Do you need to write a marketing plan for your business?
Marketing plans have several moving parts and take time to put together as well as execute. If you are an entrepreneur or small business owner looking to write your own, there are a few things it must include. Here are some of the most important aspects needed for an effective marketing plan.
State your purpose. Dust out the old mission statement and take a long look. If it no longer reflects your business pick up some pen and paper and revise it. Think of what your business is trying to accomplish and why. While mission statements do not directly relate to day-to-day marketing activities, it is the foundation for your plan. Additionally, it is a great tool if you ever wonder off and need to get your marketing plan back on track. Ifyou already created one as part of your original business plan and it still stands, then you are free to move on to the next phase.
You and your competition. Assess your own position and see where your competitors lie. First, take a look at your business and figure out where it is now and where you want it to be. Define your market situation by knowing how your customers learned about you and where and/or how they purchase your product or service. Next, focus your efforts not only on the issues that affect your customers and your product or service, but also on the competition. A great tool is the SWOT analysis:
- Strengths: What are your advantages?
- Weaknesses: What could you improve on?
- Opportunities: What trends in your industry have you noticed that could be useful?
- Threats: What are your obstacles?
Use all of these pieces of information to create a well-rounded marketing plan that helps answer tough questions like: what distinguishes you from the competition and what tactics can you use to highlight those differences?
Create a list. Now that all the pieces of the puzzle are starting to fall into place, it is the perfect time to list all your action items and prioritize their urgency. Break them down and list all of their different parts including: objectives, specific activities, due dates and budget.
Track your progress. All the above is useless if this last step is ignored. All measuring and tracking is not created equal and will vary depending on your course of action. Just remember that this step will allow your marketing plan to turn into a blueprint, which you can use to grow and advance your business.
What other tactics have you used in creating your own marketing plan? Any suggestions you would add? We’d love to hear from you!
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Sign up for a complimentary consultation during December and receive an Annual Marketing Planning Guide valued at $475! We offer a 30-minute phone consultation with our CEO, and can answer your questions and discuss your specific marketing needs - no strings attached. Call 408-218-2391 or contact us today to arrange your consultation!