Why Your Business Needs A Marketing Plan
A marketing plan is your essential guide to promoting and growing your business. The effectiveness of your marketing activities has a direct impact on your bottom line. It is the engine that drives your sales, so in order to make the most of your opportunities you need a solid plan of action. But what's included in a marketing plan?
Know Who You're Targeting
Before you can understand how to sell, you need to identify your target market. You need to know the age, gender, background, lifestyle, location, spending patterns and so much more about your customers. Understanding these factors will help you focus your marketing approach to suit your customers.
What Should Be In A Marketing Plan?
Performing an audit of any marketing activities you have already undertaken is a good place to start. Mapping their success, total spend and ROI is crucial. At this stage a review of current marketing communications is also important to determine if they are still relevant or if they need refreshing. Ensure you identify any limitations or barriers to success within your business model. You should also undertake critical competitor analysis to better understand areas in which you can compete and include a segment detailing your target demographic and their needs.
Once you have undertaken this research, write a positioning statement to explain how you relate to the market. Outline any plans for improvement of your products or services based on your research. Lay out an overall strategic and tactical plan for moving forward and set out achievable and realistic goals for the coming year.
If you need some help constructing your marketing plan, or would like us to do one for you, get in touch with Smart Thinking Consulting today.