How to develop a simple marketing plan

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Marketing plans don't need to be too complex for small business - some simple steps to put a plan together for those who may have not had any marketing experience.

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  • Thank you for coming – presenting tonight
  • Why Market during tough times? Build share while your competitors are pulling back Gain a greater share of voice for a lower cost Be better positioned for gain when the economy improves
  • This could either be my target audience if I was a bike shop or if I ran tours for off road cyclists. Go to where the consistent buyers are -- In every business, there are always a certain number of your customers or clients who simply need what you offer - and their buying is relatively insulated from the current economy. You can and should concentrate your efforts on promoting to them specifically to build buying frequency - and actively try to find more buyers just like them. If you aren't currently able to identify these people in your own clientele, then create a promotion designed to attract them. You can focus your promotional theme (positioning) in a way that that appeals... and would specifically be attractive to... those who's buying habits are unaffected by the overall economy. Knowing who they are helps you target better.
  • Marketing of certain services requires a very particular client / customer and spending effort marketing in this demographic pays better dividends than too broad an approach.
  • Who has their USP worked out? What are some of them?
  • Features vs Benefits A feature is what a product is. A benefit is what a product does.
  • Doing a demo leads onto a sale. Gaining an appointment should also be to lead to a sale. Email addresses all leads to gaining prospects to add to our sales funnel.
  • Keep the funnel full
  • List your Marketing Objectives.  You should be as specific as possible about your marketing objectives.  Starting a new business?  Your objectives might be to increase awareness and sales.  Maybe you have purchased an existing business and hope to retain customers or target a new customer base.  Or perhaps your focus is on promoting a new product or service.  Set challenging, yet realistic, goals.  Once you've set your objectives, think about how you can measure their achievement. Define your target market, as precisely as possible, describe your primary market - the type of customer who can bring you the most reward.  Describe a few secondary markets - other markets you'd like to service.  If your market is other businesses, think of the industries, sectors, channels, and sizes in your base.  If your market is individuals, think about the demographics of your customer base:  age, sex, education, income, background, where they live, etc. Analyse your Company.   What makes your company special?  Think about what your company offers in terms of services and goods.  Focus on the unique features and benefits of your products and services.  What makes your company different from similar companies?  Is it your service, your variety, a style, a feeling you're selling (Starbucks). List your competitors and then list each competitor's strengths and weaknesses.  Consider direct competitors, other pizza shops for example, and indirect competitors, in this case other fast food restaurants.  Shop your competition to see what they offer to customers.
  • If you don’t have an action plan you will not e thinking about marketing in a structured forward planning way. Efforts will be as they are thought of rather than getting a bit more scientific about it – when is the best time to use the different methods of marketing? Find companies in complementary products or services and put together a joint package that will save customer’s time and/or money and joint market it. A local event planner got together with a florist and a photographer and offered a “One Stop Shop” for weddings. In this situation, they’ll get broader exposure with the same funding and promote a competitive advantage.
  • A budget is good to know what are your direct marketing costs – these can then be added as a cost of business rather than a surprise each time we think about doing some marketing.
  • Measure and test – change what’s not working. Not measuring is really wasting money that could be better spent elsewhere.
  • A website is almost mandatory today as this is how many people gather information and “check you out” even after being made aware of your product or service. Getting others talking about your product or service online is another effective method for some products and services – there is no one size fits all
  • Too broad a target market (who you're selling your product or service to). If I ask you who your customer is and you answer "anyone with a pulse," then I'm talking to you. Even if your product or service CAN help just about anyone on the planet, not everyone is going to buy it. They don't have the money or the interest or whatever. And when you try and target everyone, you really end up targeting no one. The wrong target market. This happens when you've chosen the wrong target market. What do I mean by wrong target market? They either aren't interested in buying your product or service or they don't have the money. Make sure you choose a target market that not only can afford your product or service but also want it. Looking for your target market in all the wrong places. This is a situation where "build it and they will come" doesn't work. Once you know who your target market is, you need to go to them. And you shouldn't waste your time in places where you won't find them. Not a compelling message. Okay, you know you've got a good target market and you know how to reach them. But you're still not getting any results. Now the problem might be your message. People have a lot of choices on where to spend their money. You have to give them a very compelling reason why they should spend their hard earned money with you. Not getting in front of your target market often enough. So you've run one ad. Or mailed one postcard. Or attended one networking event. And the work isn't pouring in the door. It's a sad fact that you need to consistently get in front of your target market time and time again.
