8 Components of Successful Small Business Marketing Plan

These steps will help develop a comprehensive small business marketing plan

Writing a comphrensive marketing plan requires thought and structure. Follow these eight steps will help guide the process.

1.  Mission

• Creating a mission is the line of sight for long-term end-result or achievement. The mission may include a number of objectives, strategies, initiatives and tactics all used to achieve the mission, but the mission is the biggest and most important thing to be accomplished.
• Mission statements are typically represents a non-financial achievement that a CEO creates to guide the company. The mission represent the “what” versus the “how” and similar to a vision statement which looks to the future.

2.  The Objective(s)

• An “objective” identifies and communicates the execution and action coordinated. While the aim or an end, it is not necessarily the final achievement; which is the role of the mission.
• Objectives are what’s, not how’s, but they are smaller than a mission. There can be a number of objectives to be achieved in order to achieve a mission, but there is usually only one mission.
• Eamples of objectives which might be included in a plan:

– lncrease Attach Rate

– Grow Earning Assets

– Increase XXX Volumes

– Maximize XXX Profit Capture

– Expand in X country or region

– Globalize processes and systems to drive productivity

– Align seller incentives with strategic objective

• Marketing objectives requirements:

– Follow the same rules as the sales objectives, and be Specific, Measurable, Attainable, Relevant and Timely

– Establish the want to accomplish based on looking at the market data and target audiences

– Address each group in our target market

     Tip: Marketing Objectives usually contain these words with specific numerical targets: gain (you want to obtain something), increase (you want more of something), maintain (you want more of the same)

3.  Strategy

• A “strategy” is how to achieve an objective, goal (or even a mission). This represents a thoughtfully constructed plan or method or action that will be employed to achieve the result.
• Strategists are people who excel at devising schemes and plans and courses of action to achieve the desired result. As people advance in their careers, they often move from being more of a “doer’ (execution, tactics) to being more of a “thinker” who works with other to deploy the ideas (developing strategies to achieve objectives and solve problems).
• Our marketing strategies should be:

– ‘How we will accomplish the objectives

– About making clear choices that make XXX’s value proposition more competitive differentiated and more compelling, about how to compete by uncovering a significant meaningful insight about how to win.

  Tip: Marketing Strategies usually begin with action words like, ‘leverage’, ‘educate’, ‘promote’ or’ communicate’

4.  Executions and Initiatives

• Executions are what can be done to deliver on or coordinate a strategy. They are definitely a what…not a how.
• These represent marketing campaigns, product launches, the rollout of new financing offerings,
• Although execution is more about doing than thinking, it is still critical. A poor execution will prevent us from delivering on the strategy that will achieve our objective.

5.  Tactics

• Tactics are devices or actions taken to achieve a larger purpose. They are also a what, not a how, but they are on a smaller scale than an execution.
• Many people often confuse tactics with strategy and also confuse tactics with execution, but there are differences, even if they are subtle.
• In XXX, tactics might be a financing promotion, a seller incentive, etc.

Next- Steps 6 through 8