Eric Lanz (CPA) Tips on How to Write a Fool-Proof Marketing Plan
With over 23 years of experience in industries focused on delivering professional services, Senior Consultant Eric Lanz has become quite the expert when it comes to making the distinction between a solid marketing plan versus, one with a lesser potential to succeed. Eric Lanz notes that many confuse business plans and marketing plans to be the same thing, when in fact, they are not. While they both correspond to one another, business plans are more for the initial stages of your business while outlining goals and missions. Marketing places details on your plan of action to win and keep customers.
By identifying business price points, target markets and competition, the company is able to act on deliverables to retain and attract consumers. A killer marketing plan will have clear tactics on how to generate leads resulting in sales based on numbers, facts and objectives. Eric formulates a marketing plan template and advises all professionals to use this preliminary guideline in order to achieve their goals — beginning with an executive summary.
Here you will outline sections within your marketing plan. This summary should be helpful to yourself and others like employees, advisors, or whoever else may be involved in the process of your plan.
Describe the type of customers you plan on selling to. It’s important to do extensive research on your targeted demographic to know precisely what their wants and needs are as a consumer — or more importantly, your consumer. Important factors such as gender, age, income, occupation, family, family size, education, nationality, geography etc., will help you to segment your market into a primary market you can focus on. Not everyone will be able to relate to your product — it’s important to cater your marketing strategies to a niche that affects your sales the most.
Consider the following when identifying your target market:
● Who are your customers
● What do they need?
● Why do they choose to purchase
Differentiate Yourselves from Competitors
Have a clear strategy on how you plan on standing out amongst your competitors. Have a recognizable brand by creating a unique image for your product or services, making sure your marketing materials adhere to your brand guidelines. This will help your company to have a more established and defined presence.
Have a Pricing Strategy
Be sure to align your pricing with how you position yourself. Having a low price for a product or service that is meant to appeal to a more upscale demographic can dissuade customers from making their purchase. You want to consider competitor rates and ensure that your prices allow a reasonable margin for profit.
Devise a Promotional & Distribution Plan
Finally, have a detailed advertising strategy. Whether you plan on having a sales promotion, gain exposure through public relations tactics, or decide on face-to-face selling, be sure to choose a tactic that corresponds with your customers behavioral patterns.
Doing all of the above will allow for your business to overcome any potential challenges your company could be faced with. A well-written marketing plan will expand your knowledge on the industry and will help you to achieve your goals. Devise a marketing plan using Eric Lanz’s outline and become an expert yourself when it comes to spotting out a plan with great potential.