If you want to grow your business, what is the first step you should take? Create a marketing plan! Even if your idea has "wow" potential, you need a plan to guide you. You must be able to anticipate future events and have strategies for achieving your business objectives. The process of creating a marketing plan forces you to define specific objectives and appropriate actions, which helps you anticipate environmental changes and compares actual results with expectations and goals. Using the marketing plan as a reference point makes you aware of potential problems and possible opportunities.

However, a marketing plan is only as good as the information it contains, and a successful plan takes effort, creativity, and thought. A good marketing plan should contain

Overview

  • mission statement with vision and goals
  • objectives
  • assessment of environmental challenges
  • SWOT analysis
  • products and services offered
  • pricing
  • organization of the firm

A mission statement should address what business you want to be in along with the benefits your clients are looking for. It also should reflect the market you are attempting to serve - who are your clients and what they want? You objectives should be quantifiable. In other words, specify that you want to achieve a certain dollar volume within a year. Again, this gives you a measurable goal and a tool for measuring performance.

For example, Star Financial Planning will achieve a $1 million volume by the end of year 2008. The SWOT analysis will include a list of strengths (certified financial planner) and weaknesses (little marketing knowledge) along with any resulting opportunities (a large network) and external threats (experienced planners in the industry). Always analyze strengths and weaknesses so you can turn them into opportunities. In doing this, you will be able to list products and services to focus on along with appropriate pricing. The last item in your overview should identify your firm's type of ownership (for example, independent sole proprietor).

Target market

Don't try to be all things to all people. Address who your potential clients will be and what their demographic profile represents (for example, age, income, and location). Also, try to describe your ideal client. Then you will know the type of consumers you are looking for.

Brand image

What makes you stand out from the competition? Develop a unique selling proposition (USP). The USP explains specifically what benefits you offer potential clients in your target market. In one statement, it establishes a unique reason that a client would choose you as a service provider over the competition.

System for acquiring clients

You must have a system for acquiring your clients. Investigate ways to find your client base.

Descriptions of marketing tools

You may want to create written materials, such as brochures, cover letters, and FAQs. Some other marketing tools include email, websites, phone, marketing events, advertising, and sponsorships. You will need to develop a message for these materials that indicates what you want to accomplish, such as serving a need, solving a problem, or getting the client to take action on something. You also will want to make sure the message meshes with your target market.

Guidelines for client service

Establish a method of client contact utilizing the marketing tools you have identified. You will need to identify which tools you will use to build or keep trust, maintain service levels, keep clients, and eliminate bad clients. For example, FAQs can answer potential clients' most basic questions.

Organizational specifics/evaluation

This section of your marketing plan should include organizational specifics or an evaluation plan, which includes your budget for operations or a financial summary, a process for measuring the effectiveness of your marketing tools (for example, the number of clicks on FAQs), appropriate record keeping and information systems needed, and a schedule for putting your plan into action.

Summary or final assessment

The remaining summary or assessment should answer such questions as

  • Why will this work?
  • What are the flaws or weak points?
  • What is the disaster plan?

Appendix (marketing tool examples & research)

Finally, your marketing plan should have an appendix packed full of examples of your marketing materials, messages, and research on the environment, industry, and target market.

Following this process will bring help you bring in new customers, build them into committed clients, and develop your business and success. And if you find yourself at a crossroads or unsure what step to take next, you can turn to your plan to guide you!