How to Create a Marketing Plan?

How to Create a Marketing Plan?

Your marketing plan is the map which will guide you closer towards your goals. The following steps will help you in developing your plan.

In a world where start-ups and entrepreneurs are thriving, an effective marketing plan is an essential tool for business. Taking the time to do detailed research about what makes your business unique and how to get the message out to desired audiences through a variety of channels is what will give your business the structure and focus it needs to succeed. Your marketing plan is the map which will guide you closer towards your goals. The following steps will help you in developing your plan.

1. Understand Your Strengths and Weaknesses

Your strategy is an opportunity for you to understand how your business’ strengths and weaknesses will affect your marketing. Begin your marketing strategy document with an honest and thorough analysis, looking at your strengths, weaknesses, opportunities and competition.

2. Do Your Research

Describe your market and the characteristics of each segment and review key market trends. You can also use this opportunity to research what your customers value – including product features, quality, service and image. Research what your competitors are offering- what are they doing and not doing to give them an advantage?

3. Identify Your Niche Market

After researching exactly what your ideal customers value and look for, you can assess the profitability and sales potential of different customers and market segments. Decide which potential customers you will target and decide which products you will push first.

4. Pricing, Budget and Objectives

Decide how you will price each product or service, taking your research and demographics into account. Then set specific objectives; for example, winning new customers, retaining existing customers, selling new products or increasing order size. The more detail you put into your marketing plan, the easier it will be for you to create a timeline which you can stick to and monitor your progress during the first few months of your business launching. At this point, you should be able to prepare a realistic sales forecast and budget for your business.

5. Plan Your Promotion

Create a detailed plan of how you will promote your products or services, and how you will keep in touch with customers; whether you opt for online marketing, local marketing or a combination of the two, you need to identify your channels and also your customers´ purchasing cycles to schedule marketing activities.
It is important to base your marketing plan on solid market research, focusing on your target customers´ needs, rather than your own. Your experience will provide you with invaluable learning that you can leverage in order to continuously improve your services or products and measure the effectiveness of your plan. In order for a marketing strategy to be successful, it must be multi-faceted, realistic and implemented consistently over time.

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