In the era of saving time, I prefer short and simple definitions. That’s why mine has one sentence: a marketing plan is a plan of specific marketing activities that a company implements to achieve its business goals. According to this definition, marketing is responsible for the entire marketing mix – for the product, its price, its promotion, and sales support. With all these elements at his disposal, the marketing director should specify what actions he wants to perform during the year to achieve his sales, revenue and margin levels. How does this work in practice?
An effective marketing plan
If you want, use the 4 steps that have always organized my activities. Additionally you can refer this Li Creative Technologies for more information regarding marketing plans for your business.
Step 1: What are your main sources of business in your marketing plan?
When building a marketing plan, first of all, answer the question to which customer segments you turn to, i.e. who you intend to sell your offer to. At this stage, it is worth asking yourself above all the question in which segments the company has the lowest entry barrier and is able to build sales the fastest.
Step 2: What is your offer for these segments?
At this stage, determine which product you are selling to meet the needs of selected target segments. If you have a product range, choose the one that allows you to achieve your business goals fastest. Also, answer the question of whether your products are adequate to the needs of customers and what they are better than what your competition offers. Should you not refresh your value or product offer? How much should you sell it for?
Step 3: How do you intend to promote the offer?
Here you should specify what promotional and communication activities are needed to support the sale of your offer. Do this based on current knowledge of the consumer path. Remember that in the era of social media and digital marketing, you have a wide, measurable arsenal of channels to reach. It is worth thinking about which channels to bet on to really reach the one who interests you. Think carefully about what you say about your product. Build messages in the channels of arrival that clearly say about the benefits and advantages of your offer and the reasons why you should buy it.
Step 4: How will you build a conversion for sale?
Promotional activities should build awareness of your offer and interest in it. However, a company needs to sell to exist. Therefore, always remember to immediately build interest conversion mechanisms for sale. In the era of marketing automation, you can implement this process on a large scale.
Benefits of the marketing plan
The second question I often hear is: what do we need a marketing plan for? If the company has been operating without a plan so far, why add work and plan?
Let’s reverse this question – what happens when a company has no marketing plan?
● Do you really know that it sells what it should and invests in the right products? Are you sure you develop them properly?
● Do you really know that it sells to those target groups to which it should?
● Is she sure she is spending on the right communication channels?
The answer to these questions is three times no. Without proper research, analysis, and calculations, the company will not be able to answer the above questions. Hence, there is no certainty that he is building his business properly. Not having the right knowledge, he spends money, not sure if he is reaching the maximum ceiling and in the optimistic variant. In the pessimistic version, when the company’s sales are not rising or even decreasing, without the knowledge of the marketing plan, the company has no certainty that it is taking the right corrective actions and appropriately allocates funds.
So what are the benefits of a company with a marketing plan?
● First, it optimally uses its financial resources to build a return on investment.
● Secondly – he knows where he is going and how to do it. Therefore, it optimally uses not only financial resources but also its people, their working time and competences.
● Third – he knows how to react to new competitors and changes in customer behavior.
In summary, a company with a good marketing plan does not generate unnecessary costs. She invests funds and builds a healthy return on investment from them. And how is it with you? Does your company have a marketing plan?