The Elements of a Marketing Plan
There are several ways to develop a good marketing plan. During the course of my marketing career, I have developed several marketing plans for businesses of all types, sizes and at different stages–from new businesses to new product launches. From my experience, I have learned that a carefully researched, planned and executed marketing plan is imperative to the success of any business.
The many marketing plans I’ve written and managed all included these key components
Situation analysis – What is the market landscape? Who are your competitors, target customers and what are their needs or wants?
Market opportunity – What niche exists in the market? What is your anticipated revenue? Can you build or take market share?
Business objectives – What is your business trying to achieve through its marketing efforts? For example: Is it market share, expanding your reach into an existing set of core customers, expansion into new markets or increased sales?
Key messages – Unique positioning statements set you apart from your competitors. What can you do for customers that your competitors can't? Why should they purchase from you?
Strategies – How will you go about effectively reaching your business objectives? For example: if one of your business objectives is to expand your reach into an existing set of core customers, then a supporting strategy might be an executive-level ad campaign targeting senior level executives.
Tactics – These are the specific tactical actions you will take to fulfill your strategies: For example if one of your strategies is an ad campaign to those who make the buying decisions, then a supporting tactic might be to develop a new ad that appeals to these buyers.
Calendar – Put target completion and execution dates to each tactical action item you have outlined.
Budget – Determine how much your tactics will cost you and weigh that against the additional revenue you hope to achieve with your marketing. What is the return on investment and does it make sense for your business?
Let’s delve into key messages and tactics a bit more. It is imperative to come up with a strong message that sets you apart from your competitors, but it is just as important that you get that message out consistently using an integrated approach.
Different people want to receive information in different ways. Research tells us that people have to see the same message an average of six to eight times before they actually listen to what it says. This means you have to send your message several times in several ways and the message has to be consistent for each given audience.
There are so many great ways to deliver your message. Here is a list that might help you get started:
Direct Mail – Develop intriguing postcards, packages, invitations.
Electronic Communications – Distribute attention-getting electronic newsletters, email messaging, electronic alerts.
Website – Use your website to tell your story, but make it very easy for the right people to find the right information.
Web 2.0 – Create an area on your website or an entirely different site that is interactive and includes functionality such as blogging, podcasts and RSS feeds.
Networking – Go to your local Chamber events and meet new contacts or go to other community events where there are a lot of people who are active members of the community.
Partnerships – Partner with complementary businesses for cross-selling promotional opportunities.
Trade Shows – Exhibit at a local Business EXPO or attend an industry trade show. It’s a great chance to get some business exposure and meet new contacts.
Social Media – Build a community around your business using Facebook and communicate promotions using Twitter. Putting valuable information out there will encourage people to follow you.
Press Releases – Make sure you announce all of the great stuff you are doing—adding new staff, new products or company improvements.
Use tactics which best communicate your message to your audience. Make these decisions strategically instead of doing what seems like a good idea because someone else is using the tactic. Choose your tactics wisely and make sure they will help you reach your business goals.
By Karen Nerison, Marketing Director, The Wausau Region Chamber of Commerce
