What is a Marketing plan?
A marketing plan is a business document which summarizes the tactics that are going to be used within your advertising strategy. The document should cover a precise period of time and outline various aspects such as goals, costs and steps that need to be looked into. While your marketing plan may take a number of months to complete, it will need to be adapted based on two factors – the growing nature of your business and the alteration of marketing trends. It would be wise to acquire feedback from all departments within your company to ensure that the various sectors that make up your business have been taken into consideration. Now you have learned a little more about what a marketing plan is, let’s take a look at the finer details:
Know Marketing Inside and Out
Studying a Marketing MBA online will teach you how to maximize your chances of a good financial return on your marketing campaign. A dedicated course in marketing will enhance the knowledge of new business owners when it comes to creating a successful marketing plan geared towards their personal business. It can be essential in giving you a strong foundation before continuing on.
Know Your Business
You will already have had to consider this point when writing up your business plan, so this stage shouldn’t be too much of a challenge. Nobody knows the ins and outs of your business quite like you do.
You will need to consider what is currently working for your product or service and the challenges you are facing. Think up questions such as:
• How long has your business been running?
• Is your business solely online or in a shop?
• What are the types of products and services you offer?
Establish your target market
The ‘target market’ is a phrase you’ve most likely heard time and time again in the world of business – and for good reason. Knowing who your target market is will determine how successful your product will sell. It may be the case that you have different target markets for a range of products and services, which is otherwise known as ‘market segmentation’.
For your marketing plan to be successful, you need to have clear goals in mind that are ambitious, but within reach. Are there certain targets you wish to hit and how are you going to fulfil them?
Once you have come up with a list of goals, write the actions needed to make them a reality. Doing so will not only provide you with something to refer to, but should give you an insight quite quickly as to whether your goals are achievable.
Goal: ‘Gaining 200 new followers on the business Instagram account’.
• Have an active presence on social media by posting content at least twice a week.
• Follow users who may be interested in my business with the hope they follow back.
• Host a competition to win a product as a way of gaining further business interest.
• Interact with followers and users by responding to comments posted on my account and comment on photos posted by similar accounts.
Creating a marketing plan for your business effectively is imperative to your operation’s future success and budget management, so follow this guide to create great marketing plan after great marketing plan.
Piedmont Avenue Consulting Inc. has worked with many clients helping them put together their business plan to apply for a loan, find investors or map out their marketing strategies. We are faniliar with SBA loans, Crowdfunding, Venture Investment and more. Schedule a free consultaion to learn more about how to put your business plan together or what are the critical information you might be missing. 510-761-5895.