Building a marketing plan

… From Biz2Biz NWA, February 2010

By James Keltner, Keltner and Associates, Bentonville

One of the first things a bank wants to see when discussing a loan for a business is the business plan and within that, a marketing plan.  Whether a new business owner or a seasoned vet, a yearly marketing plan is a must for your business. Not having a plan is like going somewhere you have never been and not using a map.

Here are five elements to integrate into your company’s plan.

1. Goals – Identify clearly and specifically your marketing goals, and what benchmark you are striving for. Is it a larger market share or increased sales?  Is it name or brand recognition or the introduction of a new product or service? The questions you ask and answer will direct your marketing approach. Set your goals high, but keep them realistic.
2. Target – Know everything you can know about your potential clients. Find your niche. Understand what your audience wants from you and focus on that which attracts their attention, purchase behavior, and loyalty.
3. Strengths – Where do you shine?  Take a hard and honest look at what your company does well.  Do you produce products or services for less than your competitor with the same quality standards?  Does customer service bring them back time and again?  Focus on what you do well and you’ll streamline your success.
4. Weaknesses – This is not always easy, but it needs to be done.  Take the same honest look at where your company is lacking.  What areas are not as skilled, efficient, or praise-worthy as others?  Once you define weaknesses you can start to correct them.
5. Marketing Strategies – How will you get your name and offering out to your potential customers?  Is it in print, broadcast, direct mail, social networking or on the web? Look at your strategy every quarter to analyze marketing performance. Remember, doing nothing will produce nothing in the way of leads and potential business.  It’s as simple as that.

A common reaction of small business to a poor economy is to hold off on advertising, but keep in mind that just because you aren’t investing in marketing doesn’t mean your competition is doing the same.

James Keltner is owner and creative director of Keltner and Associates, a full-service advertising agency based in Bentonville. James specializes in commercial photography and on-line media development. He writes columns and provides photography for Biz2Biz Northwest Arkansas. Send your comments to  jkeltner@keltnerassoc.com.

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