Developing a marketing plan …
Developing a marketing plan does not guarantee the success of your construction business. However, it plays a vital role in helping you learn more about your business, and its competitive position in the market. Developing an effective marketing plan also helps you find ways to efficiently distribute resources for maximum gain, in line with your objectives.
Tips to develop an effective construction marketing plan…
Set Goals & Objectives
The first thing you need to do when it comes to developing an effective marketing plan is to set your goals. What do you wish to achieve by developing and implementing the marketing plan? You will be able to identify your objectives as you answer this question. It is important that you find out the most important, and quantifiable objectives. This will help you have a definitive/justifiable goal (or list of goals) that you want to work towards using the marketing plan being developed.
Do a SWOT Analysis
After you have set a given goal (or list of goals) you should then analyze your business, and the market it operates in. This analysis is meant to help you learn more about how you can achieve your goals. Begin by listing the strengths of your business, followed by its weaknesses, available opportunities in the market, as well as any threats to continued operation. As you conduct your analysis, you will be able to clearly see just how your business is performing, and identify what you need to improve upon to meet your objectives. Remember to factor in the set goals developed in the first step into the analysis. At this point, you need to find out whether your objectives are valid, and what you need to do to achieve them in light of what you have learned.
Set A Marketing Budget
Now that you have an idea of what you want to do, and how you can actually get it done, using an effective marketing plan, it’s time to create a marketing budget. This step is quite challenging, and bears a lot of influence on the effectiveness of the entire marketing plan in achieving the set objectives.The marketing budget you set should be in line with your revenues, as well as the cost of the marketing channels you wish to use. For instance, radio and TV ads will cost a lot more than other channels that give you access to a smaller part of the market. Remember to also set budget estimates to meet any increases in sales.
Decide On An Implementation Strategy
You will have to develop a marketing plan implementation strategy depending on the objectives set, results of the SWOT analysis and available budget. This step involves finding out the means by which you will reach out to the targeted market. Here, you should develop a suitable marketing mix of various marketing channels including online, community outreach programs, radio and TV.
Last but not least, to develop an effective construction marketing plan, you will need to monitor the results of the implementation process. Compare sales results before and after implementing the plan to get an idea of how effective it has been. You should adjust your construction marketing plan accordingly to boost its effectiveness.