In the new entrepreneurial marketing, the marketing plan is still considered an essential tool that contributes to a faster reaction in current “Instant Era”.
However, the new definition of marketing plan implies nowadays being more flexible, short-term aimed and continuously updated due to its fleeting uncertainty.
In any case, the structure of the “renewed” marketing plan concept remains simple:
- Identify the key publics.
- Define few key goals.
- Determine a specific strategy per each of those goals.
- Stablish the different measurement methods, taking into account that it might be quantitative in this type of business aimed to grow.
Although the aim of marketing actions continues being the same, consisting in creating a demand of the product, service, or process, in the new panorama we can give you few additional tips to position your product on top of search-engine rankings and will made you leaders or experts in specific topics:
- Make the difference with your product or service, adding a priceless value never seen before if possible.
- Use the experiential actions to attract your targeted audience.
- Make your stakeholders feel as unique and exclusive in order to connect emotionally with them. If successful they may become forever devoted and loyal.
- Promote the conversation in the social media through shareable content to highlight product’s benefits, using new techniques, i.e., storytelling, even inspiring customers to speak about our product genuinely , which will propel the credibility and authority of your brand around the world and real-time.
As a result, despite limitations of start-ups and emerging companies (small staff, limited budget, and miniscule customer initial loyalty), they compete in the huge market simply, in Ken Petti’s words, “turning their weaknesses into their strengths”.
On the other hand, from a professional perspective, one person that previously worked for a traditional company would need to be involved in a full transformation as professional to achieve the success in the entrepreneurial ecosystem, being able to take advantage of most EM successful strategies, like the ones defined by Marketing-schools.org:
- Relationship Marketing: creating a strong relationship between the brand and the customer.
- Expeditionary Marketing: where companies are behaving as leaders instead of followers, so they are creating markets and developing innovative products.
- One to One Marketing: personalizing every action for each customer.
- Real Time Marketing: al time interaction thanks to powerful instant technology tools and platforms.
- Viral Marketing
- Digital Marketing: using Internet tools like email and social networking to support marketing efforts.
In fact, these strategies and techniques are being adopted by major and contemporary/traditional businesses out of opportunity, meanwhile entrepreneurs are using them out of necessity.
Diving through the example
But let us introduce a brief Marketing Plan for a hypothetic company called “Ecologic Sweet Cosmetics”:
– Target Market Segment Strategy: the mail public for Ecologic Sweet Cosmetics products are women between 40-60 years old and with medium-high purchasing power. Note that marital status is not relevant at this point.
– Competitive Edge: The quality of the products is higher than existing competitors as they barely contain water in their composition meaning that they basically made of pure raw materials but, in addition, the formulas are more complex to obtain better results with the continued use. Besides, it is offered a personalized advice and experience for those that are interested in learning how to create their own natural creams, soaps or composite oils.
– Sales Strategy: online and face-to-face selling in physical store. Nowadays, if a company is not operating through the Internet it is losing many clients due to the e-commerce boom but it is also important to have a physical space for attending clients that are not so familiar with digital world or just need a face-to-face relationship to entrust in the brand. Moreover, training sessions are very practical, so they must be in person- Sales Strategy: online and face-to-face selling in physical store. Nowadays, if a company is not operating through the Internet it is losing many clients due to the e-commerce boom but it is also important to have a physical space for attending clients that are not so familiar with digital world or just need a face-to-face relationship to entrust in the brand.
– Sales Forecast: Summarizing, in the first year we plan 75,000 EUR, in the second year 150,000 EUR and in the third one 270,000 EUR. This detailed information should be part of the Financial Plan (Profit & Loss Account).
– Marketing Strategy: Trade fairs like Bio-Cultura, and on-site demonstration in training courses (“natural cosmetics by yourself”) will be the most face-to-face techniques. In addition, remotely, it is offered free samples that will be sent to customers’ previous request through the website of the company and social media. Based on current media trends in Spain (“Estudio Anual de Redes Sociales de 2019” by IAB Spain) , the most used social media are Facebook, Twitter and Instagram, so we are creating an account to feed customers’ experience and needs real-time (announce special promotions or events, give advice, events recap, etc.).