Pub 2 2021 Issue 1

http://wvcar.com 26 WVADA • How many businesses will your brand be in direct competition with? • How large is the market? • What are the trends in the market (growing, decreasing, etc.)? • How much are customers already paying for similar offerings? • How much are customers willing to pay for similar offerings? • What does the sales cycle in your market look like? 5. Conduct a competitor analysis The market analysis should help you come up with the names of a few of your direct competitors. Now, look closely at those competitors to see how you can differentiate your brand and drive customers to choose you over others. • Who are your competitors? • What is their market share? • What are their strengths, weaknesses and unique selling propositions? • How can you differentiate your brand from competitors? 6. Define your brand positioning By this step in the process to create a marketing plan, you’ve done a lot of research, and you’ve outlined what you know about your brand, market, and competitors. Use this information to decide how you will position your brand in the market. • Outline your unique selling propositions. • Define what market differentiators you will highlight. • Specify what market segment you will target. • Define your brand voice and tone. 7. Outline your goals The goals section is just that — defining your short- and long-term goals. Think about where you’re starting from, and where you want the business to be in three, five and 10 years. Some examples of marketing goals might be to: • Attract customers • Retain customers • Increase website traffic • Increase social media following • Increase online sales • Increase in-store sales • Generate more leads • Improve online conversions 8. Outline your marketing strategy Your marketing strategy should then outline your approach to reaching your goals. Look at your goals and figure out what type of marketing tactics will help you get closer to your target objectives. They might include (but aren’t limited to) the following. • Online advertising. Pay-per-click advertising, banner ads, text ads on partner sites. • Email marketing. Sending electronic newsletters, adding subscription tools to your site to grow your email list. • Print advertising. Newspaper or magazine ads, business cards, direct mail postcards, brochures or flyers. • Social networking. Maintaining your business profile and engaging with customers and prospects on platforms like Facebook, Twitter and Pinterest. • Blogging. Writing your own blog, responding to or submitting articles or features to other people’s blogs, RSS feeds, etc. • Online directories. Your business listing on both global (i.e. Google, Yelp and YP.com) and local (i.e. Chamber of Commerce) listings sites. • Live networking. Handing out business cards, professional memberships, public speaking. • Search engine optimization (SEO). Tweaking website content to attract organic traffic. • Trade shows. Sending your team to attend or present at industry conferences and events. • Public relations. Getting mentions and features about your brand in the news. 9. Set a budget There are a lot of factors that go into setting a marketing budget. But at this point, you should have some good information to help direct your budgeting. Ask yourself: • What is your current revenue? • What percent of your revenue have you allocated for marketing? • What set marketing costs do you have (for software, team members, etc.)? • How much money will you need to reach your goals? • What are your competitors spending on their marketing? continued from the previous page