Show Me Your Marketing Plan

Thursday, 02 April 2009 09:06

When the news reports that our economy is depressed, customers spend money less frivolously. Your company may experience a decline in income as a result. How can you counter this decline? By increasing your customer base.

Marketing can be an expensive activity. It is a lot easier and therefore cheaper to retain your existing customer base (including past customers) than to convert new potential customers into paying ones. New customers may be unfamiliar with your business and may not trust your company to deliver on its promises. Existing customers are your greatest asset. They provide much of the income in your budget. They also are an excellent marketing agent. Let your customers advertise you to their friends and family. Their advertising "targets" are much more inclined to trust a recommendation from someone they know than a complete stranger. Commercials often use famous people to advertise a company's products or services to act as a proxy friend/relative.

It is important for your reputation that word-of-mouth advertising accurately reflects your business objectives. Outdated, inaccurate, or false statements hurt your business's reputation as well as the person conveying the incorrect message. Let your customers know your business plans and objectives. A company's tag line helps focus your goals. "Helping everyday people every day" implies that the goods and services are easily obtainable. This tag line would not fit a custom furniture maker.

To get started on planning your marketing strategy, use this guideline. It will help you focus on both short term and long term marketing objectives.