These days, most people won’t back out of the driveway without first switching on their trusty GPS navigation system. It just makes sense: Why cruise aimlessly when one device helps bypass all of the directional drama that lies ahead?
These digital kings of the road get drivers to their desired destinations faster, offering up shortcuts, detours and traffic information. Aside from convenience in travel, they potentially save money (in fuel). With such great benefits, it’s no wonder experts expect more than 900 million GPS devices sold by 2013, according to a study by ABI Research.
Such sales projections prove one thing clearly: People want to know where they are going – at least in terms of their daily travels. If we place this much importance on getting around town smoothly, as business owners and managers, shouldn’t we invest in resources that similarly map out our company’s future course? After all, it is our livelihood sitting shotgun.
Imagine what business might look like with a device that guides us around those economic potholes and takes us directly to the target consumer? For the answer, “ Turn Right ” at 2010 Marketing Plan.
Yes, we at Bon’s Eye feel marketing plans represent the GPS systems of the business world. Still, we’re always surprised at the number of companies that hit the enterprise freeway without a tool to chart the course. To us, that’s like navigating by way of stars – in the middle of the afternoon.
Since it’s not easy to stop and ask for directions in the middle of a consumer draught, it’s better to plan ahead. There are plenty of great marketing firms offering extensive plans for businesses of all sizes. Still, there are simple measures you can take now to draft out an effective map for the upcoming year.
Creating a Marketing Plan For 2010
- Compile any customer information collected to date. This might include, but is not limited to: The average age range of the client, customer location (your market reach); estimated ratio of female buyers to male buyers, hangouts, interests, income, values, etc. If this data is not on file, it can be collected through a consumer survey, questionnaire, poll, research through industry associations, etc. Work to identify the customer base you want to reach, but have not so far. Summarize all of this data at the beginning of the Marketing Plan, as it will steer our strategies. Having a general profile of your target audience will come in handy when conceptualizing effective marketing efforts and messages geared toward specific demographics. This data should reveal spender trends, allowing you to direct marketing at the ideal consumer.
- Characterize your product/service: Include purpose and price points. Identify ideal regions for selling product/service. Research competition’s marketing (ad placement, commercial spots, signage, etc). Identify what separates your service/product from the competitors. What do customers appreciate most about your business? What could be changed to provide a better end product/service? Align this information with your target audience profile. This will allow you to decide what products/services best fit the consumer’s needs, likes, expectations. From this, separate products/services into two categories: Easy to promote & Need to repackage purpose/message. The “Easy to promote” section should include just that – items that speak to your audience’s needs. Clearly, continue promoting these products/services, possibly even doubling efforts. The “Need to repackage purpose/message” section should include those items that don’t sell so quickly. You need to create a marketing approach that shows the target consumer why these products/services make sense for their lifestyle. Aim to find a common thread between the product/service and the consumer’s wants.
- Identify most-effective marketing methods to date: List strategies that produced the best results – newspaper ads, referral program, promotional events, etc. Compare return on investment (if applicable). Can successful strategies be improved?
- Allocate budget: Realize that marketing is a continuous approach, not a temporary effort. Therefore, don’t invest all efforts and money in the first quarter. If funds are an issue, we recommend testing one or two strategies per month, having a more accumulative approach. The tendency for many businesses is to frontload the budget because of eagerness to get customers right away. This, however, can produce drastic results as not all strategies are effective throughout the entire year. For instance, it’s not necessarily the best move to run a bunch of television spots in the dead of summer – most people are outdoors. Instead, break down your overall monthly expenses and commit a portion of money to marketing. View it as a necessity, like the electric bill. Still, have more affordable options (backups) ready should your business experience a down month and have to cut back. The most important rule in marketing is to keep in front of the consumer.
- Identify grassroots backup strategies: In case of a budget-tightening month, create a list of other strategies that can provide results for less. It’s important to set realistic expectations. These are free methods, and many other business owners are vying for a piece of the saving’s pie. Examples: In some cases, businesses might be able to garner sponsors for promotional events that serve a larger purpose. Press releases offer free coverage – however not all go to print. Direct mail campaigns. Networking events.
- Conceptualize Strategies: Now, you should have a better understanding of:
Your ideal customer in 2010 (based on customer profiles)
- Products to be promoted in 2010/ Those needing a rejuvenated approach
- Past marketing methods to keep and those to scrap
- Monthly budget for marketing expenses
- Free/cheap backup strategies
It’s time to put this information to work and create a month-to-month strategy list. Creativity goes a long way in marketing. Consumers are inundated with commercials, ads and so forth. It takes a truly unique effort to stand out. So whether investing in traditional methods (like print ads, commercials, signage), or creating outside-the-box efforts – make sure the product’s promotion does not blend in.