The Silent Avatar Speaks

Just What is a Marketing Plan? A marketing plan includes a list of actions needed to accomplish marketing targets. It can be for a product, a service or a brand. There are marketing plans for short term goals - 1 year, and long term goals - five years. A marketing plan might be part of an overall business plan, and a good marketing strategy is the basis of a well-written marketing plan. Why does a Business Venture necessitate a Marketing Plan? A marketing plan is an invaluable tool for guiding a small home based business owner to organise their marketing efforts. It ensures a systematic technique to creating products and services to meet and gratify customers' needs. How to write a Marketing Plan Drawing up a marketing plan is not difficult. Focus on the goals and the efforts needed to achieve them.   Your goals need to be stated clearly in the marketing plan. Remember that a good marketing plan sets clear, realistic, achievable and measurable objectives. It should consist of deadlines, a budget and allotment of responsibilities. Marketing Plan Outline A basic marketing plan outline may comprise of these topics: Current Market Analysis Depict the current market environment which your business is in. This analysis can later be used as a benchmark to fine-tune the marketing plan in the future. Define your SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis and also the PEST (Political, Economic, Social, Technological) analysis tools, write a short description of the current product or service available, the marketing benefits and barriers the business could come across. Contemplate the threats posed by competitors and also consider other factors that could affect the business in the year to come. This may aid in the formulation of strategies in the future. Target Market Every product or service needs a market. This explains why customer analysis in marketing plans is essential to its success. The product could be directed at the online market as well as the conventional offline market. It could be targeted at the general public or it could be aimed at a niche market. For an online market the analysis should include reasons why people shop online.Once a target market is selected, write a target market profile based on demographics and include selection yardsticks. Marketing Objectives Express your business's marketing goals for the coming year. The targets should be specific, realistic and measurable to asses the marketing progress. Avoid vague statements like, "Increase indoor sales" Incorporate specifics instead - "Increase indoor sales by 25%." Strategies to Achieving Objectives If the marketing goal is to boost indoor sales by 25% then a strategy has to be developed to meet this end. For example, there could be special a promotion for walk-in clients. This promotion can be marketed via an emailed weekly newsletter to clients. The strategies should be detailed and cover the 4P's of marketing -

• Price
• Product
• Place
• Promotion.

Marketing Budget Putting into affect marketing strategies to fulfill marketing objectives costs money and it's just plain stupidity to think that you can have an online presence and just by the mere fact that you are online and have been indexed by the search engines you will have a successful business. There's a saying... spend some money to make some money. Create a breakdown of marketing connected expenses associated with the strategies. Have a look at the numbers and decide if it is too much. Do not be afraid to lower or revise the budget until a feasible figure is achieved - and then make sure you stick to it. Don't be tempted to buy yourself the latest "toy".  You are growing your business so you can have as many toys as you want.. but only when your marketing has paid off. Bear in mind that a marketing plan should remain a constant process throughout the life of a company. Revise your marketing plan at least every 6 months, and for goodness sake... track where your results are coming from! Analyse, analyse, analyse! I'm the Silent Avatar... and I have spoken :-)

Tags: Business Tips, Business and Management, Internet, Internet Marketing, Marketing and Advertising //