To be able to efficiently market your product or services, it is essential for companies to establish a marketing plan. Whether you are about to open a new business, expand or currently running one, marketing is an integral part of any business endeavor if you want to increase your target audience and revenue. A lot of companies owe their success to their well-crafted marketing strategies. To start with your marketing campaign you will need to start with a basic marketing plan. To learn more about this, continue reading more about it in our article below and check out our free basic marketing plan samples as well.
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What Is a Basic Marketing Plan?
Like a business plan, a basic marketing plan is highly recommended in small and big businesses. One of the fundamental procedures involved in any successful business operation is creating and implementing a marketing plan. This is a formal document that describes your company’s brand marketing and promotional strategies. It should outline your company and your product or services, who your customers are, and how you plan to market to them. Normally, this type of plan would cover a 12 month period.
How To Write a Basic Marketing Plan?
A market is classified to a particular group of buyers who needs a product or service. Your marketing plan will help you identify your correct target market and creating a roadmap for future growth and business development. With a marketing plan the following below will help your company:
- Classify your target market, attract new clients and retain old ones
- Set the proper goals and timeframe
- Help you create the right marketing strategies, evaluate and monitor its progress
- Determine your marketing budget and see your ROI (return of investment)
Although trying to organize a marketing plan may seem like a challenging process, it is best to seek help from other teams from the company. Their input and data is required in order your marketing plan would take shape. Marketing plans may differ in per industry and complexity, but let us tackle the basic elements that makes up a marketing plan:
I. Define Your Mission Statement
A mission statement is an overview of the nature of the business, products and services you are offering, and the potential markets you will be serving.
II. Situation Analysis
You will need to understand where your business is standing right now on the market. To do so, you need to conduct a market research in order to give you a clear understanding of your niche market. Not only do you need to be able to describe what you market, but you must also understand what your competitors are offering and how your company will be able to show how that your product or service provides a better value. Identifying and understanding your customers is an essential part of your marketing plan. Also, create an overview of your company’s strength and weakness and describe any external opportunities you can capitalize on, such as an expanding market for your product/service.
III. Analyze Your Target Market
Again, through a market research you will be able to clearly identify your target market. By doing so, you can create a profile of your prospective customer. The importance of clearly defining your target market is essential since this will serve as your guide as you plan your media and marketing campaigns.
IV. List of Your Marketing Goals
Identify what your company wants to achieve by sorting out your marketing goals. To help you get into detail, you can use the SMART goals (specific, measurable, achievable, relevant and time bound) to increase your chances of success in achieving them.
V. Marketing and Promotional Strategies
Various strategies work better for different target markets and, therefore, it is best to definitely identify what works best. Choosing multiple activities that complement each other is a good way to help you get your message across. The key for successful marketing is understanding what makes someone want to use your services or buy your product and what type of marketing strategy they respond to. This requires you to learn needs, problems, industry trends, and keywords.
VI. Marketing Budget
It is always good to know how much your will be investing on your marketing campaign. So, determining the cost and your budget beforehand can help you sort out which you need to prioritize. When developing your marketing budget, make sure you’re only spending money on the activities that contribute to your current marketing goals.
VII. Monitoring Your Progress/Results
It’s important to evaluate your marketing activities. Analyzing your results and being aware of new marketing trends is important to keeping your marketing plan up-to-date and reaching your business goals. By monitoring results, you determine which of your marketing strategies are working and which are not.
What Is a Marketing Campaign?
This is a strategic marketing effort aimed at promoting a specific endeavor or goal on behalf of a company, brand or individual.
Why Is Marketing Important in a Business?
Marketing is a must in every business old or new because this will help sell your product or service. This will create awareness to your potential clients and in return increase revenue.
What Is the Difference between Sales and Marketing?
Sales are the activities that lead to the selling of the goods and services while marketing is the effort of reaching out to your potential clients, creating awareness that may lead to a sale.
Any successful business must have knowledge about prospective or current clients and must implement a marketing plan that is regularly revised. Without any marketing efforts, a company will never be able to develop to their full potential and will continuously suffer losses.
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