Another mistake prevalent among many entrepreneurs is that they don’t put together a marketing plan. When is a good time to put together a marketing plan? There are two answers. One is when you started your business and the other is now. Regardless of when you started, if you don’t have a marketing plan, create one now.

A marketing plan is a working document to guide you and your marketing efforts throughout the planning year. It doesn’t have to be fancy or elaborate. You can put together a marketing plan in seven sentences by answering the respective questions:

Sentence 1 – What is the purpose of your marketing? What action do you want customers and prospects to do as a result of your marketing?

Sentence 2 – Who is your target market? (“Everybody” is not a target market).

Sentence 3 – What is your niche? How have you taken your target market and made it tighter and narrower?

Sentence 4 – What are the benefits and competitive advantage of your products and services?

Sentence 5 – What is you r identity. Notice I didn’t say image. Image is something you’re not. What do you want customers and prospects to think of when they hear about you or see your log, color, tagline, etc.?

Sentence 6 – this is probably a list not a sentence. What are the marketing initiatives you are going to employ during the planning year? What is the related marketing activity?

Sentence 7 – How much money are you going to spend on marketing? This is your marketing budget. Once established, stick to it like breathing and like paying the light bill. Not cut marketing in tough times as an expense. It is an investment that you will get a return on. 

That’s it. You can do it on the back of an envelope, on the computer or handwritten. Just do it and use it as a working guide throughout the planning year.