The Components of a Great Marketing Plan
Business → Marketing & Advertising
- Author Janice Jenkins
- Published July 17, 2008
- Word count 568
Great marketing plans can be short and simple, or long and extremely detailed. Generally, the short and simple ones work better if implemented correctly.
The general idea of a marketing plan is to structure how you’ll attract customers with your marketing materials. This means lots of research and competitive analysis. Your marketing plan should be the origin of your activities for the next several months to a year. Be sure to keep the plan a "live" document – it can and should be changed to match the current economical climate and adjust to whatever is happening within your company.
Here are the components you need to create a marketing plan that will be sure to garner results:
Research
You need to find data about the industry you want to enter, as well as data about the people you want to reach. Here are some specific items to research:
Product – what is available now, and how your competition is marketing their product
Market – where the market is now as well as seasonal patterns
Customers – demographics, needs, buying decisions
Sales – industry sales, both current and past
Suppliers – do you have many to choose from and bargain with, or is there one dominating supplier that you’ll need to use?
Target Market
Decide on a niche market you want to sell to and describe the people that make up that market.
Product
Describe how your product relates to the market. What gap will your product fill? What does the market use now and what else is needed?
Competitors
What is your unique selling point that sets you apart from your competitors? How do your competitors brand their product? What kind of marketing vehicles do they use? How well has it worked for them? You need to know your competitors and the marketing tactics they use.
Mission Statement
A mission statement doesn’t have to be long. Just write a short paragraph that states:
• Your key market – who you're selling to
• Your contribution to the market – what you're selling
• How you’re different – your unique selling point
Marketing Strategies
How will you get the word out? How will you promote your product? List many strategies you want to explore or consider. Some examples include
•Networking – events, associations, organizations
•Direct marketing – sales letters, poster printing pieces, billboards
•Advertising – print, TV, radio
•Trade shows
•Web site
Pricing and branding
From your research, come up with a price point that will compete well with your competitors. Also decide where your product will be positioned and how you’ll attain brand awareness.
Budget
What marketing strategies can you afford? What do you need to outsource? Do you need to hire any people?
Goals
Set goals associated with numbers. Goals that you can measure, or that are quantifiable. For example, a goal can be to sell 50 products per week or to increase revenue by 25% this year. Goals can be associated with customer satisfaction, sales, profits – anything you want to attain that is measurable.
Contingency Plan
You don’t want to think about it, but you need it. You need to have some backup marketing strategies in place just in case some unforeseen circumstance comes up or if one of your strategies doesn’t work.
By thinking through all these components and keeping your marketing plan "live," you’ll be ready to create an effective marketing campaign and you’ll be ready for any obstacles in your way.
For comments and inquiries about the article visit:
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Digital Marketing
- Airbnb Guest Favorite Badge: A Must-Know for Hosts
- Market Research vs. Consumer Insight: Understanding the Difference and Their Impact on Business Success
- Unveiling the Dynamics of SEO Services: A Comprehensive Guide
- DIGITAL MARKETING: Benefits, Strategies and Future Possibilities
- Local SEO: How It Can Impact Your Local Business
- How to Choose the Best Digital Marketing Agency for Your Business
- Why Gold Remains a Safe Investment in Kuwait’s Changing Economy
- Atish Kumar Singh: A Rising Star in Fiji's Marketing and Business Management Scene
- Business Growth with Ready Mailing Team's Comprehensive Regional Vice President Email List
- Key factors why eBay sales could drop
- The Impact of Artificial Intelligence on Digital Marketing
- Achieve Digital Success with BeKonstructive Marketing's SEO Consulting in Brisbane
- Introducing the HIIO Nax with 12000 Puffs: Spark the Extreme Flavor
- What Role Does Data Accuracy Play in Reaching Physicians Amid Shifting Market Trends?
- Pocket Option: Binary Candlestick Patterns
- Building a Strong Brand Fortress with SEO
- How Small Businesses Can Compete with Big Brands: A Guide to Thriving in the Digital Age
- The Impact of 3D Animation in Business: Enhancing Visual Communication and Marketing Strategies
- Steady Slope Marketing: Boost Your Business with Targeted Facebook Ads
- Steady Slope Marketing: Building Strong Brands for Lasting Success
- Steady Slope Marketing: Maximizing Growth with Google Ads
- Steady Slope Marketing: Building Custom Websites that Drive Growth
- Steady Slope Marketing: Unlocking Growth with Google Local Service Ads
- Steady Slope Marketing: Scaling Your Business for Long-Term Growth
- Steady Slope Marketing: Setting Up Small Businesses for Success in the Digital Age
- Steady Slope Marketing: Elevating Local Search Authority for Small Businesses
- How AI is Revolutionizing Marketing: A Game-Changer for Online Marketers
- Exploring the Impact of Marketing Strategies on Public Image: A Case Study of Epson and Prince Andrew's Challenges
- The Power of Persuasive Copy: Techniques To Boost Conversion Rates