Creating a Marketing Plan – Win and Retain Paying Customers
- Articles, Blog

Creating a Marketing Plan – Win and Retain Paying Customers

What’s up Fish Fans! My name is Marcus. You’re watching Marketing Madness, the Blue
Fish vlog! Our goal is to address common questions that
business owners may have about marketing, sales, and business. In this video we are going to dive into marketing
plans. The need for a solid business plan is understood
and known by pretty much every entrepreneur. What isn’t talked about enough is the need
for a marketing plan. Your business plan outlines how your business
will operate, and the marketing plan outlines how your business will win and retain paying
customers. A good marketing plan lines out all the tools
and tactics you’ll use to achieve your sales goals. Think about this as your plan of action: what
you sell, who will buy, and the strategies to use will generate qualified leads to increase
your close rate. Let’s take a closer look at a marketing
plan that works: Step 1 would be to take a look at your company’s
current situation. This is called a “SWOT analysis.” SWOT stands for strengths, weaknesses, opportunities,
and threats. If you do a Google search for SWOT you’ll
typically find a 4 quadrant drawing that has boxes that represent each of the items In Step 2 you need to be able to describe
your target demographic and marketing audience. Create a simple, one-paragraph profile that
describes your ideal prospect or audience. Use as much detail as possible. We have other videos where we go into detail,
but you want to cover demographics like age, gender, salary range, physical location, family
composition, lifestyle choices, etc. Also, ask yourself these questions: Are my
customers leaders or followers? Timid or aggressive? Introverted or extroverted? How often are they making purchases of my
product or offering? Are they the end user of my product or service? This also applies if you are in the business
to business market, you’ll want to build a profile according to the type of businesses
you want to acquire as a customer. Listing out things like business type, size,
annual revenue, location, and so on… No matter who your targets are, be sure to
be as specific as possible when building out a profile. This will help optimize your marketing efforts
and spending. In Step 3 you should be able to describe your
offerings creatively and tactfully. Describe how your product or service is superior
to the competition or provides better value. If you can’t describe how it is better you
are trying to compete on price. Just a quick note that it is widely known
that competing on price is a race to the bottom. All of this analysis will allow you to accurately
position yourself and your products in the market. Positioning is a video series in itself. In Step 4 you’ll list out your marketing
goals. When creating a business plan, most businesses
outline the measurement of tangible goals. This leverages sales numbers to quantify your
dollars earned or spent to earn. The same should hold true when creating your
marketing plan. You need to set goals, develop mechanisms
of measurement, and then quantify your investment. This will help you know when your marketing
is working and helps keep your marketing agency accountable. Step 5… Develop a winning strategy. Previously you identified your objective and
profiled your prospects that will help you reach your target. Now you need to plan out exactly what strategies
you will use to reach the intended prospects and achieve your goals. Keep in mind that you may have prospects at
different stages of the sales cycle and that needs to be reflected in your marketing. Cold prospects will need to have a different
message than warm or hot prospects. Be sure to plan your marketing efforts keeping
the sales cycle in mind. This will be a key difference maker in progressing
people through your pipeline. To complete the strategy section, outline
your primary marketing strategies and include a variety of tactics you’ll use to reach
prospects at any point in your sales cycle. For example, you may use Search Engine Marketing,
Google Adwords, or Facebook Ads to reach cold prospects. Step 6 is the one most of you struggle with. In step 6 you need to set the budget. To set a budget it’s often suggested that
you allocate a percentage of your projected gross sales to your annual marketing budget. I’ve covered how to set a marketing budget
in a previous episode. We will make sure there is a link to that
video in the description. Watch that video after this one. There is solid math, backed by the SBA, behind
how much you should be spending every year on marketing. Remember, marketing is essential to growing
a business. Henry Ford is known to have said, “A man
that stops marketing to save money, is like a man that stops his watch to save time.” Well, that’s a wrap for this week! I want to thank you for checking in. Make sure to hit that like button. And if you have any questions or comments
leave them down below. If you want to talk about how Blue Fish can
help you grow your business just send us a message and we’ll get the conversation started!

About Ralph Robinson

Read All Posts By Ralph Robinson

Leave a Reply

Your email address will not be published. Required fields are marked *