6 Critical Components of a Successful Marketing Plan
By: John Seroka
Did you know that 39% of marketers don’t feel their plans are successful? This is according to HubSpot “State of Inbound 2018.”
There can be many reasons for this lack of success, ranging from poor plan development skill to internal capacity to execute.
The cost of poor planning and/or execution doesn’t just show up in the bottom line, but also in company morale and especially the morale of your sales team trying to hit their quotas.
Take the example of a company whose goal is to onboard (insert any number you wish) mortgage lenders over the course of the next year to use their compliance review service.
Maybe they’re struggling to compete because they are newer and smaller. Or, maybe they’ve been around awhile and feel their marketing isn’t working as well as it should.
No matter what the scenario, if they don’t succeed, heads will roll!
How does this company give themselves the best shot at success in the new year? A killer marketing and public relations plan will go a long way to replace anxiety with confidence and give them a real shot at hitting their numbers.
Critical Marketing and Public Relations
Here are the components that plan should include:
Competitive research: This is the backbone of any decent marketing plan. Research will identify how your competitors are positioning themselves to win, identify positioning opportunities that you can take advantage of to better compete and much more. This can be done both online and through client or prospect surveys as well.
Audience identification: For most B2B products and services, including compliance review, there is more than one person responsible for this decision. Your marketing plan should identify these personas so that your messaging can be targeted and personalized to the greatest extent possible, speaking to each of their needs.
Remember, these people get bombarded with irrelevant messages throughout the day. The right messaging is essential so that you don’t get lost in the spammy mix of marketing they receive from everyone else.
Identify your current market position: Do you know what the perception of your brand is in the marketplace? Unless you’re a startup with a clean slate, you would do well to understand how you’re viewed by the market, so you can either continue to build on a positive perception or take steps to fix a negative one.
Go to market strategy: Your marketing strategy should identify all tactics that you will use over a period of time to target and attract your entire target audience. These tactics would include direct mail, emails, webinars, content ideas and much more organized into an implementation schedule.
Budget: If you’re a CEO asking your marketing person to develop a strategy without a budget, do them a favor and at least give him a range. And if you’re a marketing person…you should insist on one. It’s great for morale knowing that what you develop can be implemented. This also allows you to identify budgets for various tactics and adjust them as you learn more about what’s working throughout implementation.
Metrics: Everything these days is measurable if you know how. So, decide on what metrics are important to you so you can measure activities and make changes, even in real time, to bring about a better result. Some metrics to consider would include sales revenue, cost per lead, lead-to-client ratio, organic traffic and much more.
Would you like a customized plan for your company developed by mortgage industry experts?
Contact us today for a free consultation!