Developing Your Marketing Plan
There is a Distinct Formula to a Marketing Plan
Before you put a marketing plan together it is imperative that you do not interrupt your thought process, so be prepared and organised. Ask your customer and sales support team to list the most important points that need to be included in the marketing plan for the coming year.
Listening to what your team has to say is important; you don’t need to include every one of the ideas, but listening and sifting through what works is important.
Ensure that you have on hand:
• The latest financial reports of your company.
• Target markets and also listings of current products.
• Understanding of your marketplace; this includes competitors, geographical boundaries, types of customers and clientele, existing channels of distribution, latest and pertinent data, and other information on trends pertinent to your specific market
Always take into consideration your products or services and compare those against those of your competitors; how well did you feature? Is there any significant niche in the market that neither you nor your competition has already explored? These are points you need to consider and take into account.
Much information is in the minds of management, therefore it is important to write this all down.
Some good questions you should be asking yourself and your staff:
• Which trends in the marketplace are you up against?
• Are there trends that are competitive and are threatening?
• Are your current products ready to succeed in the market as it exists?
• Are there trends that are competitive and that are working to your benefit?
• Are demographics of your market in your favour or are they working against you?
Make your marketing plan work for you in the year ahead; careful planning will certainly put you on the right path. Work out a plan, a budget, track the effectiveness of your marketing plan, and always be on the lookout for gaps in the market.
- Posted in: Skills Training