You have a business. You have a vision of where you want to take it. You have a detailed budget. Now all you need is customers.
A business without marketing is like a sailboat on the sea without sails. It simply won’t go anywhere. You need to get the word out about your business. But more than that, you need to tell people who are likely to become clients.
If you have a tech-based company aimed at people in their teens and 20s, marketing in the newspapers is a waste of money—that group of people get their news online now. If you have a company that sells walkers to retired people, maybe you DO want to market in newspapers, since that demographic still reads them!
So building a marketing plan isn’t as simple as buying ad space everywhere and hoping people notice. You have to spend some time developing a plan, determining who your target market is, and how you are most likely to reach them.
Who Are You and Who Are Your Customers?
Before you begin implementing a marketing strategy, you need to really understand what your company is all about and who your best customers are. The rest of your marketing plan will flow from here, so you need to have clear knowledge on these two things.
Determine Who You Are and What Things Look Like Right Now: Before you start looking to the future, you need a clear understanding of where you are. Do you have a Mission Statement and Vision Statement that identify what the company is about, who you are, how you do business, and why? Do you know what your Unique Selling Proposition (USP) is that sets you apart from your competition? What is your Brand? What do last year’s numbers look like? (Return On Investment, Cost Per Click, Cost Per Lead, Conversion Rate)
Determine Your Strategic Objectives: Once you’ve determined who you are as a company and you have an understanding of your history, you need to figure out your Strategic Objectives. If you know where you are and where you want to be, you can more easily create your road map. As per Chron.com, your Strategic Objectives should include targets for increased Market Share, Strengthening Financial Resources, Physical Resources, Productivity, Innovation, and Action Planning.
Interview Your Current Customers: If you really understand who your best customers are and why they chose your business, you can tailor your marketing strategy to find more customers like them! Talk to your top three customers and ask them:
- Habits and interests
- What do they like about you?
- How often do they buy?
- What do they buy?
- Where do they live?
- Why do they buy from you?
- What would have them stay loyal to our business?
Once you’re armed with this information, you’ll have a better picture of who your ideal clients are and how to find them. From here, your marketing plan can really start to take shape.
In the next parts of our Marketing series, we’ll look at your competitors, SWOT, social media, and more!
If you feel you need some help figuring out what your marketing strategy should look like, contact TMH Business Coaching today for a confidential, free, no obligation consultation to propel you forward. Also, please feel free to add yourself to our weekly coaching tips email!