Looking Ahead: Developing Your Long Term Marketing Strategy

We hear about the importance of business plans all the time, and many entrepreneurs would never think of launching a new venture without one. Most startups carefully plan production, distribution and delivery, and even internal culture. When it comes to putting together a long term, strategic marketing plan though, it’s shocking how many small to midsized companies skip it altogether. It often seems like marketing is something that’s an afterthought. Everyone knows it needs to be done, but we’ll figure it out as we go along.

Marketing is not something to take lightly though. In fact, it can literally make or break a business. You can have all the other pieces in place – a great product, a seamless sales process, outstanding service, etc. – and if you don’t do a great job with marketing, none of it will matter. Sure, word of mouth will (eventually) help, but the more people spreading the word, the better, and marketing is the only way you’re going to get the process moving forward.

Not IF but HOW

Marketing should never be thought of as optional. Instead, it should be an integral part of your business planning, and the question should be how you can do it most effectively. Of course, today more than ever, that’s the million dollar question. With the ever growing array of marketing options opening up online, as well as many traditional, offline avenues still in play, it can be enough to make an already swamped entrepreneur want to run and hide.

But take heart. The fact that there are so many options is actually good news. Blogging, Social Media, Email and Article Marketing, PPC, Video, SEM – they’re all simply more tools in your marketing tool box, and once you start to use them, the rewards can easily outweigh any initial learning curve frustrations. Just don’t make the mistake of thinking you need to choose between internet marketing options and offline avenues, such as PR, direct mail, radio, etc. Instead, think about how an approach using all your options would look.

You might be thinking that your business is 100% online, so you don’t need to do anything that’s offline. But can you say that a write-up about your company in The New York Times business section or a guest spot on Good Morning America wouldn’t give your business a boost? At the very least, PR can be used in conjunction with internet marketing to realize maximum impact. The key is to mesh the various tools available into one consistent, well-thought-out marketing plan.

7 Steps to a Brilliant Marketing Plan

1. Define your target market. (And drill down to get as specific as possible.)
2. Develop a clear, concise message to be used across all channels.
3. Identify short and long-term goals for each marketing channel as well as overall.
4. Study your market to find out where potential customers get their information.
5. Set a budget for all marketing. (Remember: Social Media isn’t free when you do it right.)
6. Plan each marketing channel individually; then work on melding them into one cohesive plan.
7. Measure and tweak – constantly! (Your plan should be fluid and flexible to adjust to changes in your market, industry, and culture.)

See? That wasn’t so hard! Of course there is a lot more to each of the seven steps, but none of it is beyond the abilities of most entrepreneurs. Research online, to find resources that will help you in the areas where you have questions. And if it’s all too much to take on, hire it out. But don’t ignore this piece of your business, whatever you do. An effective long term marketing strategy can take your business exactly where you want it to go.

Adam Toren

Adam Toren is a serial entrepreneur, mentor, investor and co-founder of YoungEntrepreneur.com. He is co-author, with his brother Matthew, of Kidpreneurs and Small Business, BIG Vision: Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right (Wiley). He’s based in Phoenix, Ariz.