Advertise with fastmoving.co.za
 
 

If you don’t have a marketing plan, you really haven’t focused your attention on who your customer is or how you’ll reach them.
If you don’t have a marketing plan, you really haven’t focused your attention on who your customer is or how you’ll reach them.

Do independent retailers need a marketing plan?

MARKETING NEWS

By Bob Phibbs - Oct 10th, 17:06

Many independent retailers have never considered a marketing plan unless they had to file for an SBA loan. 

If you don’t have a marketing plan, you really haven’t focused your attention on who your customer is or how you’ll reach them. One of the greatest benefits of doing so is that, once it's developed, all of your planning becomes easier.

The good news is that creating a plan for your small business doesn’t have to be difficult or expensive. But “build it and they will come just” doesn’t work in 2017.

Five questions to ask in forming a plan:

Who am I?: What makes your small business better? What makes you unique? How is what you do different than your competitors? Better yet, why do you do what you do?

Who are my customers? You can’t market to everyone effectively. That’s like shooting a shotgun into the air and hoping you hit something. Yes, you will have many types of customers, but stay focused on just three different ones, or “personas.” The smaller and more focused your audience, the less you will spend to reach them.

What are my goals? This is part of knowing whether your campaign is successful or not, so choose your goals to be black and white results, not a feeling.

How much can I afford to spend to achieve these goals? Your budget will keep your marketing expenses from spiraling out of control or running out of money when you really need to be visible, like during the holidays. You don’t want to spend $1000 to get $500 in sales, so be realistic.

How exactly are you going to reach your target market to meet your goals? The simplest way is to work backwards from your goals to develop strategies (what’s your logic) and tactics (how you’re going to do it). Then plug them into a calendar.

And just for the record, word-of-mouth is not a marketing plan. It’s the bonus, the pink frosting on the vanilla cupcake.
RetailWire 

Read more about: strategy | retailers | marketing

Related News

Nespresso shifts focus from exclusivity to sustainability
13/10/2017 - 08:51
In an effort to shed light on its sustainability efforts, Nespresso is shifting away from its signature star-studded spots to a new ad campaign focused on the farmers and communities that are the backbone of the brand.

UK consumers spend more to meet higher food and clothing prices
10/10/2017 - 09:40
British shoppers increased their spending in September at the fastest pace so far in 2017, excluding an Easter-related surge in April, but much of the rise reflected higher prices for food and clothing after the Brexit vote, a survey showed.

Retailers may reach a tipping point where friction may need to be reintroduced to the customer shopping experience
06/10/2017 - 09:34
In the world of the technological revolution that is not restricted by many physical hurdles, the introduction of new technology invokes dramatic changes that can be brought about relatively quickly, as a result, technological trends are taking up faster than before.

Embracing retail’s digital transformation - A how to guide
06/10/2017 - 08:36
We live in a digital age where consumers are increasingly relying on the Internet and mobile devices for everything from paying bills to entertainment.

How wholesalers and retailers can weather the economic downturn
04/10/2017 - 14:07
It was announced recently that South Africa is no longer in the technical recession that resulted from two consecutive quarters of negative growth. While welcomed news, it does not change the fact that consumers remain under pressure in the face of ever-increasing living costs, growing debt levels and significant political uncertainty.