On the 3oth April, 2011 Redland City Council hosted the Redlands Business Advice Day. As an exhibitor and presenter at the conference, Debut Marketing seized the opportunity to have a bit of fun.
During the presentation, attendees went on an adventure to find some treasure. Each person was given a marketing treasure map and was provided with 5 New-Age Marketing Tools …or hints… on how to find their treasure.
For those who couldn’t make it to the presentation – these hints will be revealed over the course of five blogs. The Adventure Begins Today.
My first clue to you all is this – know that the treasure exists. All the searching in the world would not get you anywhere unless you knew what you were searching for.
So, what does X mark on your map?
- Is it 300% Business Growth by 2012?
- Is it to build a team of 10 employees by 2014?
- Is it to find 20 new clients by the end of the month?
What are your business goals? What are your marketing goals? What do you want to achieve?
Once you figure out that X exists, it’s time to put in place a plan to find your treasure. Which brings us to…
New-Age Marketing Tool #1 – Have a Marketing Plan.
A marketing plan usually covers items such as:
- Marketing Objectives
- Target Market Analysis
- Situation Analysis
- Marketing Strategies & Tactics
- Action Plan & Budget
- Methods of Measurement
So, what’s ‘new-age’ about a marketing plan? Traditionally a marketing plan is done to a 12 month timeframe, prepared all at once and then used as a reference tool over the course of the year.
Here’s the new-age part – I want you to break it down into quarters. Think about it – when Captain Jack Sparrow was on the search for the Black Pearl, he always ran into problems and setbacks. He constantly had to re-evaluate his initial plan based on his current situation. Markets change, businesses evolve and your marketing needs to adapt accordingly.
Quarterly marketing plans enable you to constantly reflect, measure, monitor and change course as needed. That’s clue #1 – Quarterly.
Clue # 2 – Find out your conversion rate – if your conversion rate is low – don’t go burn money on marketing only to get leads that you can’t convert. Fix up your sales processes first, so that when you do go to market your business, you won’t be burning money, you will be investing.
Clue # 3 – Focus your marketing efforts on the products/services that have high growth and high market share. These are your rising stars – the products that you need to convert into cash cows – products that just keep on giving.
Clue # 4 – Spread your risk – The more marketing initiatives you have in place the greater your exposure your will be and the higher your chance of success. Try and use as many marketing initiatives to connect with your target market as possible.
These are just a couple of brief points. For more information about Marketing Plans:
- Visit our ‘Marketing Planning’ page
- Check out our Strategic Marketing Packages
- Book a free initial consultation
Once you have your marketing plan, it’s time to move on to the next marker on the map.
Come back next Tuesday to continue the adventure.