But Networking Isn’t Making Me Any Money! Putting Together a Marketing Action Plan

In the marketing module of our Small Business Management course, our students learn about marketing action plans, and throughout the course come to create their own marketing plan for their soon-to-be business.

We also talked about referral marketing and networking in our last post, in which we outlined what every business should be doing to grow their customer base. For this reason, it should also be included in your marketing action plan.

What IS a Marketing Action Plan?

A marketing action plan sets out all of the marketing strategies for your business, including your goals and how you intend to achieve them. For consistency, and so that you can see and measure how each of your strategies have performed, we recommend that you include any of your networking activities in your marketing action plan.

Aside from being able to isolate what strategies — networking, advertising, email newsletters, etc — have performed the best at delivering your marketing goals, including your networking activities in your marketing plan, with a schedule, will also help to keep you accountable and ensure you actually put the time into networking.

The Money Comes Later

Because networking is often seen as not being immediately revenue generating — after all, many times you’re drinking tea and coffee and eating biscuits, while you chat with other business owners — it can be tempting to let your networking go by the wayside. But you shouldn’t — just as you shouldn’t let your other marketing activities go by the wayside, whatever they may be.

Share the Load

It’s also good to include details about each of your marketing strategies, so you can delegate it to another member of staff to project manage. So if one of your marketing strategies was to send a weekly email newsletter to your database, you could include information about the copywriter you’re employing to write the copy and the information would need to be sent to them each week.

You should also include the cost of employing the copywriter and the cost of distributing the emails each week. We use Feedburner — our preference for a variety of reasons; namely, because it’s free and we use it to distribute our blog. Feedburner also comes with the stability of being a Google product (we’re currently creating more content for a Google course, by the way). Learn more about Feedburner in our WordPress training course.

By including this information, you’re able to accurately measure how successful your newsletters strategy has been compared with, say, advertising in your local paper. Since you’re also including your networking activities, too, also include any membership fees or the cost of meals in your marketing plan, too.

Continually Changing

Just like a financial plan shouldn’t be a static document, your marketing plan should also evolve with your business as you grow and develop your customer base — and even your product and service offerings, too.

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If you’d like a step-by-step guide on creating a marketing plan for your business, we cover marketing plans in our Small Business Management course, in addition to financial planning, web design, and other important aspects of owning and operating a small business.