8 Simple Questions to Ask Yourself About Your Marketing Plan
Developing a sound marketing plan for your retail business is a key element to the ongoing success of your store.But what exactly is a marketing plan?What are some of the critical components of one?Is it possible to stay competitive without an enormous investment?
Here are 8 (more) questions to ask yourself to guide you in the right direction:
Who are my customers?You can’t be all things to all people, so identify your target markets and choose tactics that will resonate with them.Consider age, geography, education and income level and then determine your positioning (how you are perceived by the customer).Make sure that you AND your employees, as well as your customers, have a clear picture of your business and its identity within the marketplace. Who are my competitors? Knowing the playing field is key to succeeding in the game.You should have a clear idea of your primary competitors’ market share, pricing and history — including their strengths and weaknesses.Kyle Johnson, President of Link’s Outdoors, a hunting/sporting goods store in Astoria, Oregon, has been with his company for the last 20 years — long before Costco and Fred Meyer came to his town in the 90s.“We play to our strengths — our product category expertise, and our customer service — and that’s what differentiates usto the consumer from the big stores,” says Johnson.“As the market changed and more competition came in, we had to change — but our reputation is still enhanced by word-of-mouth.”
What the $#*!@ is SWOT?A SWOT analysis is a nifty marketing tool to evaluate internal factors like , and Weaknessesas well as external factors like Opportunities and Threats, that are either favorable or unfavorable to achieving your individual business objectives.For example, one of your might be your longstanding, strong reputation in the community from back when your grandfather opened the store 50 years ago.An Opportunity could be that your only competitor in town ignores a variety of demographics that you could cater to. What is the market environment? You might feel like a lone wolf, but naturally, your business is impacted by a myriad of outside forces.Consider the big picture — the health of the industry, new taxes, distributors and legislation — and ask yourself how these factors can play a role in your shop’s success. What am I trying to accomplish? Determining your marketing objectives means setting measurable goals that can be achieved and provide ROI.Are you looking to grow your business in the next five years?Interested in adding new products, while increasing your margins?Remember that it may be impossible to accomplish more than a few specific objectives each year — choose those specific strategies that can be accurately measured on a monthly basis.
What can I afford?Any marketing agency will tell you that your overall marketing budget is one of the first things that needs to be addressed in putting together a well-rounded, strategic plan.Why? Well, it’s not because they want to get their claws on the maximum that you can possibly afford (not the honest ones, anyway).Rather, it’s to tailor a comprehensive plan that will fit your needs and your pocketbook.There’s no point in sinking your entire yearly budget into an ad on the Goodyear blimp when it makes more sense to advertise in your local paper! How do I promote my company? It’s crucial to outline your tactical elements, keeping in mind that not every possible marketing option will be affordable or appropriate for your business.Consider your budget and your goals and select the right programs:from promotional events, print and broadcast advertising, direct mail, website and ecommerce, to public relations and in-store merchandising. How do I know if what works?Work with your advertising or marketing agency to track the viability of the programs you have set out.Ask your customers how they heard about your sale, and keep track of coupons and website visitors to measure your progress.According to Johnson, Link’s Outdoors made the decision to switch from newspaper advertising to radio sponsorships after about five years.“We were running a half page ad in the local paper once or twice a month and the ROI simply wasn’t supporting it.We’re in a small community and it was more effective to focus our advertising budget in broadcasting.”
A comprehensive, written marketing plan is an essential tool for improving your sales and growing your business.Remember that reviewing and possibly revising it each year will help you achieve your goals, give a clear picture of what works for you and what doesn’t, and ultimately take a more active role in your own success.
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