Article Summary: 10 Essentials of A Marketing Plan | SBA

I've run into a number of business owners whose valuations are shy of what they need to sell lately.   They need to grow in order to obtain the price they want for their business.  A marketing plan is the first step.  I've summarized the key points below. If you would like to read the entire article, click the link at the bottom of the summary - Eric Gall.

By Tim Berry, Guest Blogger

Published: February 23, 2016Updated: February 23, 2016

Technology has changed marketing a lot.

• We can fast forward and block ads. 
• Social media has amplified word of mouth. 
• There are far more metrics and analytics available. 

Has the marketing plan adapted?

• The fundamentals still apply. 
• Marketing is still letting people know, like, and trust your business. 
• You still need to define target markets, know market segments, reach the right people with the right message. Price is the most important message, and the lowest price is not necessarily the best price.

Marketing mix and tactics are changing rapidly:

• Goodbye yellow pages; hello Facebook. 
• Goodbye public relations; hello social media. 
• Goodbye advertising; hello content marketing.

So what should your marketing plan look like?

1. Target Market. Experts recommend describing an ideal target customer in detail. Don't try to please everybody. Instead, please specific buyer types who have the right needs, habits, locations, etc.
2. Messaging. A summary of the main tag lines, key selling points, value proposition and so forth. 
3. Media. Media is social media and content marketing now. Explore going beyond content marketing, to distributed marketing, and real engagement. Go beyond "post and pray.' Where will potential customers see your message? How can the right people find your message? Do you track what they say about it?
4. Pricing. Pricing must match product or service, market, or messaging. Don't assume lowest price wins. Pricing is your most important marketing message. Would you buy day-old sushi because it's cheap? If you discount excellence, it becomes less credible in the eyes of your potential customers. 
5. Channels. Do you sell direct (web/mobile), use distributors for retail, or go direct to retail?
6. Promotion. Promotion may simply be consistent presence in social media platforms. It may also be email marketing, advertising, affiliate sites, public relations, price promotion, and events.
7. Tasks and major milestones. A plan requires tasks and milestones. Track progress against the plan. 
8. Important metrics. Numbers such as sales, web/sore traffic, leads, presentations, seminars, conversions, tweets, posts, likes, follows, or whatever help you monitor and adjust your plan.
9. Review schedule. Keep your plan short.  Frequently review results and revise the plan.
10. Budgets. The plan needs to include budgets for expenses, and the expected sales that result from each activity.

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For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at Eric@EdisonAvenue.com or 239.738.6227. Also, visit our Edison Avenue website at www.EdisonAvenue.com.