How many marketing plans does your business need? The answer is: as many as it takes.
A simple, single plan
If you’ve got a hotdog cart on the corner of 1st and Main, I can pretty much guarantee that you’ll get by with just one marketing plan. You’ve got one business (the cart), with one division (the attendant – you), selling a single product (hot dogs on buns), to a single target audience (hungry people from the immediate vicinity who want a quick meal).
Your marketing media may consist of print (words on the cart & umbrella, a sign stuck to the window of a shuttered business) and audio (shouting, “Get your dogs here!”).
More variables, more plans
But once you start opening new locations, or adding new products or services, or even servicing different target markets, you might find marketing easier if you have plans that address those specific differences.
Imagine there are several buildings down the street on the corners of 5th and Main, packed full of law offices. Another cart down there (same business, new division) selling an upmarket product (new product) to a different target audience (lawyers with more cash, or using digital payments). This would require a different marketing plan. Instead of hawking cheap dogs, your marketing pitch might be for quality served quickly, in a wrapper that will keep food from falling on their expensive clothes.
That new target market will probably respond better to different marketing techniques. Hand drawn signs and shouts are less likely to draw them in.
Specific plans for specific differences
It doesn’t matter if you’ve got a brick-n-mortar store, or a virtual business. As you begin to grow and diversify your lines, it’s inevitable that the things you’re selling will appeal to different audiences. Having a plan on how to best reach them – to introduce them to your products or services, and convince them to buy from you – is important.
I have a friend who has a business making earrings. One line is made from recycled paper, and the other line is made of metal and gemstones. Yes, they’re both earrings, and there is some crossover from one target market to the other, but not much. The women buying the brightly colored paper earrings like to buy several pair at a time, giving them a selection to wear throughout the week. The women who buy pairs from the gem line usually only buy one pair at a time, although both audiences buy from my friend an average of four times per year. But her message to each audience is not the same!
The paper earrings are at a lower price point, but her profit margin is higher. In her emails to that audience, she emphasizes the bright colors and wide variety. They’re inexpensive enough that the audience can afford to buy several different sets to go with different outfits.
The gem earrings are marketed as unique – no pairs the same. They’re made of more expensive materials, and are promoted as going with higher-end clothing. Something worn for special occasions. While the prices are higher, the profit margin is slightly less than with the earrings made from paper.
Two different lines, two different audiences, two different marketing messages – two different marketing plans.
But the basics are the same
Building those plans may seem difficult, but you can create almost all marketing plans using a basic template. I’ve created a checklist for those that want a framework. This free version will allow you to make sure all your bases are covered. I’m currently building a low-cost online course covering the checklist items in much more depth.
Download your PDF of the free marketing plan checklist right here.
