On a recent episode of the Breaking Money Silence Podcast, listeners learned that creating a strategic marketing plan is essential for any business aiming to achieve long-term success. Our guest, Susan Gold, the founding partner of Susan Gold Coaching, shared her 5 best practices for developing a strategic plan that is effective and impactful.

1. Don’t Do It Yourself

While it might be tempting to cut costs by handling strategic planning in-house, this approach can lead to biases and missed opportunities. Strategic planning requires an objective view, which is hard to achieve when you’re deeply involved in day-to-day operations. Hiring an experienced consultant can provide fresh perspectives and expertise that you might lack.

2. Overcome the Bias Against Investing in Marketing

Many professionals, especially financial advisors and related service providers, think that DIY marketing is less expensive and a way to cut costs. However, a well-thought-out strategic plan helps avoid wasted time and resources on ineffective marketing and networking efforts. Investing in a strategic marketing plan can significantly improve your profitability.

3. Seek Clarity and Confidence Through Strategic Planning

One of the main benefits of a strategic marketing plan is gaining clarity on your business direction and confidence in your messaging. Susan’s process involves a deep dive into understanding your client mix, revenue streams, and profitability. This analysis helps identify your ideal clients and refine your value proposition. The clarity you gain allows you to effectively communicate your value to prospects, ultimately improving your sales and client satisfaction.

4. Differentiate Your Process

Standing out in a crowded market is crucial. Without revealing all the details of her proprietary process, Susan highlights the importance of a data-driven approach. Many consultants rely on templates or avatars, but Susan’s methodology focuses on a thorough analysis of your existing client base to identify high-revenue and high-profitability clients. This customized approach ensures that your plan is tailored to your unique business needs and sets you apart from competitors.

5. Focus on Your Ideal Clients

A common mistake in marketing is trying to appeal to too broad an audience. Niching down and targeting your ideal clients can actually expand your market presence and profitability. However, identifying and effectively reaching these clients can be challenging without the right expertise. This is where hiring an experienced consultant becomes invaluable. Susan advises that understanding your target market’s pain points and addressing them directly in your messaging can create a stronger connection and drive engagement. By focusing on the impact and value you provide, rather than just the features of your service, you can attract clients who are a perfect fit for your business, leading to greater profitability and success.

Want to learn more about strategic marketing? Listen to the podcast.