What is a Marketing Plan and Why You Should Have One in Place?
- May 4, 2020
- Posted by: IDMG
- Category: Dedicated Team Retainer, Strategy & Consulting
In life, everything we do and or want to achieve should have some type of planning activity.
So, why should it be any different when it comes to your business. Marketing is one of the most important functions of your business and is vital to your overall success.
Do you want more revenue, customers, and overall profitability?
If you answered yes, what you should require to achieve this is an excellent marketing plan and strategy. However, strategy without a plan isn’t going to bring you the desired results, so be sure to focus on a marketing plan first.
A marketing plan is a blueprint.
One in which describes your advertising and marketing efforts. It includes a statement of the current marketing situation at hand, in addition to discussing the target markets, positioning of the company, and a description of the marketing you intend to deploy to reach your target market and goals.
It serves as communication about the products or services of your business, in relation to your customers and or potential customers. Simply put it is a roadmap that outlines all of your marketing strategies, tactics, activities, costs, and projected results over a period of time.
Ultimately, it is a detailed plan formulated to achieve business growth and profitability.
A business needs a marketing plan just as it needs a business plan.
The purpose of a marketing plan is to coordinate business goals and objectives, to define the market, and create proper segmentation; a defined marketing mix with systematic activities within the chosen marketing strategies.
Keep in mind that marketing and its planning is not something that you do only once. You must consistently measure the effectiveness of the implementation of those strategies to see what works well, and to determine what might need to be tweaked for target results.
Having a solid marketing plan and strategy in place allows you to analyze the marketing activities to see what is working well and what isn’t, more specifically to understand and have knowledge of and about your target market, their strengths, weaknesses, and opportunities.
Implementing is a vital step for every plan, as your marketing plan is only effective if you have the ability to implement it.
Here are 5 ways to help you get the ball rolling:
- Situation Analysis: An overview of your situation as it is today, as well as providing useful benchmarks as you adapt and refine your plan and strategy. Start with a short description of your current products or services, the challenges you face, and the threats possessed by your competitors.
- Target Audience: What are your customer demographics, age, gender, and any other important characteristics. If you are B2B then you should list your target audience by category such as lawyer, doctor, retail, and be sure to include qualifying criteria for each.
- Goals: List your business goals for the coming year. The key is to make sure they are realistic and measurable so that you can evaluate your performance.
- Strategy: Here is where you will spend a lot of time, as you want to give an overview of your marketing strategies and list each of the tactics you will deploy to execute them.
- Budget Breakdown: A simple cost breakdown associated with each of your tactics and strategies that you will deploy within the marketing plan. You will adopt this plan as your business grows and the marketing plan evolves.
IDMG creates a detailed marketing plan for all new clients who are interested in our dedicated team retainer services.
To grow your business you need a marketing plan, one that will identify everything from your target market to how you will retain them so they repeatedly buy from you.
When done properly your marketing plan will be the roadmap you follow to get unlimited customers and dramatically increase and improve the success, revenue of your organization.
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