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:
  • Marketing Plan Outline
  • 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?
    • Digital Marketing strategy and tactics: 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:
  • You need a website – SPECIAL WEBSITE OFFER FROM OUR PARTNER OOSTAS.
  • Google My Business Page (now called a Google Business Profile) – just as important as a website, particularly if your customers consider reviews before buying from your small business.
  • 1-Page Marketing Plan by Allan Dib.

More about Digital Marketing for Small Business:

In the digital age, marketing has evolved significantly, and small businesses must adapt to stay competitive. Digital marketing, the practice of promoting products or services through online channels, has become an essential strategy for small businesses. It offers a cost-effective way to reach a broad audience, engage with customers, generate and nurture leads, and drive sales.

Digital marketing encompasses several strategies, including Search Engine Optimization (SEO), content marketing, social media marketing, email marketing, and pay-per-click advertising. Each of these strategies serves a unique purpose and, when used together, can create a powerful marketing mix.

Search Engine Optimization (SEO):

SEO involves optimizing your website and content to rank higher in search engine results, including Google search, thereby increasing visibility and attracting more organic traffic for your small business website. For small businesses, local SEO is particularly important. By optimizing for local search terms and creating a Google My Business listing (formerly called Google My Business), businesses can attract local customers and compete with larger companies. Remember, however, that SEO is a long-term strategy that requires consistency and time to produce results. Be suspicious of offers to get your website ranked on the top of the first page of Google – instead, concentrate on creating valuable content for your target audience.

Content Marketing

Content marketing involves creating and sharing valuable content to attract and engage a target audience. This could include blog posts, videos, infographics, and more. The goal is to provide useful information that solves a problem for your audience, positioning your small business as a trusted expert or authority on a particular subject.

Social Media Marketing

Social media platforms like Facebook, Instagram, and LinkedIn offer a way to connect directly with customers. Small businesses can use social media to share updates, promote products or services, and engage with their audience. Social media ads also offer a cost-effective way to reach a targeted audience.

Email Marketing

Email marketing is a powerful tool for building relationships with customers. By sending regular newsletters, promotional offers, and personalized messages, small businesses can keep their brand top of mind and encourage repeat business. Consider using popular email marketing platforms like MailChimp or Constant Contact to help you manage your email marketing campaigns.

Pay-Per-Click Advertising

Pay-per-click (PPC) advertising involves paying for ad placement in search engine results, like Google or Bing, or on social media platforms like Facebook. With PPC, businesses only pay when someone clicks on their ad. This can be a cost-effective way to drive traffic and sales, particularly for small businesses with a strong understanding of their target audience.

Digital marketing offers small businesses a way to compete in the digital marketplace. By leveraging SEO, content marketing, social media, email marketing, and PPC, small businesses can reach a broad audience, engage with customers, and drive sales. However, it’s important to remember that digital marketing is not a one-size-fits-all solution. Each small business needs to understand its audience and goals to create a tailored digital marketing strategy.

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.

Resources:

• Marketing Plan Outline
• Custom Website Offer from our partner Oostas
• 1-Page Marketing Plan by Allan Dib
• Elevator Pitch Document
• Elevator Pitch Worksheet
• Marketing Budget Tool

Other Podcast Episodes Mentioned:

Episode 155: Melissa Forziat – Marketing on a Budget
Episode 360: Kira Hug – Conversion Copywriting
Episode 199: Allan Dib – 1-Page Marketing Plan

You can find other episodes of The How of Business podcast, the best small business podcast, on our Archives page.