A good marketing plan is critical to success — and an important step in achieving your marketing objectives. If you expect your business to thrive, you need to look at every aspect of your marketing strategy and manage your efforts the same way you manage other areas of your operation.

You wouldn’t expect to take a cross-country trip from New York City to Los Angeles without a road map, would you? Then why would you even consider launching a product or a business without a plan?

Contrary to the beliefs of many people, marketing isn’t just advertising and selling. Your marketing efforts need to focus on your customers. How are you going to get them to buy your products or services? Let’s face it, you may have developed the greatest widget ever invented — but if no one wants it, you’ll soon be out of business.

So I encourage you to think about all these factors as you develop your marketing plan:

  • What are your marketing goals?
    Your marketing goals must support your business objectives. They address the products/services you offer, key benefits, competitive advantages and targets you expect to meet. It’s important your goals be specific, measurable, achievable, realistic and time sensitive.
  • What are your product’s features and benefits?
    Don’t just describe your product’s attributes — define the value they bring to your customers.
  • What’s your product’s unique selling proposition?
    Determine what sets your product or service apart from your competition and why someone should buy your product rather than your competitors’ products.
  • What are your product’s strengths and weaknesses?
    Conduct a SWOT analysis … looking at the strengths you should build upon, weaknesses you need to overcome, opportunities in the marketplace and potential threats you must manage.
  • Who are your target customers?
    Market segments include age, gender, occupation, employment, income, home ownership, location, ethnic background and education. It’s also crucial to know if your target market is growing or shrinking.
  • Who are your competitors?
    You need to know their strengths and weaknesses, pricing and how your product compares with theirs.
  • How will you position your product?
    You’ll need to define your image and establish a connection between your product and your target markets.
  • How will you price your product?
    Consider how your prices compare with your competitors’ prices. And be sure you cover your overhead so you’ll make a reasonable profit.
  • What’s your marketing budget?
    You want to be sure you align your tactics with your marketing strategies. Don’t waste your precious marketing dollars on promotional efforts that aren’t consistent with your marketing objectives.
  • Which elements of the marketing mix will you use to promote your product?
    There are numerous promotional opportunities, but it’s important to consider which vehicles are the most appropriate for reaching your target audiences:
  • Newspapers
  • Magazines
  • Radio and television
  • Brochures
  • Direct mail
  • Telephone books/directories
  • Billboards
  • Events
  • Tradeshows
  • Publicity (e.g., press releases, articles in publications)
  • Personal selling
  • Networking through organizations such as the Chamber of Commerce
  • Business alliances (e.g., builders, realtors, furniture and flooring stores)
  • Referrals/testimonials
  • Internet

As you develop your plan, be sure to include not only cost but how much return on investment you expect each marketing approach to deliver. And assess the effectiveness of each campaign on an ongoing basis. 

  • What distribution methods will you use?
    There are many options for delivering your product to customers including direct selling or selling through retail stores, distributors and the Internet.
  • How much time will you commit to marketing your product each week?
    Marketing is a shared responsibility among various functional areas of your organization — not only sales and marketing. Be sure your leadership team makes a contribution by participating in marketing efforts.

Hopefully, you now realize how critical it is that you develop a plan and review it regularly so you’ll stay on target. And the payoff? By measuring the results of your marketing tactics, you’ll invest your marketing dollars wisely and receive a greater return on your investment.

Judy Keneklis is owner of Keneklis Business Writing LLC (www.kbwllc.com) and Legato’s marketing communications specialist. Judy provides professional copywriting services to help you increase sales and improve your company’s image — communications that deliver positive business results.