It is vital for newly established businesses or practices to have a plan of action for marketing their goods and services. Setting up a website, starting a social media page, and printing some brochures and business cards are a great start, but where do you go from there? How do you track which marketing mediums in your mix are actually working, and which ones are a waste of money? Who is responsible for the execution of your marketing methods? What marketing activities should be outsourced, and which can be done in-house? How much money should you be spending to market your business?
A marketing plan can help you gain clarity over the marketing activities in your business, quantify the cost of each new customer, and monitory the return-on-investment (ROI) from funds spent toward marketing. As part of our Business Development services – or as an individual service offering – we can coach you through the marketing plan process. This is an excellent service for new business owners, as well as established businesses who need to get a better grasp on their marketing efforts. An effective marketing plan will start with a SWOT Analysis and Balanced Scorecard, then use a Marketing Plan Outline to customize marketing activities for your business.
What if you’ve been in business for years and have already spent thousands of dollars on marketing? When you’ve established your business, built a customer base, and have an idea of what types of marketing works for you, why would you need a marketing plan? Simply put, marketing plans should be evaluated every year. This allows you to conduct an analysis of the success of each plan and make necessary adjustments to improve marketing ROI. It also allows you to project growth, prepare for increased customer flow, and set controls to monitor the effectiveness of each marketing medium.