As a small business owner, you have a lot on your plate. You have to oversee everything from accounting practices to hiring. One of the most critical components of growing your business is your marketing strategy. Developing a marketing plan allows you to identify your target audience and reach your customers. It also clearly outlines the answer to critical questions for your team, ensuring that everyone is on the same page. In this article, we’ll outline everything you need to know to boost your marketing efforts. We’ll provide you with a step-by-step guide to the things you or your marketing team need to include when crafting a plan. Lastly, we’ll give a couple of marketing plan examples you can use when designing your own marketing plan. What is a marketing plan and why is it important? A marketing plan is a document that outlines how you’ll introduce and deliver products to customers. It tends to highlight your business needs, detailing the steps you need to take to put yourself in the best position possible to sell your products. The document itself doesn’t need to be overly long, as it’s just one portion of your overall business plan. But completing it will require extensive market research. A market plan is not something you should complete overnight. Investing time up front to develop a high-quality market plan will help put your company in a better position for success down the line. As Dave Lavinsky states in Forbes, “Done properly, your marketing plan will be the roadmap you follow to get unlimited customers and dramatically improve the success of your organization.” Lavinsky also states that the right marketing plan will help you:
Whether you have a new product you’re looking to bring to market or are merely looking to change your current marketing campaign, taking time to develop a marketing plan is in your best interest. An effective marketing plan can help you acquire new customers and increase your market share. Brainstorming your marketing plan Before you begin to develop your marketing plan, you need to sit down with your marketing team and brainstorm. Below are the first things to consider when doing so. 1. Your business goals You need to consider your business goals before writing your marketing plan. Which type of product are you focusing on? What are your marketing objectives for running this campaign? How will you measure growth? The goals you define should be objective and measurable. For instance, “Increase sales of product X” is not a worthwhile goal. But, “Increase sales of product X by 10% by the end of Q4” provides you with something tangible that you can work toward. 2. Determine why a customer would (or wouldn’t) come to you Start by conducting a strengths, weaknesses, opportunities, and threats (SWOT) analysis. A SWOT analysis allows you to determine your competitive advantages and disadvantages. What are your unique selling propositions? What sets you apart? Determining why a customer would want to come to you involves much more than merely restating your business’s mission statement. You want to clearly define the purpose behind a customer choosing you over a competitor. Is using your product or service related to social status, everyday living, convenience, or something else? You should know and understand why a customer would choose you over a competitor and why they would choose a competitor over you. Since this is an internal discussion among team members, it’s better to be honest and upfront. That way, you can address your weaknesses head-on instead of allowing them to hinder you throughout your marketing campaign. 3. Identify your target customers Your target customers are the people most likely to purchase your product. Take time to figure out what your ideal customer base is. Doing so involves combining both demographics and psychographics. Demographic information includes age, gender, household income, marital status, homeownership status, and more. Your best, free resource for demographic data is the U.S. Census Bureau. The Small Business Administration’s website also offers links to a handful of online resources for demographic information that you can use as well. Psychographics involve analyzing consumer lifestyles. You may need to conduct studies to determine the buyer personas of your target market. Psychographics involve asking customers what they think about various activities, statements, and interests. Reasons for their responses could include any number of factors, like a person’s lifestyle (e.g., healthy, active), social class, activities and hobbies, values, attitudes, and personality. Psychographic information is a little harder to come by without a membership to an analytics organization like Nielsen or Kantar Media. Psychographic data measures audience behavior (i.e., why a customer might buy something). 4. Analyze your competition The most critical competitors you’ll face are the ones who are directly targeting your ideal consumer. Conduct an honest assessment of your competitors and what they have to offer that you don’t. Also take some time to analyze how they might react to your business. Are they prone to discounting, aggressive advertising, or special offers? What else might they do to maintain their brand awareness and a competitive edge? How to create a small business marketing plan Now that you’ve completed your data collection, you need to actually formulate your marketing plan. Here are the key features to include. 1. Executive summary The executive summary is a breakdown of everything that’s included in your marketing plan. Although the executive summary comes first, you should complete it last when you’ve finished everything else on the list. 2. Mission statement You’ll also want to include a mission statement in your marketing plan. Although it should probably be similar, the mission statement you use for your marketing plan doesn’t necessarily have to be the same as your company’s overall mission statement. When crafting a mission statement, consider including:
