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Eight Steps To A Great Marketing Plan

Step 1: Taking Stock

Before you decide where you want your marketing plan to take you,
you need to find out where you are now. How have you positioned your
business in the market? How do your customers see you? You may want
to ask some of them for feedback. Write four or five paragraphs that
summarize your business. Be sure to include philosophy, strengths
and weaknesses.

Step 2: Setting the Goal

Once you decide where you are, you can decide where you want to go.
What you're trying to accomplish? Do you want to increase sales?
Change the perception of your business among target audiences?
Generate more store traffic? Enter a new market where you may not
have much experience?

After you have answered each of these questions or any others you
come up with, you want to make an outline for each of your goals, and
be specific. While you should be optimistic, you will also need to be
realistic. You need to be realistic in what you expect your marketing
plan to do. Also, while it's fine to have multiple goals, be sure to
prioritize them so you can create a realistic plan to achieve them.

Step 3: Hitting the Target

Who are your target audiences? If you say "everyone," you need to
rethink your answer. Even the largest companies don't market blindly
to every individual. They break their audiences down into distinct
profiles, or niche markets, and create messages and vehicles designed
to reach each segment.

Define your niche markets as clearly and specifically as possible.
If you're reaching out to businesses, describe which type, including
the industry, revenue level, location and other important
characteristics. If consumers are your audience, describe their age,
sex, income level, marital status and other relevant facts. If you
identify several market segments, rank them in order of priority.

Step 4: Researching Your Plan

Now that you've outlined where you are and where you want to go,
it's time to determine the best way to get there.

Nothing will get you where you want to go faster than research.
Information about your target audiences is available from a variety
of resources, many of them free.

So be sure to take some time to find out about the demographics
(physical characteristics) and psychographics (psychological
characteristics) of your target markets. Demographics outline such
factors as age, geographic location and income level. Psychographics
offer insight into trends, buying habits, market segments and the
like. American Demographics magazine has a Web site
(www.demographics.com) that offers access to articles about various
consumer and business market segments.

Trade associations and publications are often great places to start
your research, especially if you're reaching out to businesses. Use
your own and your target industries' trade resources for market
information. Many associations have Web sites, and many publications
are also available on the Net. For information about consumer
audiences in your region, try your state or county's department of
economic development. In addition, the SBA offers limited help with
market research.

Once you've gathered this information, write a detailed profile of
your audience segments. Include all the demographic and psychographic
information you've gathered. For instance, if you're selling a
product to homeowners in Smithville, USA, find out what percentage of
people own homes in Smithville. What is the average household income?
Do most homeowners have children? The more specific your profiles
are, the better.

Step 5: Planning the Action

This is the crux of your plan. For each goal you've outlined, create
a strategy, complete with your key messages and steps that will help
you accomplish the goal. Don't forget that you have many tools at
your disposal.

As you examine each of your goals, conduct a mini-brainstorming
session. Consider the best ways to get your message out. You may
decide to use newspaper, radio, TV, magazine or outdoor advertising;
direct marketing programs, including postcards, sales letters,
fliers, business reply cards, newsletters or toll-free response
numbers; or public relations elements such as publicity, events,
speaking engagements, sponsorships and opinion polls. Perhaps you can
accomplish your objectives and cut


costs by teaming up with related,
non-competing businesses for in-store promotions or cross-promotional
campaigns. On-line promotional opportunities are more abundant than
ever, so consider designing a Web site or uploading information into
a news group or special interest forum.

Write out each strategy, and beneath it, list key messages and
tactics. Here's a sample:

Strategy: Position myself as the market leader in lease purchasing
in my community.

Key messages: DeFiore Enterprises is a reputable, trust-worthy name
in lease purchasing your home.

Tactics: Approach local community colleges about teaching a home-
buying class using the niche of lease purchasing.

Propose a feature story to a local paper about "10 Things to Look
for When Buying a Home," with you as the expert to be quoted. Create
a brochure entitled "Secrets of Buying a Home With The Lease Purchase
Advantage." Offer it free to people who call.

Issue a press release about the free brochure to local media. Send
informational brochures to real estate agents and mortgage brokers
who refer home buyers to you. For each step you plan, keep asking
yourself, "Why should I do this?"

Don't decide to do big, splashy promotions if you really can't
afford them. Smaller, more frequent communications are much more
effective if your budget is limited. Don't forget to send
communications to your networking partners.

Finally, be sure the promotions you've selected project the right
image. If your audience is conservative, don't stage an outrageous
promotion. Similarly, if you need to project a cutting-edge image,
make sure your efforts are sophisticated. Also, be sure you have made
friends with the media. Update your press package to reflect changes
you have made.

Step 6: Budgeting Your Resources

Home business owners believe marketing is an optional expense. This
is one of the most tragic myths in business. Marketing expenses
should be given priority, especially in times of slow cash flow.
After all, how are you going to attract more business during the slow
times if you don't tell customers about your business? Take a
realistic look at how much money you have to spend on marketing.
While you shouldn't overextend yourself, it's critical that you allot
adequate funds to reach your markets. If you find that you don't have
the budget to tackle all your markets, try to reach them one by one,
in order of priority.

For each of your tactics, break down each expense and outline the
estimated cost of each. For example, a brochure includes writing,
photography, graphic design, film, printing and delivery. From there,
you can beef up or pare down your plan, depending on your financial
situation.

Step 7: Timing Your Projects

Now that you've broken down the steps involved in each activity, be
sure you set aside the time to accomplish the steps for each project
and set a deadline for each project. Again, make sure you're not
overextending yourself, or you may get burned out. It's better to
start with smaller, more consistent efforts than an overly ambitious
program you'll never complete.

Step 8: Ready, Set, Now Go For It!

With the above steps you now have in your hands the most effective
"to do" list you'll ever write. You have prepared a document that can
help you reach your market segments from a position of knowledge and
expertise instead of from shoot-from-the-hip hunches.

Now you need to use your marketing plan. Make it a part of your "to
do list" every day. Will it grow and change? Sure will. Also, as your
business reaps the benefits of your initial strategies, you may want
to increase the scope of your marketing. If you find something is not
working, change it.

Remember, consistency and continuity, delivered with a dash of
creativity, give you the formula for successful marketing.

Copyright 2004 DeFiore Enterprises

About the Author

Interested in having your own successful, home based creative real
estate investing business? Chuck and Sue have been helping folks
start successful home based businesses for over 19 years, and we can
help you too! To see how, visit http://www.homebusinesssolutions.com
for the latest FREE tips and tricks, educational products and
coaching in creative real estate investing and home based businesses.

 

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Home based business ideas. Best home business and home based business ideas.Spiritual marketing your home based business ideas. Namaste.
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