Episode C2.004 What’s in a Marketing Plan and why

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Introduction
Every business needs a marketing plan. It doesn't matter if we are a one-person band service provider or a major corporation with 1,000+ employees in multiple locations. 

Marketing is what drives sales; without sales, we don't make the money to stay in business long-term. Without sales, we don’t have a business.

Many business leaders don't devote enough time and resources to developing a well-considered robust marketing plan but great leaders take the time to regularly develop marketing strategies and plan to build a company with a purpose.  

In this show we’ll cover the essential elements in a Marketing Plan and why it’s important - we’ll even talk about what happens when there is no plan! 

Show Objectives

The purpose of a marketing plan
...is to decide how you will sell your products or services to consumers. 

Rather than assuming your product is perfect for everyone, the plan focuses on key people who are most likely to buy the product. 

The importance of having the plan.
Planning and strategies are important because they make sales easier for any business owner. When you target your ideal customer in a smarter way, you reduce the costs of marketing and increase your chances of converting leads into sales. 

Essential Elements

1. Look at your industry structure
2. Conduct market research
3. Define your market and customer profiles
4. Conduct a SWOT analysis
5. Study the competition
6. Set your goals and objectives
7. Outline your marketing strategies 
8. Set your marketing budget
9. Keep your marketing plan up-to-date

What You Need to Do

1. Follow the questions asked in this show - take notes of things that need more time or more input.
2. Write a checklist for yourself of resources you want to tap into and research you want to do to get more information about your business, your industry and your clients.
3. Conduct a marketing SWOT analysis
4. Start a repository of ideas (spreadsheet) and of thoughts, concepts, campaigns.
5. Listen to this Show as a podcast, over and again and each time you’ll have a new takeaway, a new task and some new ideas.

Shows
Previous: Episode C2.003 Know your Client and your Target Market

Next: Episode C2.005 Getting Started with Social Media

Written by Vicki Abraham

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