A 5-step, no-nonsense marketing plan
1. We do a situation analysis
We start with a SWOT analysis, we look at your company’s strengths, weaknesses, opportunities and threats. This involves identifying your competitors, understanding exactly how they operate and becoming familiar with their strengths and weaknesses.
Strengths are any competitive advantage, skill, expertise, proficiency, talent or other factor that improves your company’s position in the marketplace and can’t be easily copied. Examples are a well-trained sales team, low staff turnover, high consumer retention or low production costs due to superior technology.
Weaknesses are the factors that reduce your company’s ability to achieve its objectives independently. Examples include unreliable delivery, outdated production tools, insufficient marketing efforts and a lack of planning.
Opportunities are ways for your business to grow and be more profitable. These can include seeking new markets, managing technological change or addressing new consumer trends. You need to look at how your company’s main skills can be used to take advantage of these opportunities.
Threats are barriers to entry in your primary markets, such as a labour shortage, legislative hurdles or detrimental economic or political developments.
2. We develop a avatar of your perfect customer
Here we demonstrate that you know your customers inside and out, including their expectations and their whims. Your profile will include basic demographic portraits that paint a clear profile of your clients. We look at characteristics such as age, sex, profession or career, income level, level of educational attainment and geographic location.
We provide research that shows the estimated demand for your product or service as well as the rate at which that demand is expected to grow. This builds confidence within financial institutions that your business has growth potential.
It’s also important to understand exactly what motivates customers to buy. Are your clients looking for savings or a way to simplify their lives, for example, or are they just shopping for pleasure? We will ask you and your customers why they would buy your product or service. In the same vein, we want to know what keeps customers away from your competitors’ products or services. Are they too costly? Do they lack something unique? These insights will help you develop a product or service that outshines the competition.
3. We set clear marketing objectives
Here we describe the desired outcome of your marketing plan with attainable and realistic objectives, targets and a clear time frame.
The most common approach is to use marketing metrics. For example, your market objectives could include:
- total market share and segments
- total number of customers and retention rate
- the proportion of your potential market that makes purchases (penetration rate)
- the average size or volume of purchases
4. We determine your marketing strategy
Once we determine your objectives and targets, then it’s time to look at how you’ll promote your business to prospective customers.
Strategies typically cover the Four Ps of marketing:
Your choice of marketing vehicles will be governed by the profile of your target market, so we use our understanding of how different vehicles reach different audiences. We don’t always assume you have to spend money on costly advertising. If you have a niche audience, for example, you can take advantage of low-cost marketing strategies such as e-mail.
The costliest options are usually advertising, sales promotions and public relations campaigns. Referrals and networking are lower cost ways to reach customers. Digital marketing is a powerful strategy because it is inexpensive and effective in reaching target markets.
5. We create your financial plan
A marketing plan without financials has little clout. Financials can also be included in a general business plan.
One document you’ll need to produce is a budget and sales forecast. This doesn’t have to be complex; in fact, it’s wise to keep it simple. We start with the following questions:
- How much do you expect to sell?
- What will you be charging?
- What will it cost to produce your products or deliver services?
- What will be your basic operating expenses? We include recruitment costs and salaries here.
- How much financing will you need to run your business?
Answering these questions will help you determine your projected income and expenses.
A break-even analysis is another important step in developing your marketing plan. This analysis shows exactly how much you need to sell to cover your costs of doing business. If you can surpass your break-even point and easily bring in more than the amount of sales revenue needed to meet your expenses, you stand a good chance of making a profit.
Once we’ve done this important homework, we help you design a plan customized to your company’s needs.
Let us analyse and develop a new Marketing Plan for your business!
Fill out the form so that we can look at your business and put together a marketing plan that shows Return on Investment that you can recognize in your bank account!