The Photojournalist's Guide to Making Money by Michael Sedge

Author:Michael Sedge [Sedge, Michael]
Language: eng
Format: epub
Publisher: Allworth
Published: 0101-01-01T00:00:00+00:00

5x5 Matrix Marketing Plan

When asked what a marketing plan should be like, author and publisher John Kremer pointed out that it should take into account the potential audiences, how you plan to reach these target markets, the price of your product and/or services, and what you expect to gain from sales—that is, your financial benefit.

“When I generate a plan,” says Kremer, “I use a 5x5 matrix marketing plan. I list five major audiences for my book [or service], prioritized 1 to 5. Then under each of these five audiences, I list the five major ways I plan to reach each of them. I start by brainstorming lots of ways. Then I select the five best ways—as determined by what I think I can actually achieve— due to restrictions in my time, money, and other resources.”

In these few words, the concept behind all marketing plans has been described. Kremer goes one step further, however, to point out that from this matrix, a time line must be projected, taking into account lead times. For example, if you were trying to sell images on winter sports to an editorial client, you would not want to market it in October or November, due to the required lead time. Similarly, trying to sell a seminar is best done several months before you would like to begin. This will give the organizers sufficient time to prepare their own promotional materials for your class.

In general, you should allow at least six months lead time for magazines, whereas newspapers can often work within a one-week window.

“Radio shows,” says Kremer, “vary from about a week to one month. Within this time line, I prioritize the activities that I believe will provide me with the best return on my company’s investment of time and resources.”

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