How To Build A Marketing Plan For Small Business

As a marketing consultant to small and mid-sized companies nationwide, I spend a great deal of time talking to business owners about the importance of marketing and communications, and the tremendous value these functions can deliver for their enterprises – but only when orchestrated strategically and effectively. As part of these discussions, I often ask if a dedicated marketing plan is in place, and the responses I receive are both astonishing and perplexing. Not only is the answer to this question generally “no,” but also many principals have absolutely no idea what a marketing plan should look like or contain, or worse, even where to begin. And that is where I usually come in and offer my counsel and services on how to build a marketing plan for small business.

Why is a marketing plan important? For starters, it’s helpful to put all components down in writing so they may be evaluated and refined (by business partners, employees, peers, and/or mentors) for maximum effectiveness. Secondly, it provides a definitive, comprehensive, and strategic framework under which all marketing efforts are conducted. Many business owners I encounter are content to market their offerings in a haphazard, uncoordinated fashion without any real strategy or objectives, but a well-written marketing plan takes much of the guesswork out of this approach. Finally, it gives one pause to review a wide range of marketplace conditions – all of which can positively or negatively impact the performance of a business – and then exploit them (if they’re positive), or make allowances (if they’re negative) to mitigate them.

However, you don’t need a consultant like me to put your own bang-up marketing plan together. The following are several helpful tips on how to build a marketing plan for small business:

1. Assess the Environment. This is a great place to start. Take a bird’s eye view of the geographical region, industry, and market segment you operate in. Are there specific economic, socioeconomic, demographic, or psychographic trends which are now impacting your space? How will these dynamics affect your business, either positively or negatively? What are your competitors doing? How are they marketing their products or services, and where are they spending money? Are there new entrants you need to monitor? Answering many of these questions will help build a marketing plan for small business.

2. Define The Target Audience. Many businesses only have a vague idea about the identity and location of their core audience. If you don’t know who your customers are, how can you possibly market to them? Some companies even have multiple audiences, which require different marketing tactics for each. What is your firm’s situation? Has your main target audience changed at all this year:  in size, in depth, or behavior? How has customer feedback been? Are customers turning to your company for an offering the competition does not provide?

3. Set Goals and Objectives. This is probably the most important section of the plan. All of your marketing efforts need to support specific goals (desirable qualitative results) and objectives (measurable, quantifiable results) over time. As a business owner, you should have a firm grasp on what you want to achieve, both in the short run, and over the long term. Your marketing plan should support these ambitions. Maybe it’s an annual revenue increase of 11.5%, generating 20-25 new leads per quarter, or securing 2-4 pieces of media coverage per month. Whatever these aims are, make sure they’re realistic and achievable.

4. Determine Appropriate Tactics. This is usually where many businesses drop the ball. Based on the information outlined in the previous three steps, decide on a set of appropriate marketing tactics, such as print advertising, public relations, social media, or direct mail, that you know are going to help you connect with and engage your target audience. For example, if you know (i.e., concrete research demonstrates) your customers routinely turn to two important trade magazines for decision-making information, it makes sense to place print and online advertising in these publications, and utilize PR to generate editorial coverage in these same outlets. Talk about a double whammy! How do you know what’s appropriate? In most cases, common sense will guide you. For instance, you wouldn’t use telemarketing to sell a high-end, expensive IT solution to a CIO. If you’re not sure, just ask your customers. They’ll tell you what they like and dislike, and how they wish to receive communications.

5. Allocate Financial Resources for Implementation. Last but not least, determine how much all of this is going to cost, and then allocate sufficient resources to begin implementing the plan. If you’re strapped for cash, focus on the activities at first are free or low-cost, such as updating your Web site, setting up and enhancing social media profiles, and professional networking in your region. Remember, not everything has to be done all at once. You can execute the plan in a phased approach over the course of the year to conserve money.

One last piece of advice: less is actually more. The marketing plan does not have to be lengthy or verbose to be on target. More than anything else, it must have substance, and it must reflect the realities of your business (or market/industry). If you still feel that you’re not on track, it never hurts to have a trusted partner or colleague constructively review your plan, and offer helpful feedback.

Editor’s Note: Keith R. Pillow, APR, MBA is president and CEO of Caddy Marketing and Communications, a full-service marketing consulting firm which works exclusively with small- and mid-sized businesses across multiple industries.

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