Implementing a marketing strategy using the five “P’s” (part 4)

Too often, firms jump into marketing promotion without first defining the other four P’s in their marketing strategy:

1. Positioning
2. Product and service mix
3. Place
4. Pricing

Unfortunately, when you start your marketing planning with this last “P” – promotion – your firm will not experience its full marketing potential.  However, once the first four P’s are defined, you’ll be ready to develop your promotional plan.

Promotion

When creating your firm’s promotional plan, a host of brand and lead generation activities are available, including direct mail, teleprospecting, Web site and brochure creation or enhancement, surveys, advertising, sponsorships, public relations, networking, alliance development, conferences and trade shows, live or webinars, client roundtables, and more.

A diversified plan that includes a blend of these activities occurring throughout the year, tailored to your firm’s positioning “message” and target audiences, will produce the best results.  Be sure to invest in marketing activities that speak to your four main audiences:

• Internal leaders and staff
• Existing clients
• Prospective clients
• Referral sources

Your promotional materials should consistently brand your firm with your logo and colors, other key graphics, and your tagline if appropriate. 

The key rule of marketing when writing promotional copy: include a clearly stated benefit for your target prospect or client when they engage you for the service you are promoting, refer a friend, attend your seminar, etc. This benefit statement is sometimes called WIIFM, or “what’s in it for me?” By answering your audience’s question, “so what?” or “why do I care?” in your promotional materials, your marketing message is much more likely to produce real results.

Track activities in a marketing calendar to easily see what you have planned, the timing of each, who in your firm owns the activity, and what resources are needed. Also use your marketing calendar to measure the outcome of your activities and change the plan as needed to focus your firm’s future resources on promotional activities that produce the best results.

When building your firm’s marketing plan around the Five P’s in the proper order, your promotional activities will support your marketing and firm strategies instead of “accidentally” creating a marketing plan based on outcomes from “haphazard” activities. Undertake the steps outlined in this marketing strategy article series and achieve your firm’s growth goals.

Jennifer Wilson is co-founder and partner of ConvergenceCoaching, LLC, a leadership and marketing consulting and coaching firm that specializes in helping CPA and IT firms achieve success. Learn more about her company at http://www.convergencecoaching.com/.

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