3. Situation analysis This is an overview of your company’s current state. This is where you should include information such as what you’re selling, what separates you from competitors, and your company’s best practices. The more information you can add here, the better. You’ll paint a clearer picture for the reader about what makes your company strong and what puts you at a competitive disadvantage. Not only will you want to include information about your own company, but about other market influencers as well. This is also the place where you want to add your SWOT analysis. 4. Target audience You’ve done all the work to understand who your target customer is, so spend time writing out a description of this target audience. It should be as descriptive as possible. Don’t forget to include any psychographic data you might have as well. 5. Marketing goals Transfer the marketing goals that you came up with to this section. Remember, you want to make your goals measurable so that you can see results. Having goals allows you to track progress so that you can make adjustments if need be. 6. Strategies and tactics Using your marketing goals as a blueprint, determine the strategies and tactics you’ll use to achieve them. These will include the different types of media you want to use and the various advertising or outreach tools you’ll use. This is the meat of your marketing plan. Spend time looking at your audience and determining the best way to reach them. Not every customer can be reached the same way. You can use more than one strategy as part of an effective marketing mix. For instance, maybe your digital marketing campaign involves using social media to reach your target audience. But instead of utilizing a general, “one size fits all” strategy, you decide to use LinkedIn to reach your older, professional demographic, and Facebook or Instagram to reach college students and others in a younger demographic. Or perhaps you’d rather a more organic approach, implementing a search engine optimization (SEO) and content marketing strategy. Don’t be afraid to utilize various distribution channels when crafting your marketing plan. 7. Determine your budget Your marketing budget will need to strike a balance between being high enough to make an impact but low enough not to wipe out your start-up fund. Gather costs for the tactics you outlined in step 4. If you have the option of working with multiple media outlets, gather quotes from a few so you can compare and contrast their services and value. Marketing plan examples Looking for a little more guidance regarding your marketing plan? The examples below are two of our favorites. They both give a clear indication not only of the type of information you need to include but also how thorough you should be and how you need to organize your plan.
If you’re not familiar with marketing plans, be sure to give these a read before creating your own. A successful marketing plan can help you grow Don’t overlook the importance of your marketing plan. If done well, your marketing plan can quickly become a rallying point for you and your employees — something to strive towards and succeed at. It can also be a way for you to focus if you ever find yourself uncertain about which direction to go. Take the time to create a marketing plan that works. You’ll be thankful you put time and effort into doing so. Source: https://www.msn.com
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An Important Distinction for Your Small Business: Are You Transactional or Relationship-Based?12/4/2021 As more large businesses add self-checkout options, do you see this as a less personal way of doing business or more accommodating? I suppose an argument can be made either way. Those that see it as more accommodating, it’s likely because they tend to want to be in and out with minimal friction and conversation. Whether the self-checkout line is shorter or not, it feels like it’s apt to be a quicker transaction without the trite small talk that tends to come with the cashier experience. “Did you find everything you were looking for today?” If I say no, what’s going to happen, you might wonder? Are you going to hold up the entire line behind me and search for the unfound items? File my grievance that I couldn’t find the organic almond butter I was looking for? The whole scripted conversation just seems like a waste of good energy that could be better used elsewhere. Do you enjoy a bit of chit-chat with a bank teller or do you prefer to get your cash from an ATM and be on your way? Unless a face-to-face interaction is necessary, most people are more than happy to work with a machine. Whether it’s perceived as impersonal or efficient, the truth is such businesses are showing us who they really are--transactional businesses. It’s an exchange of currency for products and off you go. Transactional businesses may as well lean into what they are best at. Move the transaction along as quickly as possible and make the shopping experience efficient. It may not be about building a relationship but it can still be excellent customer service. How so? How