The first question we ask prospective clients is, “Do you have a Marketing Plan?”
Most prospects sheepishly acknowledge that they don’t have a formal Marketing Plan. This group earns big points with us for honesty.
Some less forthright prospects will claim they do have a Marketing Plan, but when asked to show it to us, this group responds with, “Our plan isn’t written down,” or “It’s being updated,” which really means that they don’t have a plan.
There are several good and bad reasons why companies (of all sizes) don’t create a Marketing Plan. Those spoken and unspoken reasons include:
· It’s too much work to create and maintain a Marketing Plan.
· We had a Marketing Plan once, and it just sat in a 3-ring binder on the shelf.
· Senior management doesn’t understand marketing. Why confuse them more?
· It’s easier to just keep trying different marketing tactics, to see what works.
After decades of watching companies either earnestly struggle to create a Marketing Plan, or strenuously avoid creating one, we recently had an epiphany. We realized that most companies should SKIP the Marketing Plan altogether.
Here’s why: The ratio of companies without (versus with) a Marketing Plan will never change. So rather than badgering and shaming the “No Marketing Plan” companies, we should help them focus exclusively on the critical components of marketing that will help them succeed. We call this process the “Easy-Bake Marketing Cake Recipe.”
In Betty Crocker fashion, here are step-by-step directions for creating an Easy-Bake Marketing Cake for your company…completely devoid of all marketing jargon:
The Strategic Ingredients
Step 1: Determine why customers should buy your product / service. This seemingly simple goal – to understand what’s special about your company – is the most essential element of marketing strategy. Many companies either don’t have a clue, or have an unfounded / unrealistic viewpoint on why people should do business with them. You need to nail this step.
Step 2: Learn why customers are buying from your competitors. To gain a reliable answer to the Step 1 question, you need to possess a thorough understanding of the competitive landscape. The most successful marketers know everything about (and closely monitor) current competitors, to gain insight into why customers buy from them. They also work to anticipate new competitors, and explore potential customer solutions that could disrupt the entire category.
Step 3: Learn what your customers want and don’t want. If you’re not having a continuous, two-way conversation with current, prospective and former customers, then you are flying by the seat of your pants, marketing-wise. And you can’t rely exclusively on surveys to gain that market intelligence. Pick up the phone and talk to decision-makers at least once a quarter to really understand what they think and what they need.
The Practical Ingredients
Step 1: Define what your marketing resources are. Marketing requires money and people. Work backwards to build a marketing strategy. First decide what resources are available to invest, and then determine what strategies / tactics you can afford to apply properly and consistently. Having an “open budget” for marketing makes you a target for the latest gimmick, and is a sure way to waste a boatload of money.
Step 2: Put your sales process under the microscope. Marketing is not a religion. To justify its existence as a corporate function, marketing must help produce tangible business outcomes. Most marketing activity should be related to sales…and the sales function requires close scrutiny in advance of any marketing investment. If your sales process is broken (or non-existent), then your marketing will likely yield nothing of value.
Step 3: Define exactly what you want your marketing to achieve. Your marketing goals should be directly or indirectly connected to activity that drives revenue. If that revenue connection is fuzzy, or based largely on wishful thinking, then either refine or eliminate the weak strategies and tactics. Be ruthless in your evaluation of all marketing activity at all times.
The Tactical Ingredients
Step 1: Select one effective direct marketing tactic. Most email solicitations go unread, with good reason: they are self-serving, poorly written and lack a compelling rationale for people to respond. But because the email marketing bar is so low, there is plenty of opportunity to stand out from the crowd. There’s also a big opportunity to leverage traditional snail mail, largely because marketers have abandoned that channel in lemming-like fashion.
Step 2: Select one smart content marketing tactic. The objective is to showcase your company’s intellectual capital (which is very different from a sales pitch), either through respected print / electronic media sources or social media, primarily to gain online visibility for that content. The 2016 marketing reality is this: If potential clients can’t find you by searching online, then you are not in the game. If you prefer to stick with the “We’re a relationship business, and don’t need an online brand presence.” marketing approach, then please let me know. I would like to short your stock.
Step 3: Select one consistent tactic to keep in touch with clients, prospects and referral sources. With so much media noise and competition, and because you can never know when people will be ready to engage, it’s important to remind decision-makers that your company is ready to help them. Quarterly communication is sufficient, and will avoid being viewed as a pest. Standard “all about us” newsletters are boring, so provide content that’s meaningful and of interest to your readers.
This overly simplistic, 9-step planning process is unlikely to gain the endorsement of the American Marketing Association. But for the vast majority of businesses who don’t have the time or interest to create a bona fide Marketing Plan, this “Easy-Bake Marketing Cake Recipe” should more than suffice.
Compared with some of the overly ambitious, non-productive Marketing Plans that we’ve seen over the years, it’s also likely to produce a much tastier outcome. Bon appetit.