There are several marketing tools helping managers in positioning marketing strategy, adjusting promotions, developing advertising and social media plans, in addition to other operations as well. We all know that a marketing plan is built in order to:
Increase sales ·
* Gain a competitive advantage
Through my sales & marketing experience in the franchising industry, I applied many tools such as Promotional Mix, Marketing Mix, Ansoff Matrix, Vrio Analysis, SWOT, BCG, and many others. Using these tools helped me a lot in seeing the big picture in depth! However, what about considering the following:·
* How do you go about building a bridge between Marketing Plan to P&L? and·
* How do you develop a Result-Driven Strategy to achieve a competitive advantage in the market?
Marketing plans help companies to understand the way of creating strong customer relationship. However, it is not possible to create it without clear understanding of customers, competitors, and environment. Forming the marketing plan based on the needs of customers*, strengths & weaknesses of competitors* and opportunities in the market* lead you to have a highly competitive advantage. Yet, without making a decision in advance to know how you will measure success, you can neither proceed on further nor make it sustainable for a company.
Are you hoping to see increased sales, traffic in store, or number of new clients? Regardless of your choice, the simplest and direct way of measuring success is to look at your net sales! Therefore, it is important to see the outcome of marketing plan on the P&L report whilst developing a result-driven strategy encompassing your customers, competitors, and environment.
Accordingly, it could be better to address the development of marketing plan from three different angles, which are Loyalty, Frequency, and Transaction. I would like to scrutinize them as follow:
- LOYALTY· Motivate your customers to “visit you as your guests”· Launch/Advertise your Loyalty/Club Card and promote its usage· Explore what makes your customers happy (e.g. use surveys, feedback forms, platforms)· Regularly listen your customers’ complaints, fix them ASAP*, and keep your promises to earn their trust· Place the right people into the right position to ensure they give priority to customers· Regularly invest in your people to keep them loyal to you
*** Keep Your Employees Loyal Because They Keep Your Customers Loyal ***
- Encourage your customers to “visit more to earn more” upon Loyalty/Club Cards
- Create an hospitality culture ensuring “your customers will be welcomed well in store”
- Inoculate the views of sales people into “Local-Store-Marketing” campaigns
- Develop “In-Store-Marketing” campaigns leading customers to earn discounts and/or gifts
- Take the advantages of “special days” with special offers upon limited time
- Take the advantages of “social media, email and digital marketing” to reach your customers
*** Win Your Customers In-Store and Locally***
- Encourage your customers to “buy more to save more”
- Create a sales culture ensuring “customers will be more profitable if they spend more”
- Develop promotions and special offers aiming at cross-selling products· Advertise the benefits and features of products upon “value for money”
- Ensure sales people “know your products convincingly well” against competitors’ one
- Train your sales people about “Effective Communication, Body-Language & Sales Skills”
*** Train Your People to Sell More ***