Marketing is an important component of business and writing one, most especially for beginners can be a challenge. There is a saying that to fail to plan, is to plan to fail. So, making an effective marketing plan is one of your core objectives. This is because you need this to effectively implement a business plan. Writing marketing plan is easy as long as you know your business like the back of your hand.
The Five Components of an Effective Marketing Plan
This is a simple step that you can follow when making your marketing plan. First, let me put out some of its components:
· Writing your marketing objective. Writing your objective must be clear and measurable. For example, you can project that one of your marketing objectives is to increase your sales by 10% by the end of the year, introduce the product to the market, or sustain your competitive ability. Whatever your objective is, write this in clearest form.
· Coming up with a marketing strategy or the ways in which you will reach your objectives. This is written in terms of the specific marketing activities that you will be doing to reach your objective. You have choices such as advertising, promotions, cross promotions, online advertising and the like.
· Your detailed implementation plan which is related to your marketing strategy. You can now come up with a plan that would include some specific details. For example, if you would use online advertising, now is the time to identify which among the social networking platforms would you use, including how the advertising materials would look like. Remember that an effective marketing plan is concrete and it lays out the details of the project.
· Your projection of costs that will be incurred when doing your marketing activities. Make sure that you can afford all your marketing activities by projecting the costs in which you would incur throughout the whole plan.
· Your tasking or identifying people who would do the marketing activities. Name people who would take on the responsibilities of the whole implementation plan, including timelines in which the activities have to be finished.
· Your evaluation plan to gauge if your marketing objectives have been reached. You can only gauge an effective marketing plan by its results, such as more people visiting your shop, an increase in sales, more partnerships and the like.
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Other Marketing Strategies You Must Consider
Make sure that you have an objective assessment of your company by laying down your company’s strength, weaknesses, opportunities and threats. This will help you gauge the wide context in which your business is located. Second is your own assessment of your target customers like who are they? Where do they live? How much are they willing to spend on goods and services, what is their lifestyle, where do they hang out and the like. A good knowledge of your customers will lead you to writing an effective marketing plan suited for your target customers.
Your marketing plan should be communicated to all the people in your business and their roles in implementing it is clear. It is like your map to achieve your marketing goals, reach potential customers, increase sales, and get the business in competitive groove.