What we’re going to talk about today is, why a marketing plan?
It is a must for every business, it’s a part of a good business plan, and it’s simply how are you going to attract and sell to customers. Whenever I hear a startup idea, I always ask:
- Who’s your target customer and why are they going to buy from you?
- How are you going to attract them?
- What’s going to be your sales method and how you sell to them?
- As an affiliate?
- Is it retail?
- Is it online?
- Is it multi-level marketing?
- Is it direct sales?
There’s a lot of ways to sell products these days, how are you going to do it? An effective marketing plan will do a few things and we’re going to going to go through them right here.
Build and Promote Your Brand
Advertising is a spoke within marketing. Marketing is the whole mechanism of creating your product, selling your product, servicing your product, and attracting people to your product is. It’s the big wheel. Marketing will build and promote your brand, so one way that you market is through promotions and advertising. You want to build and promote your brand. The reason why we’re so familiar with so many companies is that we see a commercial every day. I don’t think I go 24 hours without seeing that Liberty Mutual commercial. I don’t think I go a weekend without seeing the Progressive commercial with the half-man/half-motorcycle. I see these commercials all the time. They’re building a brand. I’m not an Allstate customer, but they’re definitely building a brand in my head.
I look at each one of these companies and I know what they promote. Progressive is promoting motorcycle insurance. Allstate is telling safe drivers, they’re going to save money. Liberty Mutual is saying, you’re only going to pay for what you need. None of them are my insurance companies, but I see them promoting their brand position so often that I know it by heart.
Market Differently than Competition
You want to differentiate yourself from your competition. Tell me why you’re different. Each one of those insurance companies is giving you a different position. They’re each positioning themselves different. Geico would be trying to get you on price, the idea of give us a few minutes and we’ll save you 15%.
What’s the purpose of it? You want to differentiate yourself from your competition, You want to tell customers why they love your company. That’s testimonials. I collect testimonials like baseball cards.
Use Advertising Within Your Marketing Plan to Attract New Customers
I know that mathematically if we have 100 people do business with us, one-third is repeat customers, one-third is referral business, and one-third is new. If I don’t get new customers, I’m basically getting only 66% of who I can get.
I can’t get rid of any customers, so we want to constantly attract new customers. We want to expand our target market a little bit.
Tell Your Customers Why They Love Your Company
We do a lot of charitable things. We do free services for military and seniors and things of that nature. We want to promote the culture that our company has. Promote a Winning Culture
We’re a great company. We have a great culture. We do things differently. We’re very generous.
Prompt People to Buy Today
We want you to buy TODAY.