Almost every business has a well thought out business plan, yet having a marketing plan is just as important. A marketing plan provides any B2B or B2C business with a short-term and long-term direction and a strong focus on acquiring and retaining customers. It also provides a clear means to proceed in the business and confidence that your marketing efforts are providing results. You gain a clear understanding of who your target audience is, their needs and how you differentiate from competitors. This will then allow you to develop effective communication strategies to acquire new customer and increase your sales revenue.
A well constructed marketing plan requires a lot of thought, commitment and research. Investing this time and energy into marketing planning will greatly contribute to growth and success of your business. It is all about the quality not quality and can often be accomplished in 5 -7 pages. What is more important is the process undertaken to put the plan together and the reasoning behind making the right marketing decisions.
Here are key considerations that should be included in a marketing plan.
1. Target market
- Who is your ideal customer?
- What is the customer’s motivation to buy your product?
- What are their needs?
- What is their age, gender interests, location?
- Who is your competition?
2. Unique selling proposition
- What key attributes/features of your product or service differ from your competitors?
- What value does your product or service bring?
3. Situation analysis (SWOT)
- What are your company’s strengths (internal)?
- What are your company’s weaknesses (internal)?
- What are your company’s opportunities (external)?
- What are your company’s threats (external)?
Are your goals:
- Specific (sensible, simple, significant)?
- Measurable (motivating, meaningful)?
- Achievable (agreed upon, attainable)?
- Realistic (reasonable, relevant)?
- Time-bound (timely, time-based)?
- What actions will you take to meet the objectives?
- What are your channels of distribution?
- What is your communication strategy?
- How will reach more people?
- How will attract more customers?
- How will you convert leads into customers?
- How much are you spending on your marketing activities?
- Do you need to spend more to achieve greater results?
- How long will it take to achieve the objectives?
Fit 4 Market are specialist marketing consultants operating in Adelaide, Melbourne, Sydney, Brisbane and Perth