Pub 2 2021 Issue 1

Issue 1 2021 25 WVADA the benefits of having an existing or new business marketing plan. If your business fits into any of these scenarios, it’s time to create a marketing plan. Before you begin If you have an established business, but this is the first time you’re creating a marketing plan, start by reviewing your history. You’ve probably had marketing plans in the past even if they weren’t laid out in a formal document. Reflect back on those campaigns and strategies to help create your new plan. Open up a spreadsheet to start recording an inventory of everything you’ve tried so far to market your business. Note any action you’ve taken (cost, time investment, dates, duration), and categorize everything. Think about each of these efforts. Be honest about what did and didn’t work, and what is and isn’t working. List it all out so you can use it to inform and guide your future marketing plans. Now, let’s get into how to make a marketing plan for your new or existing business. How to create a marketing plan in 11 steps It can be easy to feel overwhelmed as you start to think about creating your marketing plan. But, all you really need to do is follow a simple outline and go through the following marketing plan steps. 1. Define your offerings. 2. Define your brand mission. 3. Define your target audience. 4. Conduct a market analysis. 5. Conduct a competitor analysis. 6. Define your brand positioning. 7. Outline your goals. 8. Outline your marketing strategy. 9. Set a budget. 10. Outline offers and marketing tactics. 11. Define metrics and KPIs. Let’s walk through each step. 1. Define your offerings Before you can create a marketing plan, you need to be clear about what it is that you’re selling. Create a list of your products and services and outline: • The features of each offer/ product • How each feature benefits customers • What makes each offering different from other similar offerings • The price for each offering Without an official marketing plan, it’s likely that your business will have a lot of ideas, opinions and plans floating around without much cohesion. 2. Define your brand mission Now that you know exactly what you’re selling, it’s time to explain why you’re selling it. Outline your brand mission by answering questions like: • What is it that you would like your brand to accomplish? • Why do you want to help your customers? • Why are your products or services important? • Why should customers look to do business with you instead of your competitors? 3. Define your target audience Once you know what you’re selling and why you’re selling it, it’s time to outline who you will sell to. Define your target audience by creating buyer personas that describe your ideal customers and audiences. Outline their: • Demographics (age, gender, income, education, location, etc.) • Professional details (industry, job title, company, etc.) • Psychographics (personality traits, beliefs, attitudes, etc.) • Goals (what they what to achieve) • Challenges (pain points, what they’re afraid of or in need of, etc.) • Influences (favorite media outlets, thought leaders, etc.) 4. Conduct a market analysis A market analysis describes the total marketing environment in which your company competes. When you create a marketing plan, this analysis is an essential section as it answers questions that help you navigate your competitive market’s landscape. • How many businesses offer similar offerings? continued on the next page