Marketing Planning

Marketing Planning

In part one we discussed the different between what business owners percieve customers want and what potential clients want and need this was a case or product/service V people/brand allure. I discussed why people/ brand allure was a natural winning combination for any business and hopeful gave you some food for thought in changing the strategy you maybe using by looking at whether your business was inline with customers wants and needs. Today I want to look briefly at the process you need to follow to plan an effective marketing strategy for your business.

The objective of your marketing plan is to grab the customer and retain them for as long as possible, this is easier said than done, however following a step-by-step approach can guide you in the right direction. Below I have broadly set out a marketing plan.

1. Define business objective – You would be amazed at how many business owners we at The Internet Business Coach speak to who just can not define the objective of their business (Note: STOP! if this is you before continuing to read do this). How can you approach a potential customer if you cannot answer this. Your objective/s need to be short and succinct – if you can not do it in 100 words or less something is wrong and you need to rethink!

2. Establish market environment variables like competitors, customers’ behaviour. If you never study the competition, your business stands to lose, ask yourself if they are more successful than you what is it that they are doing that you may not be doing or getting right, what brand allure are they using to attract customers, how and most importantly where are they marketing? Is their marketing targetted at specific groups? All of the answers to these questions can help you overcome any current issues you have with gaining new business. Customer behaviuor is very important and as mentioned yesterday customers do not buy products/service but people and brand.

3. Define your market and customer profile. – to define your market you must first define your customer profile, i.e. where are they,? what is their key problem? then you can look at the market, where can you find them?, how do you reach them and so on.

4. Define your positioning, branding, pricing and promoting strategies – We discussed your positioning and marketing brand in part one and will discuss in more detail pricing and means of promotion in part three.

5. Establish an implementation plan. – At this stage you have already done most of the true hard work and now you need to think about how you use all of the data you collated to implement and execute your marketing plan of action. This in itself is no easy feat and if planned incorrectly can cost you time and lost money. Take time to write this down look at the time period over which this specific plan will be implemented and how this will get done i.e. your marketing mix.

6. Allocate financial and human resources. – The key here is to ask yourself how much of this can I do myself, what do I really know and could someone else do it better. If you know in your heart that you cannoot give this task X hours per week/month of undivided attention because your business demands are great or you simple do not know enough or the learning curve for you will be to steep then you really need to allocate enough money to your marketing campaign to cover outside help and the acual marketing itself ‘ it is better to plan to cover this cost in your product/service sale price then to try to do everything and end up doing nothing or half doing it where you ultimately end up with no new business and financial loses.

7. Identify the metrics for plan evaluation. – Basically this is a fancy way of saying what method/s you will use to monitor your plan and by what will you measure it i.e. collection of data, resources, schedule, quality, scope and problems. Keep reading the posts on this blog for how to do this.

8. Implement the plan. the D-Day of your hardwork is finally here in the words of Nike’ Just Do IT’.

9. Evaluate its effectiveness based on the set metrics – Now you are at the stage of checking to see if what you thought was going to happen and if not why not and how to change it, if it did go according to plan, how to contniue to do it or get potentially better results.

10. Define opportunities for long-term market development on the basis of the results. – This one speaks for itself, if it did not work well tweak, if it did rinse and repeat. In  part three we will look at online and offline marketing, see you then. If you like this article and wish to republish it please leave it intact crediting it with a do follow link back to http://www.theinternetbusinesscoach.co.uk/blog

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