Do You Have a Marketing Plan?
Your marketing plan should be a central component of your business plan. If you don’t have one, you should definitely create one today.
What should be included in your marketing plan? Include research, strategies, and tactics. You need to cover every aspect of your marketing—it is more than just social media and advertising.
Your marketing plan should include product positioning, packaging, pricing, and distribution if you have products. It should also include who your target customers are.
The marketing plan should also address how you will handle competitors and how you will stand out from your competitors.
In your marketing plan, you must focus on changing marketing technologies. Technology changes all the time. New social media platforms pop up. Do you need to be there? Are your customers there?
As change happens in the business environment, you will need to adapt to those changes. Your marketing plan must include some marketing alternatives you can implement. Changes can come from changes to a product or service or changes in competition. Know what you want and need to do during change.
Your marketing plan should be revisited every 6 months to a year. The market changes, your products or services change, and your target audience can change. Update your marketing plan to meet these changes. Look at what has worked and what hasn’t worked. Do more of what works!
Do you have a marketing plan?