Today, we’re talking about why creating a solid marketing plan is absolutely essential when you're starting and launching your business after being laid off. Whether you’re starting from scratch or pivoting into something new, this episode is for you. Let’s get started!
Last week we covered sales strategies. Now it’s Marketing. There is a difference.
Let’s start with the basics. You’ve just been laid off. Your emotions are all over the place, and maybe you’ve had an idea for a business for a while, or perhaps this is a completely new venture.
Either way, you’re excited, but also a little overwhelmed. Where do you even begin?
Well, the first thing you need to realize is that no matter how amazing your product or service is, without a clear marketing plan, you’re just another business hoping for success.
A marketing plan is a roadmap that helps guide your business towards its goals, and it’s essential for a few big reasons:
- Clarity: A marketing plan gives you direction. With so much to do in a new business, having a clear roadmap helps you stay focused on the tasks that matter most.
- Budgeting: When you’ve been laid off, every dollar counts. A good marketing plan helps you allocate your limited resources effectively, making sure that every marketing dollar you spend gets the best return on investment.
- Measuring Success: Without a plan, you don’t know if what you’re doing is working. With clear goals and metrics, you can track progress and adjust your approach as necessary.
- Target Audience:
This is where you define who your customers are. Are they millennials who care about sustainability? Are they small businesses that need digital solutions? The clearer you are about your target market, the easier it will be to design messaging that speaks to them. - Marketing Goals:
What do you want to achieve? Do you want to generate 100 leads per month? Build an email list of 1,000 subscribers? Make your first sale? Whatever it is, make sure your goals are specific, measurable, and achievable. They’ll help guide your efforts. - Competitor Analysis:
You’ve been laid off and might have limited resources, so you need to stand out. Take time to research competitors in your space. What are they doing well? Where are they lacking? You can position your business where there’s a gap in the market. - Marketing Strategies and Tactics:
This is where you decide how you’re going to attract and engage your customers. Will you use social media, email marketing, SEO, content marketing, or paid ads? Consider your strengths and weaknesses, and choose strategies that will give you the best chance of success with your available resources. - Budget:
This is critical, especially when you’ve been laid off and might have limited capital. A budget allows you to allocate your resources effectively, whether that’s for advertising, content creation, or tools you need for marketing. Be realistic about what you can afford. - Metrics and KPIs:
You need a way to measure success. Whether that’s website traffic, conversion rates, or return on ad spend, keep track of your KPIs and adjust your strategies if you’re not hitting your targets.
Now, let’s talk about why all of this matters in the long run. As someone starting a business after being laid off, you’re probably thinking about financial stability and long-term success. A marketing plan is your ticket to sustainability.
- Brand Recognition:
In today’s world, people want to do business with companies they trust. Your marketing plan helps build your brand identity. It’s more than just selling a product; it’s about creating an emotional connection with your customers. This can lead to repeat business, referrals, and long-term loyalty. - Customer Relationships:
Effective marketing isn’t just about attracting new customers — it’s about nurturing existing ones. A solid marketing strategy can help you build strong relationships with customers through email campaigns, social media engagement, and personalized communication. Happy customers lead to positive word-of-mouth and, ultimately, growth. - Adapting to Change:
When you’re starting a business after being laid off, the landscape is always changing. Whether it's the economy, technology, or consumer behavior, your marketing plan should be flexible. A good marketing plan allows you to test new tactics, pivot when necessary, and stay relevant in your industry. - Scalability:
As your business grows, you need a marketing plan that can scale with it. A well-thought-out plan doesn’t just get you to your first sale; it helps you expand your reach, increase sales, and enter new markets. Without a clear marketing strategy, it’s easy to hit a growth plateau.
Creating a marketing plan isn’t foolproof, and there are some common mistakes to avoid:
- Being Too Vague:
Your marketing goals and strategies need to be specific. Saying you want ‘more sales’ isn’t enough. You need measurable and actionable targets. - Ignoring Your Audience:
Not understanding your target audience is one of the biggest mistakes you can make. Take the time to research your customers, their needs, and how your product or service can solve their problems. - Not Being Consistent:
Marketing isn’t a one-time effort. You need to be consistent. Whether it’s social media, email newsletters, or blog posts, consistency is key to building momentum and growing your customer base. - Overloading Your Plan:
You don’t need to try every marketing tactic under the sun. Focus on a few core strategies that align with your strengths and your budget, and refine those over time.
What can you do today to start creating your marketing plan?
1. Identify Your Target Audience:
Spend time defining who your ideal customers are. Create customer personas if you need to.
2. Set Specific Goals:
What does success look like to you? Write down specific goals for your marketing efforts.
3. Outline Your Strategy:
Choose 1-2 marketing tactics that fit your business and budget, and start small. Will you focus on social media or building an email list? Pick your focus, and dive in.
4. Create a Budget:
Be realistic about your resources, and start with a budget that makes sense for where you are right now.
5. Track Your Progress:
Set up systems to track your efforts. Whether that’s using Google Analytics, social media insights, or simple spreadsheets, measure what’s working and adjust where necessary.
Remember, starting a business after being laid off can be daunting, but with a solid marketing plan in place, you’re setting yourself up for long-term success.
Tomorrow is a great way to end our week and you don’t want to miss it. I’m going to introduce you to others who did it. People who started their own side hacks, turned them into businesses and took them to the next level and are now doing terrific.
If you've been laid off or in between jobs or just unsatisfied with the job you've got, be sure to go to lifebydesign360.com and subscribe. Each week you'll get important updates on new podcasts that can help you get the job you want now, create a side hack and an income that you can never get fired from and get on the fastest path to retirement success and financial freedom.
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Owning your own income is very freeing. It takes some work, but if you do it right, and I’ll show you how, there is no better feeling in the world.
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