The best way to conserve resources and optimize results in any endeavor is to set a goal and then follow a well-researched and carefully plotted route to get there. This is especially true for agents who have limited budgets to create marketing initiatives that will achieve ambitious business development objectives. A carefully executed marketing plan serves as the blueprint for the creation of market-driven marketing programs.
An effective marketing plan must reflect not only an agent's own capabilities and objectives, but also the realities of the marketplace. Therefore, the marketing planning process begins with a focused internal and external research initiative that addresses:
- Market environment. Be sure you understand the economic, regulatory and industry conditions and trends that will impact your marketing efforts and market receptivity.
- Competitors. Compare your marketplace positioning and tactical initiatives to others in your marketplace that offer similar products and services for the same target markets.
- Customers. Analyze the demographic characteristics, purchase behaviors and other relevant information on current and past accounts that will provide insights on your best targets for future prospecting.
- Objectives. Establish applicable benchmarks and success criteria.
- Sales opportunities. Every community presents opportunities to reach out to new prospects — e.g., groups that might be receptive to a seminar or companies that would like to offer better financial information to their employees.
A carefully researched, customized marketing plan can, if systematically implemented, serve as the backbone for effective marketing activities. It is worth every bit of the effort that it takes to get it right — the first time.
