Developing Your Marketing Plan

Developing Your Marketing Plan

In this lesson, you’re expected to:
– understand the importance of a marketing plan in determining the growth of a business
– discover how to create a successful marketing plan
– learn about strategic planning

What is a Marketing Plan?

A marketing plan explains how you are going to put your marketing strategy into practice. It ensures that everyone in the business knows what you are trying to do and what they need to do to make it happen.

A marketing plan helps to set marketing budgets and deadlines and tells you how and when to talk to your target customers.

Your marketing plan should also look to the future – it should outline how you follow up sales and what you’re doing to develop your offer.

As with any plan, progress should be regularly measured and reviewed to see what’s working and what isn’t, so you can set new targets as your market changes.

The marketing plan is the central instrument for directing and coordinating the marketing effort. The marketing plan operates at two levels: strategic and tactical.

The strategic marketing plan lays out the target markets and the customer-perceived value offerings the firm will offer, based on an analysis of the best market opportunities.

The tactical marketing plan specifies the marketing tactics, including product features, promotion, merchandising, pricing, sales channels and service.

One of the main reasons small businesses fail is due to ineffective marketing. Implementing tactics because “other businesses do this” or “I was told I need to do this” is not a good plan.

Having a practical marketing plan that outlines all the important pieces needed to successfully and consistently market your business is something every business should create. Think of your marketing plan as your road map guiding your business.

Without a plan, marketing can become overwhelming. Planning helps to eliminate confusion and focus on what is important.

You may have a great product or service, but no one will ever know about it unless you tell them. Your marketing plan should briefly define:

– Who are your ideal customers and why?
– What makes your business different from the competition?
– What does your business uniquely offer to those ideal customers?
– How do you price and package your offerings to provide the best value?
– How do your ideal clients discover your awesome product or service?

Preparing a Marketing Plan

From describing your market and researching customers to preparing sales forecasts and budgets, learn how to create a marketing plan.

1) Describe your market and the characteristics of each market segment; review key market trends.
2) Research what customers value, such as product features, quality, service, image.
3) Compare the distribution channels for reaching customers (e.g. direct sales or through retailers).
4) Profile your competitors and what they’re offering.
5) Identify other key factors influencing your business environment; carry out a SWOT analysis of your competitive position.
6) Review the effectiveness of previous marketing initiatives such as advertising campaigns or seasonal sales.

7) Assess the profitability and sales potential of different market segments, products or activities.
8) Decide who to target among both existing and potential customers; decide which products to push and which to replace.
8) Set specific objectives: for example, retaining existing customers, increasing order sizes, selling new products or winning new customers.
9) Decide how you will price each product or service.
10) Decide how you will distribute and sell; plan how you can improve customer service and satisfaction.
11) Plan how you will promote your products or services, and how you will keep in touch with customers.
12) Identify customers’ purchasing cycles to timetable marketing activities.
13) Confirm the implications of your marketing plan for the rest of your business: production and training requirements, for instance.