  • How to develop a simple marketing plan

    1. 1. Simple Marketing Plans Presented by Harry Goldstein of East Coast Consulting
    2. 2. Some Marketing Myths. <ul><li>Only the big companies can afford marketing.... </li></ul><ul><li>If the product or service is right the customers will come.... </li></ul><ul><li>We save on marketing because our product sells itself.... </li></ul><ul><li>Downturns are a good time to cut marketing budgets.... </li></ul>www.yourvirtualboard.com.au
    3. 3. So what is Marketing? <ul><ul><li>Marketing is the process of getting potential clients or customers (prospects) interested in your products and / or services. </li></ul></ul><ul><ul><li>The key word in this definition is &quot;process&quot; as marketing involves researching, promoting, selling, and distributing your products or services. </li></ul></ul><ul><ul><li>Very simply put, marketing is telling people what you do – over and over and over again. </li></ul></ul>www.yourvirtualboard.com.au
    4. 4. What then would be considered good marketing? <ul><li>Again – simply telling the “right people” what you do or are able to provide and in such a way that they want your product or service. </li></ul>www.yourvirtualboard.com.au
    5. 5. Who are these “right people” <ul><li>The “right people” are my businesses ideal client / customer or target audience. People I know have a NEED for my product or service. </li></ul><ul><li>Remember the 80/20 rule who wants / needs what your product or service does? </li></ul>www.yourvirtualboard.com.au
    6. 6. How do we find them? <ul><li>What does our perfect prospect looks like. </li></ul><ul><li>Be specific! </li></ul><ul><li>Things like gender, age, marital status, occupation, income, location, what they like to do etc. </li></ul><ul><li>Where will we find these people? </li></ul><ul><li>This is to better target our marketing efforts rather than too broad an approach. </li></ul>www.yourvirtualboard.com.au
    7. 7. Why should they buy anything from you? <ul><ul><li>What makes you more unique , more valuable , and more visible in the market? </li></ul></ul><ul><ul><li>What is your USP (unique selling proposition / point) or edge? </li></ul></ul><ul><ul><li>How does your product / service answer a basic need? </li></ul></ul><ul><ul><li>How to develop your USP (handout)? </li></ul></ul>www.yourvirtualboard.com.au
    8. 8. Winning USP Examples. <ul><li>Example #1 - Package Shipping Industry </li></ul><ul><li>Pain - I have to get this package delivered quickly! </li></ul><ul><li>USP - &quot;When it absolutely, positively has to be there overnight.&quot; (Federal Express) </li></ul><ul><li>Example #2 – Quick Service Food Industry </li></ul><ul><li>Pain - The kids are starving, but Mum and Dad are too tired to cook! </li></ul><ul><li>USP - &quot;Pizza delivered in 30 minutes or it's free.&quot; (Dominos Pizza) </li></ul><ul><li>Example #3 – Hair Care Industry </li></ul><ul><li>Pain - People with dandruff. </li></ul><ul><li>USP – &quot;Healthy, beautiful, dandruff free hair“ (Head & Shoulders) </li></ul><ul><li>Example #4 – Medical Profession </li></ul><ul><li>Pain – Long waiting times to see a doctor, dentist etc. </li></ul><ul><li>USP - &quot;We guarantee that you will never have to wait more than 15 minutes&quot; or your consultation will be free.&quot; </li></ul>www.yourvirtualboard.com.au
    9. 9. Market Planning <ul><li>The key to success in marketing is attracting and retaining a growing base of satisfied customers. </li></ul><ul><li>Creating and implementing a marketing plan will keep your marketing efforts focused and increase your marketing success. </li></ul><ul><li>A marketing plan is just a “to do” list to keep you focused and on track. </li></ul><ul><li>Know the purpose of your marketing – is it to; </li></ul><ul><ul><li>Make an immediate sale? </li></ul></ul><ul><ul><li>Do a demonstration? </li></ul></ul><ul><ul><li>Gain an appointment ? </li></ul></ul><ul><ul><li>Gather email addresses? </li></ul></ul><ul><li>What are you trying to accomplish? </li></ul><ul><li>For Marketing to be effective it needs to be approached as a 12 month a year job not a one time event </li></ul>www.yourvirtualboard.com.au
    10. 10. Sales Process www.yourvirtualboard.com.au
    11. 11. Preparing a simple Marketing Plan <ul><li>Objectives – what do we want to achieve? </li></ul><ul><li>Defining our Target Market </li></ul><ul><ul><li>Segmentation </li></ul></ul><ul><li>Analysis of current position </li></ul><ul><ul><li>Company </li></ul></ul><ul><ul><li>Competition </li></ul></ul><ul><li>Strategy for each product / service or customer segment </li></ul><ul><ul><li>Product </li></ul></ul><ul><ul><li>Pricing </li></ul></ul><ul><ul><li>Place </li></ul></ul><ul><ul><li>Promotion </li></ul></ul><ul><li>Action Plan or 90 day calendar – handout </li></ul><ul><li>Budget – handout </li></ul><ul><li>Measurement </li></ul>www.yourvirtualboard.com.au
    12. 12. Action Plan or 90 day Calender <ul><li>The Action Plan is to assist in the scheduling, implementation, and follow through of actions described in the plan. Without the discipline to follow the scheduling, implementation, and follow through objectives would not be achieved. It is recommended that an Action Plan be drawn up each quarter (90 days) with goals for the quarter that are specific, measurable, attainable, realistic and timely </li></ul><ul><li>Action Plan states what has to be done , when it has to be done and who is responsible for doing it </li></ul>www.yourvirtualboard.com.au Actions Jul – Sept Jul Aug Sept Who Update email data base for email campaign 1 st email marketing to home owners 15 th Implement pay per click advertising 25 th Direct mail out to prospective builders 10 th Editorial for local press 1 st Add in local press 1 st 1 st 1 st Stand at expo 10 th Network event at chamber 20 th Joint marketing promotion with aircon. company 15 th Social media?
