There’s one thing every successful business has in common – they have a plan.

While there are certainly a lot of intangible qualities of being a leader, such as charm, resourcefulness, determination, restraint and self-awareness, it all falls flat without an organized initiative to strategically (and realistically) implement your business goals.

A business plan is going to look different for every company depending on many extenuating factors (time, staff, resources and budget, to name a few), but every plan should start with a simple question: Who is my target audience?

The sooner you’re able to identify your target market, the easier it will be to maximize your marketing dollars. Here are a few tips for finding your ideal customers:

• Consider your products – If your specialty includes popular items like mugs, pens and tumblers, you’ll be able to cast a wider net by marketing to an array of high-demand markets like health care, education and nonprofits. More niche products like luxury items or high-end gifts might limit your reach, but you can make up for it by attracting high-dollar clients.
• Research habits from current buyers – Analyze your current business partners and take inventory of what’s working and what needs improvement. If buyers are gravitating in a certain direction, find out why. Are they of a certain age/demographic/budget level? Do certain products routinely outperform others?
• Scope out the competition – When researching your own business plan, it’s equally important to consider what your competition is doing. If you notice that comparable companies in your area are thriving in certain markets, it might be a good idea to pivot to areas they aren’t covering to satisfy those overlooked buyers.

Once you identify your target audience, the bigger picture will become much clearer, and it’ll be easier to dive into the specifics of your marketing plan by setting business goals. These can vary depending on your overall outlook – some examples include expanding to new promo markets, growing your social media presence, increasing community outreach, reducing your carbon footprint and improving customer service. While these goals vary in terms of time commitments and budgetary needs, the process of measuring their success is the same. And with a detailed marketing plan, it’s easy to analyze your goals at a glance to determine how you want to adapt in the future.

Now it’s time to put your plans into action with a day-to-day structure that works best for your business. One of the best ways to break down responsibilities is with a detailed marketing calendar where you can schedule projects, campaigns and events months in advance. This is also a great place to highlight the year to come in terms of national holidays, awareness days/weeks and other milestones that tend to be ideal marketing opportunities for most businesses.

Whether you have an idea of what your marketing plan will look like or need a little guidance or inspiration, ASI can help you keep your plans on track with our detailed Marketing Business Plan. Download it now to get started.

 

“How to Define Your Target Market.” Porta, Mandy. January 5, 2021. Inc.com.