Any business, whether small or large, knows that to succeed and make it grow, a solid marketing plan needs to be in place. While many businesses try different marketing strategies, most of them fail because there is no clear plan.
Without a plan, you’ll find you’re unable to scale your business nor have consistent growth. So, to ensure that you are on the right track to make your business successful, it is important to have a solid marketing plan.
At BAM! Marketing & PR we’ve identified 5 ways to implement a successful marketing plan:
#1 - Identify your mission and value proposition
The first step to creating a successful marketing plan is by identifying the mission of your business. This will help provide direction and identify your business goals.
On the other hand, the value proposition, which can be found prominently on the company website or other branding materials, is the overall promise of value that will be provided to the consumer.
The value proposition should outline the benefits of a product or brand, how it answers the customer's problem, and why they should be purchased from this business rather than another. This should be the foundation of the marketing strategy.
#2 - Know your target market
An industry friend remarked recently, “Most companies don’t know their competition, let alone do their research to identify them!” It’s crucial to understand the marketplace and your targeted buyer personas.
The target market for a product or brand is identified in the marketing plan. Decisions about a target market and buyer persona are frequently based on market research. Look for things like whether the business will run print ads, their social media presence, and if they participate in industry events.
Any company strategy must contain a very important component that identifies your buyer personas and their motivations. It enables you to target your business and assess its performance. Knowing your target market will assist you market to them because different demographics have varied likes and wants.
#3 - Set your KPIs
Someone said, "If you aim at nothing, you will hit it every time." If you don’t set measurable goals in your marketing plan as yourself what your benchmarks are? Those KPIs or Key Performance Indicators are metrics to measure the different elements of your marketing campaign. They help you establish short-term goals so you will know the progress of your business.
It also helps identify different elements in your business and allows you to make adjustments accordingly. For instance, if a part of your mission is to attract more customers to your brand, then you will check if your social media stats on customer engagement to check if your target market is responding to your messaging.
#4 - Define your budget
In another life I worked for an insurance agency, and one particular client meeting always resonates. The client came in to renew their policy. They were our top client and paid a hefty annual premium. Their agent went through each nuance of the policy, and when it came time to discuss the policy premium the agent told the client “To break open their piggybank!” Same applies here - you may need to break open your piggybank a bit to set aside funds for marketing opportunities that align with your strategy.
It’s best to use a template that outlines several areas of potential concentration. At BAM we use a comprehensive template initially, and work with our clients to define what key areas they need to utilize to achieve their goals.
#5 - Define your strategies and content marketing
Customer engagement is more challenging than ever. Today's consumers respect your brand's accessibility from any location, convenience, dependability, and choice. Digital marketing techniques use emails, websites, social media, SMS messaging, apps, SEO content, and more to engage your customers across multiple touchpoints.
Make sure to create several strategies to advertise your product and reach as many people as you can. Nowadays, social media is crucial, so be sure to utilize a variety of sites to meet your customers where they frequent.
Make use of and improve your website and create a landing page that direct visitors to your business. While social media is a popular option, you must not disregard the value of press releases and digital advertisements for your business too.
Bottom line, without a plan your business will not grow. The advertising techniques a company will use to market and sell its goods/services need to be clearly outlined in a marketing plan. By defining the target market, the best way to reach them, the price point at which the good or service should be sold, and the method by which the business will evaluate its performance will all be determined by the goals and strategy you set. We suggest reviewing the strategy quarterly as well as annually to continuously monitor and adjust the approaches.
Need Help? Get in touch! BAM Marketing can help you create a marketing plan that matters for your business.