can a less personal experience be better customer service? Ultimately the best customer service any business can offer is to be accommodating. To meet the customer where they are. To fit into their life rather than making customers feel like they have to fit into the business’s standard procedures. The best customer service is often the result of observing how society is changing and adapting to meet the current lifestyle needs. What does almost everyone want more of right now? Time. If an impersonal experience at a retailer can give us back time, one can say that’s very accommodating. In fact, what if the time gained is better spent with people whose relationship you care far more about than a cashier? Like a loved one, friend, or business associate. Do you really want a deeper relationship with a bank teller or more time to grab a coffee with a loved one? If transactional businesses can give us all back time and control over how to best use our time, then that is excellent customer service. Let’s consider the distinction between transactional and relationship-based visually for a moment. At transactional businesses, the cash registers are lined up at the front of the store. The emphasis is on the transaction and checking out. In a high-end retail store, either no cash registers will be in view or there is a register for each department. Could you imagine seeing a lineup of registers like a cattle corral at a store like Neiman-Marcus? Similarly, you walk into your favorite local diner and there’s likely to be a register with a bowl of mints. When you walk into a fine dining establishment, at most there’s going to be a hostess stand but certainly not a register. The important thing is to fully own whether you are a transactional or relationship-based business. Somewhere in between is the real problem. Making customers feel transactional when your business needs to be based on building relationships doesn’t bode well for a sustainable business. This difference between transactional and relationship business is particularly important for small businesses to understand because most small businesses are built on relationships. It’s the promise of a personal experience that draws a customer in. It’s the relationship that keeps them coming back, and it’s the experience that motivates them to refer. The problem is without understanding the difference between a transactional business and a relationship-based business, it can be easy for a small business to fall into a transactional mode because that’s what we tend to see modeled around us by much larger businesses than our own. The most blatant example is when a transactional business, let’s say a utility company or cell phone carrier, offers a special deal for new customers only. I’m sure you can imagine how customers of a relationship-based business feel when their loyalty is disrespected when a deal is offered for new customers only. They, the loyal customer, don't get the same benefit. In fact, if you are a relationship-based business, there should be a customer loyalty program in place that honors their previous business that a new customer would never receive. So much so that I suggest there should be some benefit, monetary or otherwise for existing customers that is greater than any offer ever made to attract new customers. That’s how you build great customer relationships. So often though, modeling the big guys, small businesses get this backward. They end up catering to attract new customers at the detriment of their relationship with existing customers. The good news is small businesses that are relationship-based are now given a huge opportunity to really shine on their core strengths of personalization and relationship building. As transactional businesses become less personal, albeit perhaps more accommodating, the more businesses that are relationship-based are going to stand out. Where consumers are lacking that personal touch in some business interactions they are going to crave it in others. The division between transaction-based business and relationship-based business seems to be widening and this can be to the advantage of higher-touch businesses. Both types of businesses can win. The important thing is to know where you stand. As a small business, it’s likely to be relationship-based. So, let those transaction businesses have at it. It’s only going to make your business shine brighter and play into your core strength of relationship building. Source: https://www.msn.com
Running a successful startup is a constant challenge. While many entrepreneurs thrive in this environment, it can be hard to weather the offbeat and unexpected curve balls that the industry throws your way. Learning to roll with unpredictability is an excellent way to keep your business afloat, but it takes more than willpower and flexibility to be able to truly sustain growth in any market. Sometimes, the next necessary steps are obvious. Sometimes, however, they aren't. Growth trajectories may look different depending on the industry, but there are some steps that all startups can take to stay on the path of sustainable growth. Take full advantage of free and inexpensive advertising opportunities A key mistake that startups make is thinking that they can put marketing aside for later. Advertising, however, is a critical component of any successful growth strategy, especially in the early days While marketing may feel tedious and like a waste of resources, it can be the difference between sustained growth and total failure. Low-budget options for effective