Small Business Marketing Plan Overview
Why you need a Marketing Plan and what it should include, to help you grow your small business, with Henry Lopez.
Whether you are planning to launch your first business, or you have been operating your small business for many years, you need a Marketing Plan. It does not have to be complex, but it’s critical that you have a plan and that you revisit and revise it periodically – it should be a living plan. In this episode, Henry Lopez shares a high-level process for creating and executing on an effective marketing plan for your small business. Marketing has been addressed many times on The How of Business podcast, but it’s valuable to aggregate and summarize many of the lessons that Henry Lopez has learned and that have been shared with Henry by the marketing experts who he has had the opportunity to interview on this show.
Small Business Marketing Plan Overview – questions and topics addressed in this episode include:
- Why do you need a Marketing Plan?
- It should drive most of what you do as a business.
- It helps you grow your small business.
- It gives you a plan and a focus for what to do and what to spend money on.
- It allows you to get the most from your limited resources as a small business owner.
- A marketing plan helps you stay on track, and not react to every marketing offer that comes your way.
- What are the key steps to creating an effective small business Marketing Plan:
- Define your Offering – What is your product or service, and what problem or pain does it address?
- Your Avatar – Clearly define your target or ideal client or customer. Including not just basic demographics, but define the as if it’s a person you know (name them).
- When defining your target client or Avatar for your small business, consider:
- Demographics: Age Range, Sex, Education, Income, Where they Live
- What are their pains or problems?
- What are their buying habits?
- Where do they shop?
- What do they believe it?
- Who do they listen to?
- Where are they online?
- What questions will they have about your small business and your product or service?
- Defining your target market is the most important component of your Marketing Plan!
- Before you start writing content or copy, or hiring someone to do so, you have to know your Avatar!
- Value Proposition or marketing message to your target Avatar?
- Your Elevator Pitch – What’s the purpose of the Elevator Pitch? “That’s interesting, tell me more.” If you can’t articulate your value proposition and generate interest in a few sentences, then your value proposition may be too complicated.
Elevator Pitch Document
Elevator Pitch Worksheet
- What is your marketing Funnel?
- How will you generate leads for your small business?
- How will you nurture those leads? How will they validate you (i.e. your website or reviews)?
- Lead Magnets or offers?
- What is the customer/client journey?
- Lead & Customer Management – CRM System, POS System, Loyalty or Rewards System
- Execution Plan:
- Where and how will you market and advertise your small business?
- Which Social Media platforms? Do you have to be everywhere?
- Planned Budget? The SBA recommends 7-8% of revenues for small businesses.
- How to deal with the changing landscape of business? How to answer the question, is Facebook still where I need to focus?
- A few other components and tools related to small business marketing planning:
Episode Host: Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business podcast show – dedicated to helping you start, run and grow your small business.
- Custom Website Offer from our partner Oostas
- 1-Page Marketing Plan by Allan Dib
- Elevator Pitch Document
- Elevator Pitch Worksheet
Other Podcast Mentioned Episodes:
You can find other episodes of The How of Business podcast, the best small business podcast, on our Archives page.
This episode of The How of Business podcast is sponsored by GoSite. GoSite is the #1 digital platform to help you grow your small business. Make it easy for customers to find, book, and pay for your services with one simple app. Get started for FREE!
We have received compensation from this sponsor partner. We only accept sponsorships from companies who we believe provide products and services that are valuable for small business owners.