What is a Marketing Plan?
A marketing plan is a problem-solving document. It helps you establish, direct and coordinate your marketing efforts. And preparing one forces you to assess what's going on in your marketplace and how it affects your business. Often, just going through the process of preparing a marketing plan guides you in developing a successful marketing strategy. Typical components include: Executive Summary Introduce your company and explain the major points of your plan by briefly describing the nature of your business and your products or services. Include a mission statement or company objectives and list your management team. Current Situation Provide information about your location, target market and competitive environment. Competitor Analysis Detail other individuals or companies who offer similar products and services, as well as, key business issues that are potential challenges, such as new legislation or the impact of an impending technology. Marketing Objectives State your objectives, such as increasing the awareness of your product or service among your target audience. Also include the time frame for achieving your goals. Marketing Strategy This is the heart of your plan and covers: Product: Include product or service features and benefits. Price: Describe your pricing strategy and payment policies. Promotion: Identify your tools and how you'll use them. Place: How your customers will have access to you.
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Marketing Mistakes Most Businesses Make
NOT MARKETING AT ALL. Too often, idealistic entrepreneurs do everything to "set up shop" -- they buy a bunch of equipment, rent a space, obtain special certifications, install expensive software, etc -- and then they wait. And wait. And nothing happens. Every successful business has one thing in common -customers. And businesses get customers through marketing. NO WRITTEN PLAN. Without a marketing plan, even a simple one, your efforts will be haphazard and sporadic. A written plan helps you look at things from a long-term perspective - like your budget, target markets, strategic messages, and your competitors. Don't worry about the form or format - it's the process that counts. The simple act of sitting down to write a plan will help you clarify your goals and develop strategies to get there. LACK OF COMMITMENT. A serious long-term commitment to marketing is absolutely essential. Too often, businesses will try something once (one mailing, one trade show, one newsletter, one ad, etc) and call it a failure. When choosing how to market your business, make sure you select methods that you can realistically commit to for at least six months or a year at a time. If you can only afford to do something once, save your money and do something else. Marketing is hard work. It takes repetition and consistency. UNREALISTIC EXPECTATIONS. Every day, small business owners expect their marketing efforts to produce unrealistic results. When selecting marketing methods, do some research, talk to other small business owners, and set realistic benchmarks. Then stick with the plan. Remember mistakes 2 and 3?
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What is a Marketing Plan?
(continued) Action Programs Your marketing "to do" list, complete with detailed tasks, completion dates, and who's responsible for them. Budget List the cost of the marketing activities you've described elsewhere in your plan. Measurements Include numerical targets that will measure the results of implementing your plan. Include time limits for achieving goals. Supporting Documents Include any supporting documents referenced in other plan sections here, such as resumes of key management resumes, spreadsheets, market research results, etc.
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Marketing Mistakes
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LACK OF MEASUREMENT. Every dollar counts, that's why you need to ask every prospect, "How did you hear about us?" and then track that data. Using that data you will be able to eliminate any marketing that's not pulling it's weight. Don't base your marketing decisions on fear or a hunch. Track everything. Repeat what works. Eliminate what doesn't. NO DATABASE. For business-to-business and professional service companies, a prospect database is essential. A good contact management database will help you organize, automate and streamline so many marketing tasks. It will also keep good, qualified prospects from "falling through the cracks."
Things to remember: Written plans display strengths, as well as, weaknesses. The process of putting it in writing helps to formulate a strategy. Written plans are not easily forgotten, overlooked, or ignored. Written plans are easier to communicate to others and are less likely to be misunderstood. Written plans allocate responsibilities and provide benchmarks for measuring results.
Sinsational Media
919 : 395 : 7457
www.sinsationalmedia.com