Building Your Marketing Plan

PNC Bank

Building Your Marketing Plan

Loren Foxx, wedüMay 17, 2011

PNC Bank

PNC Bank

What did this video accomplish?

• Increased sales (600% increase in consumer market, year 1)

• Increased name recognition• Positioning their product• Building a brand• Marketing without “traditional” marketing – viral

campaign

Copyright 2010 wedü,inc. PNC Bank

So, why do you need a marketing plan?

• Learn more about your business• Learn more about your customers• Learn more about your competitors• Set budgets for the coming year• Set new goals• Position your company

Are there any other reasons?


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Setting Your Company’s Goals

• S – Specific• M – Measurable• A – Attainable• R – Realistic• T – Timely


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What type of goals will you set?

• Sales• New business • Brand awareness• Customer loyalty• Lead generation• Personal development


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Positioning

What is positioning?• Pricing – economy vs. luxury• Packaging• “Free Prize Inside”?• Who is your target audience?• What is your unique value proposition?• Elevator Pitch


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Positioning

So...

What’s your company’s positioning statement?


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A positioning statement answers the question: What do we stand for?

• It’s a promise you make to your customers.

• Your singular distinction among competitors.

Positioning

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How to write a positioning statement:

To: Your target audience

My company is the… ___________________________________ category

that…________________________________________________ key benefit – statement of need fulfillment

because…____________________________________________ relevant support

Positioning

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To: Safety Conscious Car Buyers

“Volvo is the… automobile manufacturer that… keeps you and your family safe because… all of our research, technology and planning are focused on protecting drivers and their passengers.”

Singular distinction: Safety

Positioning

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Understanding Your Place in the Market

• Strengths• Weaknesses• Opportunities• Threats

How can you use this information to your advantage?


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How can you do this analysis?

• Focus Groups• Google• “Have someone else do it for you”• Ask employees• Trade organizations• Market research• Survey your customers


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Developing Your Strategy

Who’s your target market? And why is this important?• Dictates your geography• Dictates the media you will use


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Developing Your Strategy

How do you build a budget?


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Which Media Will You Use?

• “Traditional media”• Radio• Print• TV

Your budget dictates where you’ll place your media, and what you’ll produce


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• Interactive Media• Web• Online Advertising• Email• Viral Videos and Commercials• Facebook Apps• Smartphone Apps


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• “Different” Media• In-Store• Experiential / Event Marketing• Frequent Shopper• Discount Program


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What Will Your Message Be?

• This is the hard part...• Tying how you want to be perceived into your messaging• What will make customers buy?• What will result in increased leads or sales?


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How Will You Measure Your Success?

• Accounting Metrics• ROI• Profitability• Total Sales• Sales per Rep• Sales compared to previous period / similar period• Sales per Transaction• Sales of Specific Products


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How Will You Measure Your Success?

• Other ways?• Website traffic / visits• Facebook fans / interactions• Store visits• Frequent shopper signups / rewards program• New customers?• ZIP Codes?• Eyeball test


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What’s Next?

• Do Your Research• Set Your Goals• Write Your Plan• Learn Your Markets• Make it Happen• Celebrate Your Success


Building Your Marketing Plan

Education

Transcript of Building Your Marketing Plan