Nine Keys to a Successful Marketing Plan

  1. Quantified Goals
  2. Compatibility  of Professional and Personal Goals
  3. Limited Number of Reasonable Goals
  4. Synergistic, and Executable Marketing Strategies & Programs
  5. Adequate Resources
  6. Performance Monitoring System
  7. Contingency Plans
  8. Staff involvement & Commitment to the Plan
  9. High Motivation & Winning Mindset

 

To build long-term relationships, side effects achieve the highest level of customer satisfaction, and sustain success in the market place, small business owners must integrate all nine keys in the marketing plan.

  1. Your marketing goals should be quantified and measurable. Quantify goals in units, dollars, percentages, or time frames.
  2. Your professional and personal goals must be compatible. If they conflict, the result is likely to be your failure to achieve some key professional or personal goals.
  3. Your marketing goals should be limited to an attainable number. It is virtually impossible for the small business to medium sized business to achieve more than three to five marketing goals in just one year.
  4. Marketing strategies and programs should be highly focused, yet synergistic. Your product strategies should complement your pricing, sales, and advertising strategies.
  5. The achievement of marketing goals is dependent on your ability to execute marketing strategies and programs. The successful implementation of marketing plans and programs requires adequate resources. In outlining your plan, make sure that you have allowed adequate time to plan and execute programs. Budget sufficient funds for advertising, equipment, supplies,

compensation and health benefits. DO NOT FORGET TO BUDGET YOUR TIME.

Finally, consider the knowledge and skill required to implement new programs and budget time for continuing education or on-site training.

  1. Once a marketing plan has been implemented, it is critical that results be monitored. When monitored, programs can easily be fine-tuned to maximize sales, customer generation, productivity or profits. The analysis of programs or plan results can contribute the construction of more successful plans and the avoidance of problems in the future.

 

PREPARE FOR THE UNEXPECTED!

 

  1. Have contingency plans outlined. Know how you would adjust your plans or programs. If a competitor aggressively responds to your actions, a new competitor enters the market, or a program yields better or worse results than you expected.
  2. Involve your staff and spouse in your market planning. Ask your staff for suggestions. Perhaps involve them in the planning and implementation of programs. Secure your spouse’s support not only for your goals, but your commitment of funds and time.
  3. The attainment of your marketing goals requires your personal belief in and commitment to ton the marketing plan. The marketing plan and its goals must drive not only your allocation of resources, but your day-to-day critical business activities.

Any article on Marketing would be remiss if it did not include “The Marketing Mix”.

The major elements of a marketing strategy are the four P’s of marketing: product, place, price, and promotion. These four elements are self-reinforcing, and when coordinated, increase the sales appeal of a product or service. Small business owners must integrate these elements to maximize the impact of their product or service. All four P’s must reinforce the image of the product or service.

Stanley Winkelman in Fortune, (May 8, 1998, pp.14-15) stated that “ None of the modern marvels of computerized inventory control and point-of-sale telecommunications have replaced the need for the entrepreneur who understands the customer and can translate that into merchandise mix.”    

In building a successful business, It is imperative that the business owner understand the product life cycle, recognize that any activity involving movement of goods to the point of consumer purchase provides place utility, Price affects both sales volume and profits, and the goals of a small company’s promotional effort are to create a brand image, to persuade customers to buy, and to develop brand loyalty.

REMEMBER: “ MARKETING IS AN INVESTMENT IN THE SUCCESS OF YOUR BUSINESS.”

 

Nick Callazzo has more than 30 years of experience consulting to banks, insurance companies and financial institutions as well as coaching executives to help them improve their personal and professional performance. In 1985, Mr. Callazzo founded Resource Specialists, a consulting group that focuses primarily on helping companies identify behaviors that impeded either organizational or personal success. A former U.S. Marine, Mr. Callazzo is currently working with FastTrac’s Entrepreneurial program for veterans in order to help them improve their business acumen and, possibly, their profit margins.