What is a marketing plan?
Marketing is about matching the features and benefits your products and services are able to provide to specific customers and then telling those customers why they should buy from you. Your marketing plan provides details on how to do this. A marketing plan is a document that complements your business plan and integrates all your market research so you can pinpoint exactly where your business is going and how to get there.
Your plan should include:
- Current Market Details.
- A complete analysis of your strengths, weaknesses, opportunities and threats. (SWOT analysis.)
- Your plans for achieving the goals.
The plan should be flexible and able to adapt to changing market conditions.
Benefits of a marketing plan
Having a marketing plan will help you focus on your target market and discover if there are market deficiencies that will give you new opportunities. Your marketing plan will also provide you with something that allows you to measure how you are progressing. This can then highlight the strategies that work for you and those that are not.
A good marketing plan will also benefit you in giving your outside financiers the security of knowing your market and knowing how to achieve your goals.
A good marketing plan will address the issue of new leads as well as create new networking opportunities for your business. The bottom line is that your plan will define your business as well as your customers and your future plans.
What is a good marketing plan
A good marketing plan is really a blueprint for your business to take to achieve its goals. It will identify the most effective ways to perform certain functions and should demonstrate the best way to present your business to your target audience.
A good marketing plan will save you money by cutting unnecessary costs while also presenting you new marketing opportunities. A good plan will succeed for your business to make sure that what you do fits into your budget and that your marketing drive is serving your target audience.
This will basically track all your activities and budgets. If you do not have a good marketing plan, it is possible that you are not fully benefiting from all the ways to reach your target audience. This will result in reduced sales.
A marketing plan must reach people
Your marketing plan will provide you with a record of what your business needs to run. It’s similar to the pilot’s flight plan. Their flight plan tells them the direction their plane will fly, where they are headed, and the route they need to go to their destination.
The sports coach will have a game plan that determines how they will play the game that day. The coach will work on strategies that will effectively frustrate and win the competition so that they can come out on top.
Your marketing plan should be designed in a similar way.
- The end result must be kept in mind.
- It should fit the specific markets you are targeting as well as the people in those markets.
- It has to be flexible to meet the needs of people in the markets as these needs are constantly changing.
- It has to focus on people, not products.
Remember to always develop a marketing plan that is specifically designed to reach people.