Marketing should always start with a serious marketing plan, which allows you to assess your products or services potential in the market, and develop the right strategies to meet the potential. A brilliant marketing plan that is not executed is worth less than an average marketing plan that is researched and implemented effectively. No matter the scope, a marketing plan should be a fluid document with an understanding of your business goals and objectives, which must be realistic and attainable. Here are the 7 Key Components of a Marketing Plan.
1. Introduction/vision statement/mission statement
You need to describe your business and lay out your vision and mission statement. The vision statement should describe what the future of the business looks like, once the mission is achieved. On the other hand, the mission statement should define both short-term and long-term goals of your business, and reminds the public why the business exists.
2. Marketing objectives and goals
You should paint the picture of the future for your business. For instance, listing marketing objectives and goals you want to achieve over the course of the plan. In fact, each objective should have both narrative descriptions of what you intend to achieve and the figures to give you something to aim at.
3. Market research and analysis
Collect, organize and record crucial information relevant to your target market, and include both uncontrollable and controllable variables that might influence the market. You need to ask yourself the following questions:
- Which customers are in dire need of your products and services
- What are the buying behavior patterns
- What product or service in the industry have a bigger market share
- What market dynamics influence your target market
- What are the barriers in the market
- What competitors offer the same services or products
- Describe your audience in terms of income levels, demographic and so on
- Historically, how well have your products or services sold?
4. Target market
Understand exactly where your products or services fit in the market, and clearly describe the customers you want to reach, why it is important to do that, and how you are going to accomplish that. The best way to hit the right target market is finding the gap, where there is consumer demand, and your competitors are failing to satisfy this demand.
5. Marketing strategy
Write down your general plan of action in regard to marketing that you want to use or consider using to reach your target audience. It always covers the 4 P’S of marketing, price, products, place and promotion. It should answer some of these questions:
- What will be your pricing strategy
- What products or services will you offer
- What are your unique value propositions and differentiators
- What sales channels will you use
6. Budget and control
You have to develop a sound marketing budget, which will help you control your marketing expenditures, so that you can be realistic about the marketing strategies and tools you can use.
7. Evaluation and monitoring the market response
Here you list the strategies you can use to evaluate and monitor the market response to your marketing efforts. Evaluating and monitoring the market response will help you make the right adjustment to meet your set goals.
Every business is different and every Marketing plan will be different. Need help or have a simple question about growing your business? Contact us. We’d love to talk.