How to create a Marketing Plan
A marketing plan can be part of a general business plan. The solid marketing strategy is the basis of a well-written marketing plan. Although a marketing plan contains a list of shares, without a strong strategic foundation, it is of little use to a business.
The marketing plan shows the step or actions that will be used to achieve the objectives of the plan. For example, a marketing plan can include a strategy to increase the market share of the business by 15%. The marketing plan should therefore outline the goals that must be achieved to achieve the fifteen percent increase in the share of the commercial market. The marketing plan can be used to describe methods of applying a business’s marketing resources to achieve marketing goals. Marketing planning segments markets, identifies the market position, predicts the size of the market and plans a market share achievable within each market segment. Marketing planning can also be used to prepare a detailed case for introducing a new product, renewing existing marketing strategies for an existing product, or putting together a business’s marketing plan to include it in the business or commercial plan of the business.
Regardless of the phases of your business, if you are just starting out or have been established for years, having a marketing plan is essential. Trying to market your business without a plan can lead to frustration and waste of time and effort. If you’re not a marketing guru, the idea of creating a marketing plan can be overwhelming, but it does not have to be complicated. There are a number of different elements to create a successful marketing plan, which is listed below.
Identify your target audience
The whole marketing strategy should be based on attracting a small subset of potential customers known as target audiences. The more clearly you can identify your target audience and meet your needs, the more you can refine your marketing strategy to attract them. Trying to attract a wide range of customers does not generally work, due to the number of companies competing for your attention. Your potential customers are likely to ignore your message unless directed to them specifically.
Determine your point of difference
What’s special about your business? Why should customers choose the competition? It is important to identify and define what distinguishes your business from the mass, as this will form the basis of the message you will send to your target audience. Having a strong point of difference can help you increase your conversion rate and attract more customers.
Research current and potential customers
Research is an essential part of any marketing plan and is something that many companies do not do enough. Whether you’re starting out or having a consolidated client base, searching for your target audience and what you’re looking for can provide you with useful information on how to contact them and improve their products or services.
Customer research can also be useful if you want to determine your point of difference or find out what your strengths and weaknesses are. Demonstrating that you are interested in what your customers have to say and that you take negative comments seriously can also help you build your reputation.
If you want your marketing to be successful, it’s best to approach it strategically. Creating a marketing plan can help you determine the right strategy and keep your marketing on track. It can also save you time and money spent on unsuccessful marketing tactics or misleading marketing materials.
If your business needs help and you need a Marketing Consultant, please contact us.