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STOP Building Your Marketing Plan Now!!!
When I ask someone what is their marketing plan the answer usually can be netted out into READY>FIRE>AIM>DID I HIT ANYTHING?
They started with a “great idea” and invested time, energy and precious resources because someone said just get started. Well how’s that working for you?
Why Creating an Executive Summary will save you time/money and produce much better results.
What is an Executive Summary and why should you start first with this step?
When I work with my clients we develop a Strategic Business Plan. We begin by first identifying where they are and draw a picture of their Roof & Pillars. The Roof represents their high level Goals for example the revenue that they have produced. The Pillars are the Strategic initiatives that are the reasons why the results were produced. Then we create your Three Year Vision to provide focus, direction and consensus. Getting clarity upfront is critical to the process.
Marketing is normally a Strategic Pillar for most businesses and requires a specific plan.
Now you are beginning a Marketing Plan. Most people do too much and make them far to complex to follow. I recommend that you start by creating an Executive Summary that includes the following steps. Until you can clarify the answers to these questions don’t spend another dime on marketing.
Step 1-What is the defined Target Market?
- It might be your A+ or Tier 1 Clients (said differently this is your Ideal client) and prospects.
- Or it could be your A+ or Tier 1 Clients and prospects that are business owners.
- Or more specifically your A+ or Tier 1 Clients and prospects that are business owners in the Construction market.
What is important is that we are crystal clear on whom we are targeting.
Step #2 – What are the primary problems of your targeted market?
- If you are targeting all A+/Tier1 Clients and prospects- it could be the fact that their financial lives are becoming more and more complex as they become more successful.
- Or if they are business owners in the Construction Industry- it could be the fact that they can not retain high quality management talent needed to meet their plans for business expansion.
The more specific you are about your Niche the better you can define the problems that your market will relate too.
Step #3 – What solutions do you provide that will solve the problem?
- What specifically do you do to make their financial lives simpler?
- If they are business owners in a specific industry have you implemented a proven, repeatable approach that produces predictable results?
Do you host seminars that deal with their specific industry problems? Those that do have superb attendance levels since they are dealing with the industry problems.
Step #4-What is your Target Markets Solutions Process?
1. Have you defined the process so that you can easily explain it to your target market? This is a key leverage point –to have your clients benefit and then be able to articulate your strategy to others so that you can multiply your marketing/sales effectiveness
Step #5 –What is your Target Market 90 day action plan and when will you do the first physical action?
- Understanding the Marketing Pyramid-the 4 R’s.
- The 4 R’s are-Research/Reach/Response/Relationship
- Having a detailed plan that at a high level gets everyone focused
Begin the most important Research activities first before anything else to validate your market
Step #6- What should you do next once your research is completed?
- Recognize that this is a continuous process.
- Evaluate your market's Response.
- Every 30 days be sure to update your plan.
- Every 90 days each phase of the details in the 4 R’s changes.
- You will always be doing all of the 4 R’s.
- You should have a measurement system to augment the 4 R Process.
Together they will enable you to eventually own your target market.
Marketing needs to become a core competency. Think of it as salesmanship multiplied. When you have a good marketing function in place it will make your sales force 10 times more powerful than it currently is. Insuring that the process that I have outlined is followed will insure that you have determined the right strategies before executing the right tactics. That is what a “Stratecal” thinker does and why it is so important to become one.
The facts are that 90% of all people are tactical thinkers. To succeed you must select the right strategies first/ then develop the implementation plan and lastly become focused on strategic executions. If you can honestly say that you fully understand and practice this process then you may claim that you are a Stratecal Thinker. Congratulations as that makes you part of less than 10% of all managers that are running businesses today.
Author: Bob Molluro President/CEO
Benchmark Consulting Services
610-325-6295
