Jan 14

6 Step Marketing Strategy

Posted on Wednesday, January 14, 2009 in Marketing

If your planning on starting up a small business or launching a project here is a simple marketing strategy I compiled that will help maximize your effort.

  1. What is the purpose of your marketing plan? (ex: get a client to call or purchase a product)
  2. How can you separate from others? (research your competitors, make a comparison list)
    1. What solution or quality can you add to your target client?
    2. How can you maximize their profit?
    3. In two sentences explain why a client should use you over the competitor across the street. Keep it short and sweet go for their heart no head. (ex: “In the factory we make cosmetics; in the drugstore we sell hope.” Apple did a good job with “1000 songs in your pocket”)
  3. What is your strategy?
    1. What mediums will you use? (mailers, emails, ads, speaking…)
    2. Make sure each medium is setup to analyze. (landing page, analytics, calls)
    3. Work with your target clients perceptions. (ex: did you know soy milk does NOT need to refrigerated before it’s opened? In grocery stores they market it by having it in the refrigerated section to give the perception it’s more fresh.)
  4. Set a realistic budget
  5. Set realistic goals, refer back to your purpose (step 1) and set a time line for each medium.
  6. Analyze all avenues taken to find the most effective.
    1. A good way to analyze effectiveness is to use these two simple formulas.
    2. Cost per sale:: Amount spent on that medium (divided by) number of sales = Cost per sale
    3. Cost per reaction:: Amount spent on that medium (divided by) number visitors/calls = Cost per reaction

This is just a brief overview, if you would like to learn more about marketing fundimentals head on over to www.smallbizu.org/m101/ for a more comprehensive look at marketing 101.

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