Question

Topic: Research/Metrics

Marketing Plan_how To Find Necessary Information?

Posted by Anonymous on 7/28/2008 at 6:25 PM ET 500 Points
I work for a construction company and have now been 'chosen' to put together/gather info for a company marketing plan.
Where would one go to gather the following:
1. Population by demographics that pertain to our target market (60K-250K)
2. Information on competitors (that would be important to a marketing plan )
3) Construction and housing information (50mi radius), that would be important to a marketing plan?
(this is how it was assigned to me by our 'director of operations')

It seems this should have already been completed 5 years ago when the company started.

I know it would be important to find the area's of our target market to advertise in, but I guess I fail to see, if I find out what our competitors are doing or how much they are making or spending, how that would help us. (other than to adjust rates)
The delimma is: where or how to obtain the information.

What would you say is the MAIN GOAL(s) to a Marketing Plan? (that would satisfy our DOO)

I really would apprecitate any direction you can give.

thank you very much!

Mike



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RESPONSES

  • Posted by Levon on 7/28/2008 at 6:32 PM Member
    A lot of this info you will know right off-hand. For example, you should know your 3 biggest competitors if you have been doing business for anytime. I don't know what you mean by "Population by demographics" - but any bit of marketing research will reveal who your customers are and how they are made up based on demographics.

    You could google map the residential developments near by if need be and find out the mean housing price and then try to figure the median income. A lot of these figures the local govt will have on file -- also check the library.
  • Posted by CarolBlaha on 7/28/2008 at 6:33 PM Accepted
    Doing things like the SWOT analysis is a big help. When you do this, sometimes answers just bubble up.

    And understand trends so that you can market to them. Its not enough to define demographics by an income level. Market laser shape-- once you identify who the how is easier.

    I recently did a killer business plan (which included a marketing plan) for a similar co. The new niches are a larger number of single and younger homeowners, minority homeowners, and elder baby boomers who are cash rich, make decisions based on wants V's budget and will be modifying their home to live independently.

    Sell Well and Prosper tm
  • Posted by CarolBlaha on 7/28/2008 at 6:39 PM Accepted
    One more thought-- I realize that a plan was never done before-- but the creation of one doesn't mean the job is complete. That plan will have to be reviewed constantly to make sure its current, on track and working. Make sure you plan in your plan for constant updating and review!
  • Posted by Susan Oakes on 7/28/2008 at 7:50 PM Accepted
    A goal of the marketing plan at the end of the day is to achieve the financial objectives of a company. The plan keeps you on track so that your marketing objectives, strategy and tactics are aligned to financials and you do not waste time and money.

    The other important aspect is that the marketing plan helps you to keep your focus on retaining your key customers and attracting other customers with a similar profile.

    Regarding competitors, this is one of the most important aspects as you need to understand their strengths so you can defend against them and their weaknesses so you can exploit them. Also you need to understand your key point of difference that is relevant to your key customers versus your competitors.

    To find out more about your competitors, visit their website as this usually provides a lot of information, review their advertising, brochures etc, google their name and perhaps talk to suppliers to get their input on your key competitors.
  • Posted on 7/28/2008 at 8:28 PM Accepted
    You can find population figures by demographics at the census.

    https://www.census.gov/

    However, I think the most important thing to address in the marketing plan is not what you have listed here, but a positioning statement that is unique to your company and your target audience that can be leveraged into a sustainable competitive advantage.

    In order to form this statement, you need to understand the benefits that your customers are seeking from what you have to offer and what it is about your company that delivers on these benefits. What are the needs of your customers - what are they really searching for that you deliver in a better/different way than your competitors? Once you have this information, you can develop a plan that is focused around a strategy on how to appeal to this audience.
  • Posted by L. Duggan on 7/28/2008 at 9:36 PM Accepted
    The goal of your marketing plan should be to tell your DOO and everyone in the organization.
    1) What you are going to do. (Your strategy)
    2) How you are going to do it. (Your tactics)
    3) How you will know you have achieved your goal. (Your metrics and measures)

    Check out this video for sources of information:
    https://www.youtube.com/watch?v=i-Oj22Zl7dM

    Good luck
  • Posted by Jay Hamilton-Roth on 7/28/2008 at 9:50 PM Accepted
    Work backwards to go forwards. Look at the last 5 years of your clientele. Who have been the best clients? Why? Then, planning forward, how can you get more of these clients? Where are they? Why would they choose you over your competitors? Why would they be attracted to your business? (The data that you're seeking will help make your numbers a bit more concrete.)

    I tend to split this into 2 documents. A marketing strategy (which is the high-level identification of your clients, SWOT, etc) and a marketing plan (an implementation of a strategy with timelines, resources, goals).

    Why you want this? To ensure everyone in your company is working for the same goals and that everyone outside your company has the same vision of what your company can do for them.
  • Posted on 7/29/2008 at 7:20 AM Author
    Thank you all for your input. It is extremely helpful. Very insightful! Every one of your responses is beneficial to my dilemma.

    If I may ask another question?
    In what format is the marketing plan put together. Is there a template that most use or a particular order that the information should follow for clarity and understanding?

    Thanks again for all your help....this has been very encouraging!
  • Posted by CarolBlaha on 7/29/2008 at 9:13 AM Accepted
    I use Business Plan Pro and Marketing Plan Pro. I don't always follow the template, but I almost always beging with it.
  • Posted on 7/29/2008 at 12:04 PM Author
    thanks for your reply Carol....

    Not being familiar with the process of putting together a marketing plan, especially for the first time....doesn't it seem that the owner and or the Director of Operations would need to answer some key critical questions as to "who they are", "why you would want to use us", and etc? It seems that they want me find the info or make it up as I go along and "wha-la"...marketing plan.
    Is that what businesses ask you 'marketing professionals' to do for them? Surely, you guys have to ask them questions, to begin putting a plan together, correct?

    thank you, all for the great advise you have been giving.

    Mike
  • Posted by CarolBlaha on 7/29/2008 at 12:17 PM Accepted
    When I am hired to do a plan-- I of course sit first with the owner. I try to get to their unique selling feature. Its like peeling an onion. The first answer is probably not it. Which is similar to "why use us". First thing they'll say is "price" or service, but that is the wrong answer. Those aren't (in most cases) differentiators. But really, my time with them is very brief. If they have a good website, I get most my info there (and their competitors) and from my market research. that is where most of my work begins and ends. As in my post, start writing and these details will bubble to the surface. My plans work because of my market research. Even if its a bleak industry, there is a bright spot and with good research, you will find it.

    If you already work there, you already know more than anyone on the outside. You know your competitors, you know the SWOT's, you know the customers and your geographic area. Start with your market analysis, the company now, competition and SWOT, marketing strategy and then mix. You'll start to see what I mean.

  • Posted by Susan Oakes on 7/29/2008 at 10:32 PM Accepted
    In case you are interested we sell marketing software that helps you with the analysis with questions, tips, examples etc. Then you can develop your marketing plan, use the implementation tools and tips and track your progress. You can just select the worksheets you need.

    If you have any questions, just contact me through my profile or in the directory.
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