A marketing plan is essential tool for all business. A marketing plan helps you develop products and services in your business that meet the needs of your target market. It is a way to help deliver your product/service to potential customers. To create an effective plan, you will need to answer the following 10 important questions:
1. Marketing Strategy: How will your marketing plan support your business goals?
You need to have a clear idea on what you want to accomplish before creating your marketing plan. Here you will outline what you want to do, and in your marketing plan you will discuss how to do it.
2. Mission Statement: What do you want to accomplish and why?
In your mission statement you will discuss what you are trying to do and why you are doing it. This will help you make sure that everything your business does from now on will align with the business’ mission.
3.Target Market: Who Are You Trying to Reach With Your Marketing Activities?
Your target audience is the specific audience you will try to reach with your products/service. You need to think about who would be the ideal customer for your business, and then try and market the audience they fall in. The more detailed you are with this, the more targeted your marketing plan will be.
4. Competitive Analysis: Who Are You Up Against, and Where Do You Rank?
Research and find your top competition. Then, you need to look at what they are doing right and wrong with the SWOT analysis. This will help you see where your company stands in comparison to theirs. You can use this to your advantage to see what your competitor’s weakness are and make sure that your company does not have them.
5. Unique Selling Proposition: What Makes Your Business Unique?
You will need to focus on what sets you apart from your competitors. It is essential to explain why people should chose your product/service over other similar ones. If you do not have a clear understanding of this then potential customers will not as well.
6. Pricing Strategy: What Will You Charge, and Why?
It is vital to spend time researching what the best price to put on your product/service is. Make sure you can justify the pricing point you chose with the benefits and value of your product/service.
7. Promotional Plan: How Will You Reach Your Target Market?
The promotional plan for your company should cover all the ways you will communicate your product/service with customers/potential customers. Some examples are: TV ads, newspapers, radio, blogs, websites, or social media.
8. Marketing Budget: How Much Money Will You Spend, and on What?
It is important to include a budget in your marketing plan. Before doing your marketing plan, start thinking about the budget you have in place for your company. By having this information, you will then be able to see if you have the sufficient funds available for future plans.
9. Action List: What Tasks Do You Need to Complete to Reach Your Marketing Goals?
Make a list of what needs to be done and when it needs to be done in order to have success in the company. This is important because it will guide you every time you need to do something in the list. It is essential to keep things clear and ready when needed.
10. Metrics: What Results Have You Achieved, and Where Can You Improve?
In order to see what is working and what is not, you need to track and measure results. By doing this, you will be able tosee what needs improvement or what needs to be taken out.
Not sure where to start with your business’ marketing? Contact PS Digital today and we will take care of everything!