Stop, think and write down your marketing plan

By Rachel Girt

A marketing plan is a necessary strategic move to increasing your sales. The key is to have a plan - any plan – and write it down. I am not talking about creating a Mona Lisa masterpiece for all to admire. You need a workable plan that includes a budget. By the way, a good marketing plan is not measured by the amount dust collected on it. It is a living document. Once you have a plan, your mantra should be reflect, revisit and refine.

Think like your customers and competitors. Identify who your current and potential customers are and describe their characteristics. Evaluate how customers find your company through the web, word-of-mouth, advertising, etc. Know your competitors, what they offer and how they market their product/services. Ask yourself what sets your business apart from your competitors. The Wyoming Market Research Center is an excellent resource for identifying your target market and competitors. Contact your Business Council’s Regional Director (visit http://www.wyomingbusiness.org/contacts/contacts_regional.aspx) for more information or visit http://uwadmnweb.uwyo.edu/wmrc

Set practical objectives, goals and measurements.  For example, if you are a restaurant, maybe you would like to increase dinner sales on a slow night. You could offer a family discount on a certain night of the week and advertise it in the local paper, TV station and radio.

Marketing Objective: Increase dinner sales on Monday night

• Promotions Goal: Create a family night Monday night with a discount
• Promotions Goal: Sponsor a local kids’ sports team to boost name recognition
• Advertising Goal: Ads on radio stations and TV in spots under 40 demographics
• Advertising Goal: Newspaper ads on Sundays and Mondays about family night
• Advertising Goal: Post flyers about family night in key locations.
• Measurement: Increase of sales on Monday night.

Develop a budget. Establish a realistic budget, somewhere between 4-10 percent of net sales. Budget for: developing a brand identity; printing brochures; developing a web site;  joining networking events like a Chamber; sponsoring teams/events; advertising, etc.

Establish a timeline. Develop a yearly schedule of your marketing efforts and follow it.

Review & evaluate efforts. Fine-tune your marketing efforts based on your evaluation, but give your marketing efforts some time to work. Don’t have a knee jerk reaction if you do not see immediate huge results. Consistency is essential to build brand recognition of your product or services.

Write it down. Don’t let your creative marketing ideas languish among the never-ending to-do-list of small business owners. The hardest part is the first step.

Helpful links:

• Small Business Administration: http://www.sba.gov/smallbusinessplanner/manage/marketandprice/SERV_MARKETINGPLANS.html
• Wyoming Small Business Development Center http://uwadmnweb.uwyo.edu/SBDC/starting/marketing.htm

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