Marketing is how you promote your business. Without a plan, any marketing campaigns you plan will not deliver the desired results. Therefore, having a marketing plan in place is vital for every business.
A marketing plan should be reviewed every year to determine what worked, what didn’t, and why. Update your marketing plan for the next year by implementing your lessons learned.
If you’re new to the creation of a marketing plan, this is the perfect time to start in preparation for 2021.
How do you create an effective marketing plan?
To create an effective marketing plan, there is the 4P’s rule you should follow. The P’s stand for Price, Product, Promotion, and Placement. I also like to add another P called People. Whether you’re using digital marketing or traditional marketing, you must understand the people you will be dealing with as customers.
Marketing Plan points to include
Usually, a marketing plan includes the following points:
Market Analysis: First, look at the broader market and ask where the opportunities are for you in a broader scope. Next, target in on the niche markets.
Identify the Target Customers: Look at where you can promote or market your product or service to get higher returns and acceptance.
What are the needs of your audience? Look at your current customer base. Why do they buy from you? Which ones bring the most business? Once you know who all your customers are and what exactly they are looking for, you can move to the next step.
Competitive Edge: You should know what your competitors are doing and what strategies they are using to reach potential customers. If you know what your competitors are doing, you can modify your plan and create something more innovative that will capture customers’ attention.
Use your competitive research to see what your competitors are doing on social media. Be inspired by what they are doing right, but don’t copy them. You want your business to be unique.
Marketing Action Plan: In this section, list the precise activities which will help you achieve your goals. Here, plan how you will promote your product or service. What are the specific areas of promotion? What is the budget for each plan? You should also estimate the ROI (return on investment) of each marketing strategy you plan to execute.
Sales and Strategy Forecast: If you have a target to achieve, you can plan your work accordingly. Keep your figure real and attainable. Unrealistic sales figures will not help you reach your target. In forecasting, compare your marketing strategies and come up with the best solution for your future activities.
Revisit your marketing plan every quarter to see if you’re on track to meet your goals. Start planning now for a successful 2021!