August 16th, 2022
The 10 Key Components of a Successful Marketing Plan
The definition of successful marketing is:
“Selling the right product or service – in the right markets – at the right time – in the right quantities – to the right customers – at the right price.”
Likewise, the measure of a successful marketing plan is the amount of net business (ready for installation) which you have sold and measured against the cost of generating sufficient leads to sell that business. If the cost of your marketing efforts when measured against “net business” exceeds your budget, then your plan needs modification.
Here are the “10 Key Components of a Successful Marketing Plan”:
1. Comprehensive Market research on your customers and prospects, your suppliers and vendors, and the critical industry benchmarks.
2. Define your target market using demographic and psychographic research.
3. Determine your customer and prospect “needs” and how you can best address them with your products and services.
4. Create a “Unique Selling Proposition (U.S.P.)” and brand strategy to differentiate from direct and indirect competitors.
5. Create or revamp your “Mission and Vision Statement” to elaborate on how you will differentiate your company.
6. Evaluate a comprehensive list of marketing and promotional tactics.
7. Create your “pricing model” and “positioning strategies.”
8. Mix traditional and non-traditional marketing methods to keep costs down.
9. Set quantifiable marketing goals and metrics.
10. Set your budget, and constantly monitor your results to stay on track.