A marketing plan is the first step in creating a successful marketing program for your new business. Fortunately, it doesn’t have to be complicated in order to work. Here are the ten basic components of a marketing plan. Show
You started a company and now you’re thinking about developing a marketing program. You need to begin with a marketing plan. Having been in marketing for more than a decade, I’ve seen my share of marketing plans. Some are short and to the point, while others are hundreds of pages thick and cost thousands of dollars to produce. The irony is that many of the expensive marketing plans end up on a shelf and rarely get implemented. The simple plans, if researched and implemented effectively, have the greatest impact. Regardless of the scope of your marketing plan, you must keep in mind that it’s a fluid document. Every business needs to begin with a well-structured plan that’s based in thorough research, competitive positioning, and attainable outcomes. Your plan should be the basis for your activities over the coming months. However, you should always be willing to enhance or redirect your plan based on what proves successful. Marketing Plan Basics1. Market ResearchCollect, organize, and write down data about the market that is currently buying the product(s) or service(s) you will sell. Some areas to consider:
2. Target MarketFind niche or target markets for your product and describe them. 3. ProductDescribe your product. How does your product relate to the market? What does your market need, what do they currently use, and what do they need above and beyond current use? 4. CompetitionDescribe your competition. Develop your “unique selling proposition.” What makes you stand apart from your competition? What is your competition doing about branding? 5. Mission StatementWrite a few sentences that state:
RELATED: Review Your Business Progress 6. Market StrategiesWrite down the marketing and promotion strategies that you want to use or at least consider using. Strategies to consider:
7. Pricing, Positioning, and BrandingFrom the information you’ve collected, establish strategies for determining the price of your product, where your product will be positioned in the market, and how you will achieve brand awareness. 8. BudgetBudget your dollars. What strategies can you afford? What can you do in-house, what do you need to outsource? 9. Marketing GoalsEstablish quantifiable marketing goals. This means goals that you can turn into numbers. For instance, your goals might be to gain at least 30 new clients or to sell 10 products per week, or to increase your income by 30% this year. Your goals might include sales, profits, or customer satisfaction. 10. Monitor Your ResultsTest and analyze. Identify the strategies that are working.
By researching your markets and your competition and determining your unique positioning, you’re in a much better position to promote and sell your product or service. By establishing goals for your marketing campaign, you can better understand whether or not your efforts are generating results through ongoing review and evaluation of results. As mentioned earlier in this article, be sure to use your plan as a living document. Successful marketers continually review the status of their campaigns against their set objectives. This helps ensure ongoing improvements to your marketing initiatives and helps with future planning. Disclaimer: The content on this page is for informational purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional. When designing a marketing plan what business should I start with?A good place to start is by defining your marketing mix, which includes "the four Ps": Product, Price, Place and Promotion. Your marketing strategy will also identify your target audience(s). This is a smart way for a small business on a limited budget to focus its marketing efforts.
What is the first step in the marketing planning process?The elements of a plan. Set your marketing goals. ... . Conduct a marketing audit. ... . Conduct market research. ... . Analyze the research. ... . Identify a target audience. ... . Determine a budget. ... . Develop marketing strategies. ... . Develop an implementation schedule.. What should be included in a marketing plan?Marketing Plan Basics. Market Research. Collect, organize, and write down data about the market that is currently buying the product(s) or service(s) you will sell. ... . Target Market. ... . Product. ... . Competition. ... . Mission Statement. ... . Market Strategies. ... . Pricing, Positioning, and Branding. ... . Budget.. What are the 4 steps of a marketing plan?The Marketing Planning Process: Four Steps to Success. One: Objective and Goal Setting.. Two: Assessing Your Current Situation.. Three: Writing the Plan and Strategy.. Four: Implementing and Managing Your Plan.. |