How should you determine whom your plan should target?
No surprise here, your target audience is the primary group of people you want as customers. But you need to think beyond just the corporate decision makers (i.e., C-level executives or business owners). That’s too broad. Think about the hot buttons of those people. What size business does their company need to be to be considered ideal? What is the best way to communicate with them? Who needs to hear the message? Who has influence over your target market? Who must be moved to action in order to get a meeting, an RFP or a piece of business? What events do they typically attend? Who else is competing with you for your target audience and what are they doing to target, attract and communicate with them?
What elements should every marketing plan have?
The basics start with a description of your target market, competitors and products or services. Additionally, you’ll need to put together a marketing plan and budget, which will contain your advertising and promotional plan along with a detailed account of costs allocated for the development, creation and execution of the marketing initiatives and tactics detailed in your plan (i.e., Web site, ad creation, PR, sales collateral, SEO, social media, etc.).
You’ll also want to make sure you’ve thought through such things as geographical boundaries (i.e., do you want to be local, regional, national or global?) and industry trends. Completing a SWOT analysis of your company’s strengths, weaknesses, opportunities and threats is often very helpful in forcing yourself to better understand the nature of the market space you are playing in. Lastly, you’ll also need to determine your pricing strategy and revenue goals.
How can you measure whether your plan is reaching its intended audience?
Clearly, it is imperative that you put some kind of system in place to monitor and evaluate your efforts. Without a tracking mechanism it is difficult to know what strategies work best and those that should be either revised or not carried forward in the future.
My advice would be to design or invest in some kind of CRM system that will track new and repeat customers and allow you to determine how they learned about your product and/or services. And, should they be repeat customers, why they have returned and what new or additional services or products they purchased. Another way to track your efforts is, as you get to know your repeat customers better, to meet with them for detailed feedback and ask them for ideas and suggestions about how you can introduce your products and services to more prospects that are just like them.
Jonathan Ebenstein is the managing director of Skoda Minotti’s marketing service group. Reach him at (440) 449-6800 x7231 or [email protected].