marketing include social media sharing, influencer partnerships, content marketing and mobile app development. Remember that you don’t have to drop hundreds of thousands on celebrity endorsements right away. Start by recruiting notable influencers first and work your way up. Before you spend any money on advertising, get to know your target audience deeply. Once you know who and what you’re targeting, you can prioritize marketing tasks so that your customers get the maximum benefit. Don’t be afraid to use creative marketing tactics, especially in the beginning! They can garner a lot of attention. Keep investing in top talent Everyone knows that acquiring top talent is vital for ongoing success, but this is another step that founders often hesitate to take. Resources are limited, so it's common to think that it's better to hire fewer employees and take on more tasks yourself. However, delegation is crucial for growth. If you don’t hire a team you can trust with delegated tasks, then you won’t have enough time or resources to focus on scaling your brand. Founders should also immediately look for the best possible candidates to cover hard skills they don’t have. If you understand how to recruit based on “product-market fit,” investors will be more willing to take a risk on your company. Think of hiring as a long-term investment. The upfront cost might be a little higher, but the rewards will be much greater. Scouting the best possible talent from the beginning ensures a steady upward trajectory. Additionally, putting a good employee retention plan in place can help you keep that valuable talent once you've secured it. Stay up-to-date with current technology trendsIt's a no-brainer that technology is essential for growth and success. Still, a surprising number of startups don't put enough stock in the importance of keeping up with constantly changing technology trends. One recent study showed that 80 percent of new businesses are not taking full advantage of available technologies. For example, startups can utilize new platforms like Zapier to integrate and automate their flows for a more efficient workday. Trends like artificial intelligence, automation, and mobile app development are no longer just icing on the cake for customers, especially in the wake of the global crisis. Consumers expect things like personalized experiences and convenient mobile apps as an everyday part of their interactions with your brand. To keep growing and thriving, startups must continue to invest in new and beneficial technologies. In some cases, this means that the best plan is outsourcing some of your processes. For other companies, this means putting more value in low-code development interfaces and test case management tools like Qase.io. Salesforce reports that 68 percent of marketing heads say their brands only stay competitive and relevant because of their intense focus on customer experience tech. Know when it's time to pivot Did you know that 42 percent of startups fail because they misread market demand? Researching and developing theoretical knowledge in your chosen field can be a far cry from actually jumping in and getting first hand experience. The numbers show that issues like misreading the market or a lack of competitive offerings are relatively common in startups, but they don’t have to be a death sentence. Some of the most outstanding startups changed course and became household names because they knew that the only path to growth was to pivot. "Pivot" is a word that's often whispered fearfully by entrepreneurs because it's a terrifying prospect to most. Not only can it feel like a blow to the ego, but many view it as admitting defeat or failure. Pivot doesn't have to be a negative thing, especially in the context of long-term growth. Keeping the option to pivot when necessary on the table at all times might just be the key to achieving long-term growth instead of shuttering your business and starting over. Remember that risk might be exactly what you need All entrepreneurs are familiar with risk. After all, that's the core of starting your own business. In fact, 74 percent of small and medium business owners say they're willing to take big risks in the name of possible success. However, some founders can become risk-averse over time. This is especially true if their companies are stable and faring well. In order to sustain growth, founders can't afford to lose their ability to take risks, both inside the company and outside. One example of this is ensuring that you optimize upside finances rather than focusing on cost. This feels risky because the upside gains are uncertain, but it should be treated like just another form of investment. Remember that you didn't get where you are today by playing it safe. Chances are good that you won't get where you want to go by playing it safe, either. Growth hacking doesn't have to be hard The strategies outlined in this article are all excellent starting points for getting yourself in the right frame of mind when it comes to sustaining meaningful growth. The most important thing that founders can do is lay the proper foundation of their business architecture from the start and work to make sure everything builds up from there. The innovation, passion, and entrepreneurial spirit that drove the creation of your startup should hold an important place in your overall growth strategy. As long as you can keep those traits alive, taking these steps will be easier than you think. Source: https://www.entrepreneur.com/
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