Business Marketing Plans
Building a customer base is essential to the growth of any business. No matter how spectacular your products and service are, you can only succeed when you’re able to attract and retain customers. Unfortunately, if people don’t recognize who you are, what you’re selling, and why your product is superior, they aren’t likely to seek you out on their own. That’s where business marketing plans will help you out, by setting you up to entice the perfect customers and hold on to them.
Business Marketing Plans Are Always a Good Decision
It’s easy to hear “marketing”, and think, “ad campaigns”, which can set off a red flag for small business owners and managers striving to maintain low operating costs. Many of today’s small businesses, fearful of an unnecessary expense, are missing out on the benefits of business marketing plans. If this is you, you can take your fingers out of your ears now, and start sharpening your pencils.
A good marketing plan isn’t just about ads. In fact, developing a strategy for marketing your business will likely save you money, streamline your assets, and maximize the ROI of channels you’ve already developed.
Anatomy of a Successful Marketing Plan
A business marketing plan is a living document that outlines a strategy for reaching target customers, focusing your resources, and directing the growth of your business. In order to accomplish all that, your plan needs to include these key concepts:
- Mission Statement — Defines the the goals of your marketing strategy. Explains what success looks like for your business, and what steps you’ll take to get there.
- Target Audience — Identifies the group that you’re trying to reach. Who are your customers? What do they care about? Where do they shop now?
- Unique Selling Proposition (USP)— This is where it gets juicy. A strong USP tells the world why your product is necessary, and sets your business apart from the competition.
- Pricing and Positioning — Locates your business within the market. Shows why your brand will be the fanciest, the cheapest, the most convenient, etc. in the industry.
- Promotional Plan — Outlines how you’re going to reach new customers. This is the part that can (but doesn’t have to) include advertising. It’s how you make your business known.
- Marketing Budget — You know what this is. For those of you who didn’t get that red flag earlier, make sure your marketing strategy fits into a feasible budget.
- Action Plan — Get down to business, and lay out all the steps you’ll need to take in order implement your strategy, and achieve your marketing goals.
- Projections and Metrics — Determine how quickly you will accomplish each phase of your business marketing plan and decide what measures you’ll use to track your progress.
- Look around the Class — Every industry is a little bit different. You should do some research to see what smart people are doing in your market.
Important Tips for Your New Plan
Companies that have established effective business marketing plans have a decided advantage over their less prepared competitors, but having a good road map doesn’t guarantee you’ll reach your destination.
Remember that a marketing plan is meant to be a living document, not one that you file away. Successful marketers and business owners will need to continuously evaluate their plan, and weigh their strategy against changes in the marketplace. Innovative new concepts for engaging customers are being developed every day, and you’ll need to keep up with them in order for your business to maintain an edge.
Fortunately, there are experts that are always happy to help your business stay abreast of the latest topics and techniques in strategic marketing. The wonderful people that specialize in developing business marketing plans at Farotech have all the latest tools and tricks ready at their fingertips, to help you achieve your marketing goals. If you’d rather do your own research, Farotech has a wealth of information available for you on current best practices and marketing tips.
Once you have a strong, up to date marketing plan in place for your business, there’s only one thing left to do: follow it! Go get that target audience, live up to your USP, and watch your business grow!