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Marketing Plan | High Point MarketingHigh Point Marketing

Marketing Plan

Our Process

When creating your marketing plan, it all starts with research in order to gather the appropriate information to formulate an advertising and promotional campaign. But before you start your research, a clear set of goals and objective need to be established in order to make sure, the strategy that is created matches up with the desired end result.

Below is our process in developing your marketing strategy starting with the initial interview.

business strategy process

The Interview

This is a complimentary session in which we get to know you and establish your marketing needs and see if we are a fit to work together. The marketing interview consists of:

1.      Establishing goals

This can be based on increased sales, customer count, membership, profit, etc. This will be important for us to measure and determine success or failure.

2.      Business model

We will explore your revenue stream and your competitive advantages to gain insight into how your business operates.

3.      Past history

If you have been in business for at least one year, a good look into the past will be helpful. This is where you will share your successes and challenges as it relates to your marketing efforts.

4.      Referral patterns

The most effective way to gain sales for your business is a strong network and referral base. Whether it is a formal strategic alliance or plain word of mouth, we will want to establish what your referral network is like.

5.      Price/Profitability

One of the most overlooked areas of marketing for a business is its pricing strategy. We will seek to determine what your target profit margin and net income is as part of establishing your overall marketing goals.  

 A price adjustment for an existing business will put the business on the path to profitability. For a new business, it will establish a firm pricing foundation to put it on the path to profitability sooner.

6.      Customer retention

This is where we will explore your strategy to retain as many customers as possible, increase the rate of new purchases, increase the average sale, etc.

These are some of the basic questions we will explore to identify your areas of need.

Cost: Complimentary

Marketing audit

Phase I: The Audit

Whether you are a start-up or been in business for 30 years or more, we will analyze your strategy around the following areas.

1.      Price/Profitability

One of the most overlooked areas of marketing for a business is its pricing strategy. We will analyze your pricing model, cost of goods, and profit margin by sales category.

The next step is to conduct market research to see where your pricing fits within the market to identify areas to raise prices.

We will then analyze the true cost of goods (COG) by conducting a thorough audit of expenses from previous years (if applicable). A comprehensive look into the businesses COG often reveals underreporting. This leads to a profit margin that is lower than assumed and a likely reason why your net income is lower than desired.

A price adjustment for an existing business will put the business on the path to profitability. For a new business, it will establish a firm pricing foundation to put it on the path to profitability sooner.

2.      Customer retention

This is where we will explore your strategy to retain as many customers as possible, increase the rate of new purchases, increase the average sale, etc. Once we have determined your retention history, we will then create a strategy to increase those rates which will have a quick impact in sales and profitability.

Phase I is a key component and foundation for your marketing plan. Usually, a business will see significant growth in profitability after the implementation of this first phase.

Cost: Based on scope of the business

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Phase II: Marketing Plan

A marketing plan starts with a research to gain a thorough understanding of the industry and market dynamics.

1.      Market Research

The one constant in business is change. Your industry changes, competition changes, even your customers and customers buying patterns change over time. For this reason, it is important for every business to do some basic market research every year in order for your business and marketing strategy stays relevant. You should research industry trends, competitive analysis, target market demographics, strengths , weaknesses, opportunities and threats to your business. This phase of marketing is focused on uncovering overlooked opportunities.

2.      Development of the Marketing Mix (Product, Placement, Promotion, Price)

The strengths of your product, pricing strategy, how you promote your business and the method of putting your product in your customers hand will define your brand. So, it is important that you ensure that all four elements of the marketing mix work  in synergy to define your brand as you intend. This is the next step to developing your advertising and promotional strategy.

We will lay out a plan that incorporates both outbound (traditional advertising) and inbound (internet based) marketing methods and the cost to each. This section will include:

a)      Website analysis

b)      Social media

c)      Networking

d)      Print ads

e)      Multi-media ads

f)       Press releases

g)      Video

h)      Blogging

i)       And more…

3.      Timelines and Key Performance Indicators

No plan is complete without a measure of success. So we will lay out a timeline of implementation and methods to measure the success of the strategy. Some KPI’s are:

a)      Increased profit

b)      Increased customer base

c)      Customer retention rates

d)      Increased revenue

e)      Increase average purchase

f)       Increased fan base on social media

g)      Higher sales conversion rates

Cost: Based on scope of the business

 

 

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