Many entrepreneurs define themselves as free spirits, unfettered by convention. However, while these traits may be real boons to the creative process, there are times when it pays to do things by the book. This is especially true when it comes to devising a viable marketing strategy. A detailed marketing plan will not only help define what it is that you want to accomplish with your new business, but will also set you on the path to seeing those dreams become reality.   

One of the most difficult aspects of running a small business is figuring out a marketing strategy. Marketing requires effort, preparation, and—more often than not—a substantial amount of money. As such, you’ll want to have a very clear idea of what you plan on doing before you mortgage the future of your company to do it; improvisation is definitely not the way to go.

But before you can get started on developing a working strategy, you need to know exactly what your objectives are. Business goals are inseparably entwined with marketing strategy, so your first step should be to record your objectives, and to define them in a measurable way.

Start with a goal

The simple act of getting those goals out of your head and on to a piece of paper (or into a computer document) significantly increases the likelihood of those goals being achieved.

In addition to being measurable, goals should be specific, realistic, and have a set time frame in which to be completed. With this, you should start by taking a step back and looking at the overall big picture of what you want to achieve. Getting a clear idea of your destination will make it easier to break your overarching goal into smaller, attainable objectives, which is actually your next step.

Small goals will help you see your progress as you make it, and will keep you from feeling overwhelmed by the big picture. Remember, the shorter-term these mini-goals are, the easier it will be to measure your progress as you achieve them, so don’t be afraid to really break everything down into the basics.

Go on a Mission

OK, so you’ve got your goals specified and monitored—now’s the time to actually get to work on your mission statement.

The mission statement is a succinct, yet precise definition of what your company is. It should summarize the goals of your business, as well as its values, its target market, and what makes it unique. As Forbes reported back in 2013, the best mission statements are those that answer four simple questions:

• What does your company do?

• How does your company do it?

• For whom does you company do it?

• What value does your company offer?

Basically, the mission statement should let the world know your company’s purpose (and should also help in articulating your company’s purpose for your own benefit). Your marketing strategy will draw heavily from the values and goals outlined in your mission statement, in essence using it as a foundation for everything that comes after.

Once you’ve finalized the mission statement, you need to target your marketing strategy towards your intended customer base. To do that, you first need to figure out who exactly your customers are. Invest in a bit of market research to find out everything about your ideal buyer, including where they live, what they like, and what they need in a product or service.

Understanding your customers is a key that cannot be overemphasized. In a survey of over 2,500 marketers, ExactTarget identified the collection and implementation of market research as the third-highest marketing priority of 2014. You also need to get an idea of who your competitors are, and what kind of things they’re doing. Be objective, and try to learn from their strengths and their weaknesses—just make sure that you don’t blindly follow in their footsteps; the same tactics don’t always work for different organizations.    

Now that you’ve got a clear picture of who you would like to be selling to and what you want to accomplish as a result, you need to determine the best possible way to move forward. To this end, you’ll need to now shift your focus to the marketing strategy itself. This section is really the “meat” of the overall marketing plan, so allow for as much space and time as you need to flesh it out as fully as possible. Start by focusing on the customers themselves.

How can you best get your message in front of their eyes? Many marketers are currently finding that popular social media sites are effective and inexpensive when it comes to drawing attention towards a brand. 52% of marketers found at least one customer via Facebook in 2013, and 60% of LinkedIn users have clicked on an ad on the site.

In fact, in this day and age you have an almost limitless number of routes to take as far as advertising is concerned, but you’ll want to narrow your gaze so that you don’t end up wasting your efforts on ineffective and inefficient methods. Look back to your marketing research to see which methods may be best.

Does your ideal customer spend much time on social media? Do they read magazines, newspapers, or watch television, and if so, what kind of articles/programs are they interested in? Do they prefer mobile smart devices over laptop or desktop computers? Don’t make the mistake of assuming that you can solve all of your marketing woes simply by investing more money into them; often times it’s the organic, content-driven marketing that wins out over paid advertisements, especially when it comes to the internet (80% of internet users completely ignore Google ads).

Choose the most promising tactics, and be consistent across the various platforms that are most likely to deliver results. Above all, you need to develop a detailed, yet flexible schedule. Include in your plan each step that you’ll need to take, and be as specific as possible with regards to dates and goals. As you implement your strategies, be sure to analyze and track your results. If something isn’t working out for you, you need to be able to recognize that as early as possible and adapt your strategy to compensate.

Finally, you’ll need to take some time to consider the cost of your marketing investment. A well-organized budget can save an otherwise shaky business. On the other hand, one that is haphazardly thrown together can easily lead even strong businesses into failure.

Refer back to your strategies section often and work out the estimated cost of each tactic. Be generous in your estimations; it’s always better to be over-prepared than under-prepared, and there are few things worse than having your budget run dry just when things are getting ready to take off. There are a couple different ways that you can plan your budget.

Many entrepreneurs will simply set aside a certain amount of money to be used towards marketing, and then adapt their tactics to fit those pre-determined costs. Conversely, some find it beneficial to start by selecting marketing tactics, determining the cost of each of these tactics, and then prioritising them in order of expected effectiveness. This allows for a bit more flexibility, but may not be quite as accurate when it comes to sticking to a strict dollar amount.Be sure not to overlook less obvious marketing costs such as sales training for employees—small expenses when not accounted for can easily sneak up on the unsuspecting entrepreneur and wreak havok.

Once you have your marketing plan down on paper, you’re still not quite done. After all, a strategy unused is a useless strategy, so keep your plan somewhere accessible, and refer back to it regularly. Do some testing. Make note of tactics that aren’t working out as well as you had hoped, and make revisions when necessary.

Don’t fall into the trap of viewing your marketing strategy as an assignment to be completed and forgotten. Instead, see it for what it is: a personalized tool designed to help you and your business reach the greatest possible success. If you can develop a working strategy that is likewise accurate and adaptable, then you’ll be well on your way to achieving your goals—whatever those goals may be.

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