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What our members have to say...
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"I am amazed at the response from the network. In two days I have received six responses from interested investors. I was somewhat sceptical before is put my business on AIN. But not now. The enquiries look very genuine and now it is up to me. I think this service is well worth a try for any entrepreneur looking for funds."
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Gary Isaacs - www.izdot.com |
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The 5 Step Marketing Plan for Business Success
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I am excited to provide a 5 step Marketing Plan to suit any size business and a variety of complexities, from a two-page plan for a start up, to a 50 page Fortune 500 masterpiece. Whatever length and complexity suits your needs, you are guaranteed to have a plan that will help you grow your business, respond to the market and your customers and make you truly successful.
The 5 Step Marketing Plan (in a nutshell)
1. Situation Analysis
2. Market Goals
3. Marketing Strategies
4. Budget & Action Plan
5. Metrics & Adjust
The 5 Step Marketing Plan (in detail)
1. Situation Analysis
This can be a simple few sentences or a large-scale analysis. It should contain the following items:
• Product or Service Definition: Create a clear definition of the product or service you offer, its features and benefits and any significant advantages over competitor products.
• Market & Customers: the market should be defined in terms of $value, the number of people served, their demographics (age, gender, interests, lifestyle, preferences, etc) and geography (location), buying habits, motivations and needs. Where do they get their information (TV, magazines, newspapers, social media, etc). Make sure you do not make your market too large and diffuse; by choosing a niche, you can be more specific and probably better serve your customers and dominate that niche.
• Competitors: For each competitor, define their products, market share, growth, strategies, and its’ strengths and weaknesses.
• Other External Factors: What are the new developments and trends in technology, government regulations, economics and information needs related to this industry and market?
• Opportunities & Threats: Define new opportunities and threats facing the market, the company and its products.
• Strengths & Weaknesses: Define the strengths and weaknesses of your company and its products.
2. Market Goals
• Define an over arching goal for the time period of the marketing plan (possibly revenue, unit sales, or profitability)
• Define specific goals: should be objectively measurable, with a timeline and who is responsible
3. Marketing Strategies
• Product Position statement/Marketing Message: Define why someone should buy your product (the benefits/ why it will help them). Define their need and why the problem should be solved. How will you satisfy that need and the benefits that brings. Include Testimonials
• Price vs the competition: Clearly define your pricing, fees and payment terms having made sure they are in line with your competition or provide a reason why they are lower or higher.
• Promotion: Define the most appropriate media to use for your marketing message: TV, magazines, newspapers, blogs, Twitter, Facebook, Linkedin, emails, posters, window displays, networking, word of mouth, website, public speaking, etc
• Distribution: Does your product or service require distribution to different geographies, or conveying information, meetings, etc.? How will you do this?
• Key Marketing Strategies and Tactics for Each Goal: Define specific marketing strategies and tactics to achieve each of your goals, campaigns, events, etc
4. Budget & Action Plan
• Clearly define your marketing budget and the anticipated Return on Investment you expect. This can be as simple as adding up the costs of your marketing activities and people involved, and defining the expected sales you anticipate. The Return on Investment is simply Sales Revenue minus Marketing Costs or Sales Revenue multiplied by 100 and divided by Marketing costs to give a %.
• Define your action plan in terms of what marketing strategies you will perform when, and by whom (activity, timeline, responsibility)
5. Metrics & Adjust
• Metrics are the key to success. If you don’t measure the outcome, you will not know what worked and what didn’t. Ultimately, your marketing activities must grow sales, so try to use metrics that allow you to assess how many sales came from a specific activity.
• Contingencies: review your results of the marketing activities and their metrics at regular intervals. Cut activities that do not yield results, expand those that work, adjust those where better ideas have arisen, and if it is not working, define what else you might try.
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