Project #3 Create a Marketing Plan
Why Marketing?
The one thing that specifically defines your targeted market and creates a path to obtain, retain, and grow your customers is your defined marketing plan. The best part of building your marketing plan is that you should get a clearer understanding of the process of creating, delivering, and capturing customer value. When I use the term “customer value” I am referring to the customers perception of the product or service you provide regardless if it’s a want or need.
Project # 3: Create A Marketing Plan
Marketing can be one of the biggest aspects of your business because without customers you won’t have a business to worry about. Spend some time on this and figure out what is going to be needed and what types of resources you will be able to apply. Here’s a simplistic outline to build your plan incorporating the five P’s of marketing. Although there is a more modern version of this, I thought it might be too broad or add excessive complexity to this article. While this project is more writing, it will add substantial value to your business.
1. Product
What products or services do I provide and how do I deliver them in a way that is unique?
What are the physical attributes of my product or the details of the services I provide?
What is the problem that my product or service solves for my customer?
Detail how my product or service specifically benefits my customer.
2. Price
Does my pricing cover my expenses and provide a profit?
What are my competitors charging and am I priced in that range?
What pricing will my market bare and do I have available inventory?
3. Place
Where are my products and services sold and how do I distribute them?
Is my product or service offered in the right place?
How will I get my product or service to my customers? In store, on-line, delivery, etc.
4. Promotion
What methods let potential customers and clients know about my product or service?
Where will my customer naturally look when they need my product or service?
What is available in my budget range that my customer will respond to?
How will I demonstrate my product will solve my customers problem?
5. People
Who are my potential customers and who can help me in my business?
Current contacts, past customers, sales associate, support staff, customer service, etc.
Customers have a choice in who to do business with, are you acknowledging them as a person?
Plan to Action
Maybe this project will open new opportunities that you can take advantage of right away (such as moving to an on-line platform) but start planning now in advance of re-opening your doors. Be ready to update your marketing plan and adapt to market changes as necessary. With a defined budget, time lined action plan, and a way to track the outcomes of your marketing plan, your business should be able to achieve a forward momentum.
Share And Help Others
I hope you can utilize this third part of five projects (one-a-day this week). If I can help you or others with even a small business tip, I will feel rewarded. You can’t do everything yourself so don’t be afraid to ask questions on my social media platforms or contact me for extra help. As a consultant, I find a great reward in transferring my knowledge and skills to help others succeed, especially during difficult times. Know that a planned execution on your strategy will be rewarded with results. Make the choice to support your business with solutions that make it even more valuable.
Please "Share" this with others. Vaughn Bonsteel is a Business Consultant and Safety Consultant helping companies and people like you understand their current situations so they can move their businesses towards their goals.
