Posted On Oct 31, 2020
Every business needs to begin with a well structured plan that is 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 Components:
1. Market Research
Collect, 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 Market
Find niche or target markets for your product and describe them.
Describe your product. How does your product relate to the market? What does your market need, what do they currently use, what do they need above and beyond current use?
Describe your competition. Develop your "unique selling proposition." What makes you stand apart from your competition? What is your competition doing about branding?
5. Mission Statement
Write a few sentences that state:
6. Market Strategies
Write down the marketing and promotion strategies that you want to use or at least consider using.
Strategies to consider:
7. Pricing, Positioning and Branding
From 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.
Budget your dollars. What strategies can you afford?
What can you do in house, what do you need to outsource.
9. Marketing Goals
Establish 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's satisfaction.
10. Monitor Your Results
By researching your markets, your competition, and determining your unique positioning, you are 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.