Goals + Target Market + Tactics + Measurement = Your New Marketing Plan
Last week we went over marketing plan goals and measurement. Now that you know what your goals are, and how to determine what success looks like, let’s start talking about your target market and marketing tactics.
Target market: Take a look at your current book of business to help you figure out your niche – or possible niche. Who’s on the list – manufacturing firms, start-ups, hospitals? This can help you figure out what kind of clients you want to have. You want clients like the ones you’re successful with. What are their characteristics? Do they have an engaged committee, or are they parental, committed to participant education? Whatever the case might be –think about having a profile of your ideal clients and figure out who fits that profile to determine the size of your market.
Once you’ve identified your target market, it’s important to develop a pipeline management process. Your marketing activities toward each prospect will depend on where they are in your sales pipeline. Where are they in the buying process? Maybe you’ve met a CEO a few times socially, but you can’t get him to commit to a meeting. This can help you determine your marketing collateral needs – you’ll need different strategy and collateral for a CEO than a prospect you haven’t made contact with.
Marketing tactics: It’s important to align your tactics consistently with your value proposition. Based on pipeline, where do you need help? Maybe you have a lot of prospects near final, but no new prospects. Then maybe your plan should focus on getting new prospects into the pipeline. Maybe you have a huge list of prospects that received your newsletters for years, but nothing ever comes of it. Then it’s time to remove them from the list or get them to your next phase.
Regardless of your situation, your marketing plan doesn’t have to do everything, it just has to hit the right spot and be feasible for you and your practice. Outline a program you can deliver on and assign accountability for your tactics – who’s responsible for driving each action? Everyone on your team can contribute.
Pulling it together: No matter what your goals or who you’re targeting, it’s just important to have a plan. It goes back to what I heard at that finalist presentation years ago, “If you document it and measure it, it will get done – if you don’t, it won’t.” Get it done with this guide.
Questions? Comments? Submit a comment or find me on Twitter: @Rschutty.
In addition to blogging here, I also tweet regularly about advisor-focused practice management topics like sales and lead generation, marketing, service and management/operations. Follow me at @Rschutty.
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