These steps will help develop a comprehensive small business marketing plan
Writing a comphrensive marketing plan requires thought and structure. Follow these eight steps will help guide the process.
1. Mission
- Creating a mission is the line of sight for long-term end-result or achievement. The mission may include a number of objectives, strategies, initiatives and tactics all used to achieve the mission, but the mission is the biggest and most important thing to be accomplished.
- Mission statements are typically represents a non-financial achievement that a CEO creates to guide the company. The mission represent the “what” versus the “how” and similar to a vision statement which looks to the future.
2. The Objective(s)
- An "objective" identifies and communicates the execution and action coordinated. While the aim or an end, it is not necessarily the final achievement; which is the role of the mission.
- Objectives are what’s, not how’s, but they are smaller than a mission. There can be a number of objectives to be achieved in order to achieve a mission, but there is usually only one mission.
- Eamples of objectives which might be included in a plan:
- lncrease Attach Rate
- Grow Earning Assets
- Increase XXX Volumes
- Maximize XXX Profit Capture
- Expand in X country or region
- Globalize processes and systems to drive productivity
- Align seller incentives with strategic objective
- Marketing objectives requirements:
- Follow the same rules as the sales objectives, and be Specific, Measurable, Attainable, Relevant and Timely
- Establish the want to accomplish based on looking at the market data and target audiences
- Address each group in our target market
Tip: Marketing Objectives usually contain these words with specific numerical targets: gain (you want to obtain something), increase (you want more of something), maintain (you want more of the same)
3. Strategy
- A "strategy" is how to achieve an objective, goal (or even a mission). This represents a thoughtfully constructed plan or method or action that will be employed to achieve the result.
- Strategists are people who excel at devising schemes and plans and courses of action to achieve the desired result. As people advance in their careers, they often move from being more of a "doer' (execution, tactics) to being more of a "thinker" who works with other to deploy the ideas (developing strategies to achieve objectives and solve problems).
- Our marketing strategies should be:
- 'How we will accomplish the objectives
- About making clear choices that make XXX's value proposition more competitive differentiated and more compelling, about how to compete by uncovering a significant meaningful insight about how to win.
Tip: Marketing Strategies usually begin with action words like, 'leverage', 'educate', 'promote' or' communicate'
4. Executions and Initiatives
- Executions are what can be done to deliver on or coordinate a strategy. They are definitely a what...not a how.
- These represent marketing campaigns, product launches, the rollout of new financing offerings,
- Although execution is more about doing than thinking, it is still critical. A poor execution will prevent us from delivering on the strategy that will achieve our objective.
5. Tactics
- Tactics are devices or actions taken to achieve a larger purpose. They are also a what, not a how, but they are on a smaller scale than an execution.
- Many people often confuse tactics with strategy and also confuse tactics with execution, but there are differences, even if they are subtle.
- In XXX, tactics might be a financing promotion, a seller incentive, etc.
Next- Steps 6 through 8
.
6. Measures of Success
- Evidence of impact
- Measurable, quantifiable, trackable over time
- Marketing, measures of success can be:
- An attitude based: a person's held belief A folloewed by an action and now they hold belief B
- Behaviorial based: Target audience X did Y as a result of our communications. For example: Asked for information, purchased something, increased the amount of the purchase, increased the frequency of purchase, avoided an adverse behavior (did not lose customer, retained them)
- Revenue based: Sales increased X percent in Y time frame
- Acquisition based: Acquired X number of new customers in Y time frame
- Savings based: As a result of implement X changes, Y savings were achieved
- A return on investment: Spent X amount of dollar s and generated Y return
7. Critical Success Factors and Dependencies
- What are the key things you need to get right for the plan to be successful?
-This is a good check for you so you can be sure you have these items highlighted in your management system so you track them early and can spot if these items are getting off track and can correct them before it is too late.
8. Management System
- A management system is the framework of processes and procedures used to ensure that an organization can fulfill all tasks required to achieve its objectives
- Include
- Your key milestone dates for the plan
- Your cadence of calls with the Geo leaders to secure buy-in, interlock on plans, review and approve plans, check point on execution
- For example, here's a calendar for counting down to the start of Q1 that would be paired with a marketing plan template that would be used by the team.
Embed these eight components into a project plan with a timeline.
Related articles: