A marketing plan is essential for the growth of a business of any size. It is a document that will identify clear and measurable marketing strategy and activities for your business. A good marketing plan will guide your company to better identify the target customers, brand positioning, pricing and distribution plan. This will aid your business moving forward by having a plan that aligns all aspects of the business in order to efficiently target your audience and produce more sales. This does not have to be a huge plan as it can often be accomplished in 5-7 pages. It is more important however to understand the process undertaken to put the plan together and the reasoning behind making the right marketing decisions. The benefits of having a clear marketing plan are enormous.
Once the marketing plan is developed, putting it into action and making the plan work is the next step. Fit 4 Market are experts at not only putting together these plans but also monitoring and putting these plans into action. Fit 4 Market can help deliver a clear means to proceed in the business and give you confidence that your marketing efforts are providing results.
WHAT SHOULD BE INCLUDED IN A MARKETING PLAN
A well constructed marketing plan requires a lot of thought, commitment and research. Investing this time and energy into marketing planning will greatly contribute to growth and success of your business. Here are some key consderations that should be included when developing a marketing plan:
- Target Market
- Unique Value Proposition
- Situation Analysis (SWOT)
- SMART Objectives
KEYS TO DEVELOPING A SOLID MARKETING PLAN
Does your business have a solid marketing plan in place to attract and retain customers? If not, it definitely should. A solid marketing plan can be the difference between your business succeeding by gaining new and retaining existing customers, or becoming extinct by being too content with relying on customer referrals. Don’t get us wrong, customer referrals are a great source of business, but if there was a new competitor to come in and begin to take over the market, you would be left with nothing.
HOW TO SELECT THE RIGHT MARKETING ACTIVITIES FOR YOUR BUSINESS
Before considering the strengths and weaknesses of different online (inbound) and offline (outbound) marketing alternatives, first you must know the answers to the following four key questions, which are required for any marketing plan. By doing so, you will be able to select the right marketing activities to achieve your business goals:
- What is your business objective?
- Who is your target market?
- What is your budget?
- Which marketing activities are suitable to achieve your objectives?
MARKET SEGMENTATION, TARGET MARKET & BUYER PERSONAS DEFINED
Market segmentation is an important stage of the marketing planning process. Segmenting in marketing involves separating the broader market that is made up of your current and potential consumers into smaller groups (segments) based on the similar characteristics and needs they share. Some businesses attempt to target to 'everyone' rather than focusing on a certain segments of the market, believing they will achieve greater sales. However, this is certainly not the case. Without clearly identifying who your key customers are can cause significant wastage of valuable time and resources and will eventually cost your business more money in the long-term.
HOW TO CREATE A SWOT ANALYSIS FOR DEVELOPING A MARKETING PLAN
A SWOT (Strengths, Weaknesses, Opportunities Threats) analysis is a great way to consider how you compare to the competitors in your market. It is one of the primary methods you can use to prompt the major issues which face your business now and into the future. It is one of the key components of any marketing plan.
HOW TO CHOOSE THE RIGHT MARKETING AGENCY FOR YOUR BUSINESS
All types of marketing agencies have different specialties, and therefore finding the right one for your business is not always an easy task. Therefore, choosing the right marketing agency that it able to cater to your business needs is paramount.
Talk to the marketing consultants at Fit 4 Market to find out more. Fit 4 Market can provide advanced lead generation strategies, integrated marketing solutions and are an experienced inbound marketing agency.