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How to Make a Marketing Plan

A successful business always makes a marketing plan before launching a marketing activity which can help in understanding the impact of various marketing decisions on its performance. Apart from analyzing current and past marketing decisions, this plan also provides direction for prospective marketing endeavors. In order to make a successful marketing plan, appropriate feedback is required from different departments of an organization such as finance, supply chain, and manufacturing department.

This feedback is necessary in order to identify that whether a plan will become successful in the future or not. Carrying out a successful marketing plan also requires gathering relevant data. Data collection is necessary to congregate information about various market changes. You must have data related to budget, sales figures, profit/loss, and current products or services.

After gathering adequate information to make a plan, you are required to make an executive summary that involves what should be done and how it should be done. Specify your marketing objectives as well in this plan. These objectives should be very concrete for example if you have illustrated that your plan will increase your sale then you should give concrete figures of this increase in sales as well.

In other words, you should define your objectives in quantitative terms. Using quantitative terms help in clarifying your goals and objectives. You are also required to become specific when you are depicting time period of making that plan till its implementation. The end results should also be made very clear and specific. Specificity in expressing your goals, objectives and results is necessary because it contributes in reducing ambiguity and vagueness of a this plan.

An analysis of the external and internal environment is also necessary to carry out a marketing plan. A SWOT analysis is one of the successful means of exploring strengths, weakness, opportunities, and threats. An investigation of various opportunities present in the environment actually helps an organization in capitalizing them. However it is not possible for a firm to exploit every single opportunity from the environment, however a company must look into its strengths. The SWOT analysis also helps in deciding how to deal with various threats present in the market.

Defining target market is one of the important aspects of a marketing plan. Defining a target market involves various factors such as demographic variables and psychographic variables etc. The four Ps of marketing involve product, price, place and promotion. When making a marketing plan, it is also necessary describe that how these 4Ps will be designed to carry out a plan. Firms use various marketing activities to promote their product such as advertising and public relations. In the end, you will discuss how you are going to evaluate the success of your marketing plan.

Therefore marketing plan is an important step in giving an overview of planning, analysis and various other marketing activities.

7 Essential Things Your Marketing Plan Needs

Last week we talked about taking responsibility for ourselves and our business. So, with that said to also ensure we are taking responsibility and on the road to great success I want to make sure you have all the tools you need to do that. Today we will discuss the basics you need in any marketing plan.

Every marketing plan you have should include these 7 things:

Your plan should have and know it’s segmentation. Segmentation is perhaps the most important because segmentation is your audience, who you are going to market to? Don’t know your segmentation, then start doing research as quick as possible. Again, you need to know your audience so you know who to market to and how to market to them successfully.

A marketing plan needs to have a back up plan. From a competitive standpoint having a back up plan is ideal. Having a back up plan should also include you doing a little research on your competition. Your back up plan should include responses or comebacks to competitor campaigns as well as alternative marketing you can carry out when needed.

A marketing plan needs to feature your points of value. Why should the consumer buy from you instead of the competition. Your points of value will be what sets you apart from the competition. Your points of value will be the benefits of buying products from you and/or using your services. So, be sure to have strong points of value and let your audience know what they are?

Your plan needs to have a strong message and positioning. Be clear with your message. The worst thing you can have is confused potential clients and clients, so BE CLEAR. Use your points of value to create and send a strong message to your potential clients and position yourself on top.

A marketing plan needs to have goals with set deadlines. When developing your successful plan be sure to set different benchmark goals to reach. Also, when setting goals set deadlines for reaching the different goals. We all know having personal and business goals are important and for those same reasons having marketing goals is important too. Goals with deadlines help you to stay focused.

An effective plan needs a plan of implementation. So, you’ve developed the perfect marketing plan,so? That marketing plan can’t be successful if you don’t implement it. So, on top of developing your marketing plan you need to also have a plan for implementing your marketing plan and getting your message out to your audience in a successful way.

A marketing plan needs a budget. You want to develop and implement a marketing plan you can afford. So, set a budget and keep all your marketing within that budget. Need ways to market on a budget check out my blog called 6 Ways To Market On A Budget for tips as well as I did a whole series on free marketing outlets you can use to market.

Having a marketing plan with these elements will put you on the road to success. So, be sure your plan includes these 7 essentials things today, your marketing and business success depends on it.

Sample Marketing Plan – 6 Steps For Creating a Marketing Plan

Sometimes finding a sample marketing plan to use as a guide for writing yours can be a challenge. The problem is that there is no “one-size-fits-all” plan that you can specifically use for your business without some kind of modification.

In this article I will outline the 6 necessary elements you need in your marketing plan and some applications that will help illustrate each element. The six things you must include: an evaluation of your marketplace, the profile of your ideal customer, what you want to accomplish as a result of your marketing, the big picture view of media tools, an accountability structure that will aid in implementation, and strong financial proof that your plan will work.

Evaluate your marketplace

No matter what format you use the concept of evaluating your market is always the first step. In this part of the plan you research your top 5-10 competitors and come up with a list of strengths and weaknesses for each. You do the same exercise on your own company. This will help you create a clear picture of how you are different from everyone else.

It is on this foundation that your marketing efforts should be built. In the car rental business Hertz has always been the number one company. This made Avis come up a slogan that could help set it apart… “We’re #2 but we try harder.” This helped position Avis as a company that would work harder for you by giving you that extra level of service.

Profile of your ideal customer

The worst thing you can say about your product or service is that, “everyone has a need for it.” Segmenting your market and defining a specific profile of your best customers will help build your marketing plan in strong and healthy ways. The benefit of clearly defining your target market will not only make your job of creating and choosing marketing materials easier, but it will also save you money because you can focus your efforts on a very specific market segment.

What do you want to accomplish as a result of your marketing?

You can’t measure the success of your plan unless you have clearly defined benchmarks for comparison. Every marketing effort needs goals. They can be long-term or short-term but need to be measurable. Also, part of your plan should include evaluation points to gauge progress of your efforts.

Getting the big picture view of media tools

Before choosing what media tools you are going to use in your campaign it is essential to evaluate each tool based on the information you gathered in the first three sections of your plan. Can you effectively deliver the message of how you are unique through a particular tool? Does the tool clearly reach the ideal target market? Can it help you achieve your goals without making you go broke.

If you have done the appropriate research these questions are typically easy to answer. It is only when you decide on your desired media tool first before evaluating it’s attributes on a big picture level that you can get yourself into trouble.

Creating an accountability structure that will aid in implementation

All of the best laid plans are for nothing if you don’t have a proper implementation system. In most sample marketing plans you can see how a typical marketing calendar is laid out. It really doesn’t have to be that difficult or pretty. You simply need a week-by-week list of the specific marketing activities you want to accomplish in order to complete your overall plan. This involves taking each marketing strategy and tactically dividing it into weekly chunks. The marketing calendar should also contain the evaluation points we discussed before to help measure the progress of your goals.

Having strong financial proof that your plan will work

The final element of any plan should include a budget that gives strong financial proof that your plan will work. This is accomplished by projecting sales as a result of your marketing efforts, accurately costing out the various pieces of your marketing mix and then doing an ROI analysis (Return On Investment). Your ROI analysis should clearly show that your marketing efforts will produce a return. If your company has a long sales cycle then sometimes this will involve simply a break-even on the marketing costs up-front with the promise of larger future sales.

These six necessary elements should be included in any sample marketing plan format you are evaluating: an evaluation of your marketplace, the profile of your ideal customer, what you want to accomplish as a result of your marketing, the big picture view of media tools, an accountability structure that will aid in implementation, and strong financial proof that your plan will work.