Marketing Plan 101: Back to the Basics
A marketing plan is an essential aspect to your overall business. Whether you are just starting a business or growing your current business; a plan can help you navigate how to get started and where to go next. A marketing plan is your map to reach your ideal business destination. Now that we have established a plan is necessary, let’s get to the basics of creating one!
The 5 steps to establish your first marketing plan:
Before you develop any plan, it’s a necessity to research the potential market for your product or service. Market research is an integral part of the process in order to ensure your marketing strategies are correct. Marketing without a target will lead to a huge headache and a waste of your money.
Method of Distribution
How will you deliver your product or service to your clients? Online ordering, retail, through sales agents, events. Identifying which methods you will use to serve your customers defines the market strategies you will choose to implement. Ex. If you are strictly an eCommerce store, buying a trade show booth won't be a high ROI strategy to lead people back to your online store.
Once you know where your audience is, you must go there. We suggest developing 2-4 action items per month to get your product or service in front of your target audience. These strategies should put you directly in front of the right people, meaning you don't do everything, you do what is effective.
Create your budget:
Let’s talk about money! Establishing a budget is so important. You can not manage what you don’t mention. Getting your budget in front of you not only allows you to get real about where you are at, but it shows you what is doable in the moment to move your business forward.
Bonus tip: Schedule Review Dates
Depending on how far out you develop your marketing plan, we suggest you schedule a review date. On your review date, you should figure out what you should start, stop, and continue. Our team suggests you visit your marketing plan monthly.
Whether you have been writing a marketing plan for a while or just getting started; these tips are a great reminder of the essential steps that the development of every plan should include. As Tony Robbins said “Stay committed to your decisions, but stay flexible in your approach” Once a marketing plan is established, remember that this is a working document and ever changing to meet the needs of your audience.