    13. 13. Budget <ul><li>Budget is best broken into quarters to take into account the funds available. Marketing Budgets should be part of the annual budget process and updated each year in line with marketing objectives for the year ahead. </li></ul>www.yourvirtualboard.com.au Item Completed Cost Measure Leaflets for builder mail out 30 th July $ 500 Response to offer / increase in referrals Pay per click advertising (quarterly) 1 st Aug $ 800 Increase in web leads / sales Paid search engine optimisation 30 th Aug $ 1,000 First page listing on key word searches Email marketing 1 st July $ 250 Response from regular contact Stand at local expo 30 th Sept $ 2,000 No of leads collected / sales on the stand Advert in local press 15 th Oct $ 600 Number of calls as a direct result Total $ 4,925
    14. 14. Measurement <ul><li>“ half the money I spend on advertising is wasted; the trouble is I don’t know which half” - John Wanamaker, US department store merchant (1838 – 1922) </li></ul><ul><li>Without measurement we won’t know anything about the effectiveness of our marketing spend. </li></ul><ul><li>Today with the internet exact stats can be produced to measure effectiveness of different approaches / campaigns. </li></ul><ul><li>Measurement is good to know what’s working (do more of) and what’s not (stop doing) and delivers trends for us to work from. </li></ul><ul><li>Measure things like </li></ul><ul><ul><li>Number of leads </li></ul></ul><ul><ul><li>How many converted to sales </li></ul></ul><ul><ul><li>Client / customer satisfaction </li></ul></ul>www.yourvirtualboard.com.au Source Leads Sales Email campaign 15 1 Pay per click 50 4 Local advert 12 7 Stand at expo 120 4 Direct mail campaign 22 4
    15. 15. Effective Promotion <ul><li>There really are hundreds of ways to market your business, and different types of businesses would have different results with similar marketing. </li></ul><ul><li>The key is effective marketing for your business, or ways to generate more leads / sales that work for you. </li></ul><ul><li>There is no one size fits all. </li></ul><ul><li>Some low cost ways of marketing include; </li></ul><ul><ul><li>Cold calling </li></ul></ul><ul><ul><li>Speaking engagements </li></ul></ul><ul><ul><li>Social media (Facebook, Linked In) </li></ul></ul><ul><ul><li>Blogging </li></ul></ul><ul><ul><li>E newsletters </li></ul></ul><ul><ul><li>Networking off line </li></ul></ul><ul><ul><li>Writing articles for local press </li></ul></ul><ul><ul><li>Alliances with local businesses (cross referrals) </li></ul></ul><ul><ul><li>Direct mail letters and promotional pieces </li></ul></ul><ul><ul><li>Educational seminars </li></ul></ul><ul><ul><li>Hosting events in your office </li></ul></ul><ul><ul><li>Letter box drops </li></ul></ul><ul><ul><li>Online directories </li></ul></ul><ul><ul><li>Print advertising </li></ul></ul>www.yourvirtualboard.com.au
    16. 16. Marketing Do’s and Don’ts <ul><li>Do: </li></ul><ul><li>Regularly review your marketing strategies to meet changing situations. </li></ul><ul><li>Focus on your customers' wants and needs, not on what you think you have to offer. </li></ul><ul><li>Find a niche - small businesses tend to succeed by offering something that's a bit different. </li></ul><ul><li>Don't: </li></ul><ul><li>Waste money on promotional opportunities that don't fit with your strategies. </li></ul><ul><li>Neglect building networks to help you promote your business and build your reputation. </li></ul><ul><li>Forget to assess the effectiveness of your strategies. </li></ul>www.yourvirtualboard.com.au
    17. 17. 5 Common Marketing Mistakes <ul><li>Too broad a target market (who you're selling your product or service to). </li></ul><ul><li>The wrong target market. </li></ul><ul><li>Looking for your target market in all the wrong places. </li></ul><ul><li>Not a compelling enough message. </li></ul><ul><li>Not getting in front of your target market often enough. </li></ul>www.yourvirtualboard.com.au
    18. 18. Final Words <ul><li>Do your research </li></ul><ul><li>Have your message right </li></ul><ul><li>Make sure your message is consistent and meaningful </li></ul><ul><li>Have the right tools </li></ul><ul><li>Create a sales funnel </li></ul><ul><li>Keep in touch </li></ul><ul><li>Track, measure and improve </li></ul>www.yourvirtualboard.com.au

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