Achieve Your Goals with This Easy Marketing Plan
Bonus: Sample Marketing Forecast & Strategy
Marketing is an indispensable part of growing any business, but it can be especially challenging for small manufacturing companies. With limited resources, like time, a smaller workforce (some employees wearing more than one hat) and a focus on production, it’s essential to have a marketing plan that everyone in the company can follow and support.
It is important to note that not all marketing plans are the same. As every company is unique, with different missions, goals, products, and more, the marketing plan you implement should reflect those specific goals.
This is not to say there is no place for a general marketing plan, they can be particularly useful for getting the ball rolling and can be customized, but I caution against having a plan that is a one size fits all solution for the challenges and needs unique to your business.
Here’s a marketing plan you can customize for your manufacturing company, along with actionable metrics KPI’s (Key Performance Indicators) you can measure for impact and ROI:
- Define Your Target Market The first step in creating a successful marketing plan is to identify your target market.
- Who are the people you are trying to reach with your products and services?
- Analyze Your Competitors Once you have identified your target market, it’s time to take a closer look at your competition.
- Who are they and what are they offering?
- What sets your products and services apart from theirs?
- Knowing this information will help you develop a unique marketing message that sets you apart.
- Define Your Unique Selling Proposition (USP) Your USP is what makes your company and your products unique.
- What do you offer that sets you apart from the competition?
- Use your USP to create a messaging strategy that will resonate with your target market.
- Choose Your Marketing Channels (*tip using more than one channel or multiple touchpoints that you sell on, is also called having an Omni Channel strategy) Once you have defined your target market, analyzed your competition, and developed a USP, it’s time to choose your marketing channels. Consider the channels your target market is most likely to use, including social media, email, content marketing, and paid advertising.
- Set Measurable Goals Once you have chosen your marketing channels, it’s essential to set measurable goals for each. This could include a certain number of website visitors, social media followers, or email subscribers. Having a clear idea of what you hope to achieve with your marketing efforts will help you track your progress and adjust your strategy as needed.
- Create Your Marketing Budget, it’s essential to allocate resources appropriately. Consider your goals and the channels you have chosen and allocate a portion of your budget to each.
- Monitor and Adjust The final step in creating a marketing plan for a small manufacturing company is to monitor and adjust. Keep track of your results and make changes to your strategy as needed. No plan should be set in stone, continuously evaluating, and refining your marketing efforts will help you reach your sales goals.
BONUS: Sample Marketing Forecast & Strategy – Fill in the blanks with your unique company growth goals:
SAMPLE Marketing Forecast:
- We will allocate X% of our total revenue to our marketing budget for the next (12) months.
- We’ll focus on (inbound or digital marketing) including search engine optimization (SEO), pay-per-click (PPC), and social media.
- We will also allocate a portion of our budget to attending industry trade shows and events.
Key Performance Indicators (KPIs) with Formulas for Proper Forecasting To Determine ROI (Return on Investment & ROAS (Return on Ad Spend)
- Our main KPIs will be lead generation, customer acquisition cost, revenue generated from ads and conversion rate.
- Customer Acquisition Cost (CAC) = Total Marketing Costs / Number of New Customers Acquired
- Cost per Lead (CPL) = Total Marketing Costs / Number of Leads Generated
- Conversion Rate = (Number of Conversions / Number of Clicks) x 100
- We aim to generate at least (X) new leads per month through our digital marketing efforts.
- We expect the customer acquisition cost to be around $X per customer.
- Our goal is to achieve a conversion rate of at least X% from our (digital marketing) efforts.
- By determining (effectiveness) the revenue generated from your ad campaigns by the amount spent on advertising, you can calculate your ROAS. ROAS = Revenue generated from ads / cost of the ads
Marketing Strategy with KPI’s (Cont’d)– Expand on each as it relates to your company goals.
- We will focus on improving our (SEO, content marketing, band initiative) to increase our online visibility and generate more organic traffic to our website.
- We will use PPC (Pay Per Click) advertising to target (specific keywords) and drive traffic to our website.
- We will create (social media campaigns – paid and/or organic, content, Podcasts etc) to increase brand awareness and generate leads.
- We will attend (x number) industry trade shows and events to network with potential customers and showcase our products. (List here)
- Overall, we anticipate that our marketing efforts will help us achieve the goals outlined in our sales + marketing forecast and drive growth for our small manufacturing firm over the next (12) months.
In conclusion, developing a marketing plan for a small manufacturing company requires careful planning and execution. Following these steps will assist you in developing a marketing plan that everyone in your organization can support. By doing so, you will be able to achieve your sales goals.
Contact Us if you would like more assistance with market planning.
By Jeanette Stevens – CunninghamDirector, Marketing & Content Service Delivery, GENEDGE
