nuts and bolts of your selling process. What is your distribution process? How will your service and support your product?
Explain the selling process step by step, from distribution to sales to servicing of sales. What is your sales strategy? How is your company going to approach it's prospects and capitalize on it's potential? Go into detail about how your product or service will be sold and/or distributed.
How will you advertise and promote your product or service? If possible get and add the actual reaction of some prospects to your product or service? List in detail all your plans for distribution, geographical penetration, roll-out schedule, and future locations.
Discuss in detail the pricing strategy you've developed to make your product or service competitive yet still generate ample profits.
Identify your prospects, your selling strategy, the size of and the compensation for your sales force, your selling cycle, and both your short and long-term goals you want to achieve.
6. Proprietary protection and uniqueness. Explain what makes your company stand out from the rest. The degree of uniqueness is a major strength in your entire marketing strategy.
Explain the range of protection against competition, including patent and copyright protection. What is your strategy to create barriers for others in your market beyond patent and copyright protection? Describe any available technology that is superior or equal to yours. What creative technology or research are you going to do to provide future sales?
Armed with a detailed marketing plan, you can develop your creative and media strategies. With a marketing plan in place, the other two strategies virtually write themselves. With them, your marketing materials virtually write themselves, too. And your media decisions are much easier to make.
It is very important that every person in your company know each word of your marketing plan, so that they can help carry the banner forward with you. You should invite everyone in your organization to participate in the creation of the marketing plan. With everyone's involvement, before and after, you have the assurance, that everyone in your organization is completely clear about the goals and essence of the business.
You should review your marketing plan every quarter or at the minimum every six months. Make adjustments in your plan only to account for changing market conditions. The fewer changes you make, the more likely you got it right the first time. Take the time to put your marketing plan together carefully so you get it right the first time. By doing this you will assure your marketing success for years to come.
Copyright© 2005 by Joe Love and JLM & Associates, Inc. All rights reserved worldwide.
Joe Love draws on his 25 years of experience helping both individuals and companies build their businesses, increase profits, and achieve total success. He is the founder and CEO of JLM & Associates, a consulting and training organization, specializing in personal and business development. Through his seminars and lectures, Joe Love addresses thousands of men and women each year, including the executives and staffs of many of America's largest corporations, on the subjects of leadership, self-esteem, goals, achievement, and success psychology.
Reach Joe at: joe@jlmandassociates.com
Read more articles and newsletters at: http://www.jlmandassociates.com
AGE OLD QUESTIONBusiness scholars throughout the planet keep asking the... Read More
For years now we have been inundated with offers of... Read More
Being a master of your craft, skill, or talent doesn't... Read More
According to military historian David Chandler the campaigns of Napoleon... Read More
"When I walked into the grocery store last Saturday, I... Read More
Did you now how to follow up a new customer... Read More
What Is A Joint Venture?A joint venture is an agreement... Read More
I vaguely remember a particular story from my childhood. It... Read More
Market, Market and then market some more. So many small... Read More
Part 1 of this series described five critical components for... Read More
Having run a multi-state franchise company with multiple brands it... Read More
I have always enjoyed talking to a Realtor friend of... Read More
Toby is one of our two family pets (both cats).... Read More
The difference between a successful business and one that just... Read More
Pop quiz! If you have to say goodbye to your... Read More
Powerful Marketing has become elusive to many companies seeking strong... Read More
There are four parts to a marketing system and they... Read More
So you have been writing mortgages like crazy now for... Read More
The term business marketing strategy might sound like it is... Read More
Do you want to successfully market your business franchise online?... Read More
I'm always amazed that people would spend months to develop... Read More
Think about all those Cracker Jacks you ate as a... Read More
Every now and then I will meet someone who has... Read More
One of the keys to creating a successful business is... Read More
I just spent a week at the beach with my... Read More
One commonly overlooked method of advertising offline is flyers. Flyers... Read More
We wait with baited breath for the anticipated launch of... Read More
Are you looking to erase your debt, buy that new... Read More
I'm regularly asked to speak to people, that have either... Read More
Trade show booths are one of the best direct contact... Read More
Have you noticed it? More and more marketing campaigns are... Read More
Great graphic design looks effortless, but it requires lots of... Read More
Effective customer newsletters find the right mix of promotional and... Read More
Here is your C.I.T.T. (pronounced "kit")[Color ? Illustrate? Type ?... Read More
If you're a business owner, you probably spend quite a... Read More
There is a simple but almost mystical law which governs... Read More
If your members, parents or donors wear clothes, watch t.v.... Read More
©2004 Jeffrey DobkinThere are two types of lists, determined by... Read More
SMS is good for:? Short lead times and immediacy ?... Read More
Businesses and other organizations use focus groups to research consumer... Read More
Brochures are a great way to get your message across.... Read More
"Do it!", "Do it now!", or "Do it because..."Which of... Read More
You've probably heard the slogan, "You never get a second... Read More
It's not unusual for entrepreneurs to find the whole idea... Read More
Do sales come from your ezine regularly? How many well-written... Read More
Some years ago, a prominent Australian hi-tech company... Read More
Ok, before we get down to the benefits of... Read More
Tactical marketing processes are once again undergoing fundamental shifts from... Read More
Just because you have to stretch your marketing dollars doesn't... Read More
Do you have Communication breakdown?How are you communicating with your... Read More
Over the past 30 years, I've read so much on... Read More
YES-- it is true that Networking is an art that... Read More
You followed time-honored online marketing techniques to the letter: you... Read More
It is very important to regularly monitor your advertising activities... Read More
Turning a modest $100,000 annual turnover into $1,191,817 may sound... Read More
What is a Joint Venture? A joint venture is an... Read More
Your local Chamber of Commerce.Now before you stop reading, I... Read More
We live in a world of noise ? not just... Read More
What is Marketing? There are many text book answers to... Read More
BREAK FROM HO-HUM MARKETING ? IT'S TOO BORING! Once you... Read More
When you put time or money into any marketing plan,... Read More
What's your USP? Don't know, or worse still, you've never... Read More
If you are not using flyers in your business you... Read More
Whether you're a former retail store owner known for your... Read More
We live in a world that for many has become... Read More
It's no secret that using a job site sign can... Read More
Marketing |