Time-pressured business owners may be so focused on running
their companies that they often fail to devote time to marketing
their services and products.
Time-pressured business owners may be so focused on running their companies that they often fail to devote time to marketing their services and products.
The California Society of CPAs (CalCPA) points out that marketing your business is critical to future growth because it can help build and retain a loyal customer base.
CONDUCT ANALYSIS
Before mapping out a marketing plan, you need to clearly establish your business’s current position in the marketplace. This should comprise a description of your current products or services and include a competitive analysis.
BUILD YOUR BRAND
Determine what distinguishes your company from others in the field. If you’re unsure, conduct a survey of the marketing base you are trying to reach. Finding out what they value will assist you with branding.
IDENTIFY AUDIENCE
Knowing who your customers are, what they want or need, and what motivates them to buy are the keys to effective marketing. If you’re marketing to consumers, define your audience profile based on demographics, including age, gender, marital status, income level, education and other relevant characteristics.
SET OBJECTIVES
Now that you have a sense of where you stand and who your customers are, you must elaborate on your branding program by determining how you want to position your business to get the results you want and incorporate this information into clear marketing objectives.
For example, do you want to increase sales? Build awareness? Launch a new product or enter a new market? Your objectives define the basis of your marketing plan.
DETERMINE STRATEGIES
Now that you’ve outlined your objectives, it’s time to determine the best strategy to achieve them. This is essentially the heart of your marketing plan. For each objective identified, create a tactical strategy to help you accomplish it.
For example, if your goal is to increase sales of a new snack food among teens, a strategy might be to give out free samples at a local concert or sporting event.
ESTABLISH A BUDGET
In the final section of the plan, document the costs of everything needed to fund it.
If, for example, your strategy for increasing awareness calls for an exhibit at two trade shows during the coming year, estimate the costs involved for renting exhibit space, designing a booth, staffing it, and stocking it with marketing materials.
Once all costs are documented, take a realistic look at how much money is available for marketing.
Bill Spaniel is the Public Relations Manager for the California Society of CPAs. He can be reached at 818.546.3552 or at www.calcpa.org.
