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Marketing Plan
“Making the turkeys look forward to Christmas” is the key to marketing. But to do that requires an understanding of what “turkeys” want and how to position “Christmas” as cool – or “hot” as the case may be!
The Marketing Plan is the mirror on your business. It looks at all things good and all things bad. Having “bad” things is ok, and having good things is even gooderer because you know the strengths, weaknesses and opportunities of your business.
Your minimum Marketing Plan should cover the Fa’toomsh 10 Points of Market Reason™:
1. The things you do and sell and how much of this was sold last year? Is this good or bad?
2. Why did point 1 happen?
3. Competitors – What do they do, prices, Strengths, Weaknesses, Opportunities, Threats
4. Your strengths, weaknesses, opportunities, threats
5. Business Goals – what does the business need to achieve, where is it going, aims, benchmarks etc
6. Critical Success Factors for achieving 5.
7. What does this (5&6) mean from a marketing stand point, what does marketing have to do to make this happen?
8. Strategies, Tactics and Budget to achieve 5, 6 and 7
9. Will the tactics and budgets in 8 actually meet/achieve the goals or benchmarks in 5, 6 and 7
10. Who is going to do this work, do they have the skills, time, budget and motivation? What needs to be done internally and what can be outsourced?
Marketing Plans should be taken seriously and are not designed to be a 3-page document. If you weighed up the revenue of your business over the next three years, you need to ask yourself “what time and money am I prepared to spend on this Marketing Plan in order to protect $X revenue”? A few moons ago I read a book on Marketing and marketing plans. The author said something like this…
“There are two types of marketing plans –
a) the quick and easy plan on Page 5
b) the normal plan on Page 8.”
When I turned to page 5 the book said, “seek a good insolvency accountant now!”
Low Cost Promotions
Low cost does not mean low quality and no strategy. It can in fact be the opposite – high quality, highly targeted and coming from great strategy.
Every promotion should have a set of objectives behind it. There are obvious low cost and high value ideas that can make you look bigger than what you are. If you are a small business or start up, then “punching above your weight” has to be one of your objectives.
Here are some easy concepts:
- Business Cards – do not get them printed at the airport! It is peoples’ first and lasting impression.
- Clothes, Uniform, Attire – look the part. “Keeping your clothes well pressed will keep you from looking hard pressed.” – Coleman Cox
- Tag Lines – be specific, be witty, be concise, but be able to explain what you do.
- Elevator Speech – what is your 11- second description of your business and grand plan? Get one and have everyone remember it and repeat it.
- Phone Numbers – why do some companies make it so expensive for clients to give them money? Why not think of other solutions to just a mobile number?
- Voicemail and Answering Services – never leave a call unanswered, use call diversion, answering services, voicemail or answering machines, but do not turn away opportunity. It is a fact – not everyone rings back!
- Postcards – quick fun and cheap.
- Street Posters – check out where your target markets hang out or go shopping. Is there space available for a nice poster?
- W.O.M (Word of Mouth) – the best referral.
- Referral – promote from within by offering rewards through that are both product related and financial.
Low cost can be fun too!
- Kids – people (usually) love kids. Get some cool transfers and have kids walk around at a conference, exhibition or tourist area with your logo on their forehead.
- Deliver a surprise lunch to some of your key potential clients and watch how fast that door opens!
Business Start-Ups
The phrase “start-up” should be viewed not as the beginning of the business. Businesses start in peoples’ mind sometimes years before pen goes to paper. There is always a gap before things start to happen and realistically even after you begin you could be technically in “start-up” for the fi rst three years.
To get you through the “start-up” phase quicker and into growth, revenue and sustainability takes 5 key things.
They are the Fa’toomsh 5 for Start-Ups™.
1) Product – A good or great product or service makes it a lot easier to get through the startup phase
2) People – Committed, experienced, fl exible, creative and patient people will be critical in getting the business going and staying the course when things get tough
3) Budget – There are three budgets you need to cover off: $Dollars$, Time, Resources
4) Message – A clear and motivating message will cut through the advertising clutter and bring to your Brand a position of strength
5) Knowledge – Effective and accurate Planning and Reporting is required at the beginning of your business and should be an ongoing priority.
The more of the Fa’toomsh 5 for Start-Ups™ you have, the quicker the move from start up business to “good business”. All of the standard business problems and barriers can be overcome with changes to the mix above. The top 3 are game breakers – without which there is no business at all.
Create opportunities to seek external advice and external services that will fi ll resource and knowledge gaps but also provide an environment where you can test the robustness of your model/ concept or new business.
Remember, as the business grows the rate of movement away from the initial concept or dream is directly proportionate to the rate of increasing staff members and the decrease in time from founders in areas such as induction, reward and recognition, meetings with staff and internal communications.
Finally, as Kenny Rogers once said:
“You’ve got to know when to hold ‘em, know when to fold ’em…”
You have to set in place review dates and a timeframe for reaching certain benchmarks. This includes the “drop dead date” – the date when you pull the plug and walk away, head held high because you have done and tried everything, and it’s just not “right” anymore.
Without this date you are not acknowledging inevitability – nothing lasts forever.