A well-thought out marketing plan is like a wheel, says Sandra Bekhor, president of Bekhor Management in Toronto. It has a hub in the middle, connected by spokes to an outer rim.
Every marketing plan should cover the basics, such as defining your target market and your objectives, as well as including a detailed budget. To give your marketing plan some real traction, however, Bekhor offers these tips:
> Give the plan focus
For a successful marketing plan you need to find a central focus.
Choose one activity that will be the central hub of your plan, Bekhor says. For example, if you enjoy writing, then you might create a plan around your website and blog. If you enjoy public speaking, perhaps seminars should be your hub.
> Limit the number of spokes
There are all kinds of ways to reach out to clients and prospects — from the various online methods to print and networking events. The key to a successful marketing plan is to keep your roster of methods small.
Do only as much as you have the time and the resources for, Bekhor says. You should not have “too many spokes in the wheel.”
> Follow your interests
Find activities you genuinely enjoy to ensure that you stick to your marketing plan.
Often, Bekhor says, advisors end up pursuing marketing activities only because they think they should. Perhaps they have friends who use those methods, or they have heard about them at a conference.
However, if you don’t enjoy or have no interest in the latest marketing trend, you will ultimately abandon that activity. Instead, Bekhor, says, choose marketing methods based on your own skills and interests, so that you will be engaged in the process on a daily basis.
> Stay focused
Be careful not to jump at every suggestion, as you may end up derailing your marketing plan.
Advisors often get distracted by offers of advertisements, sponsorships or other marketing opportunities, Bekhor says. They may risk using up their budgets on projects that may not bring in any business.
Before making any decisions, Bekhor says, take a day or two to reflect and review your marketing plan to see if the new opportunity suits your goals.
> Take charge
Talk to team members about the marketing plan to get them interested and excited about their roles.
Just remember, Bekhor says, that all the final decisions about marketing will be made by you. Otherwise, you may have “too many chefs in the kitchen.”