Marketing Plan Essentials for a Successful Business

A marketing plan enables you to draw an outline of the techniques to be employed in order to achieve the goals of your online business. Without a plan, the business will have no direction.

So why is it necessary to develop a marketing strategy?

  • To have a roadmap: The plan is a guide to realizing both your short-term and long-term visions for your business. You will be able to develop the right techniques for reaching out to your target market. The plan gives your business a sense of direction.
  • For branding: The marketing plan helps you in planning out the best methods of building the brand of your business. If for example your target market is college students, then the plan should be focused on branding your business as an entity for college students.
  • Cost-effectiveness: Developing a strategic plan for managing the resources of your online business can significantly reduce the operating costs. The plan makes the activities of your business more organized and efficient. You will be able to reap more for less.
  • Stability: The plan makes you business more stable in an unpredictable marketing environment. The online business environment is dynamic and new trends in marketing emerge every day. A well developed plan enables you to integrate the new trends and take advantage of them. You will be able to avoid reactionary marketing strategies which are usually ineffective in face of stiff competition.

Most online start-ups fail within the first year of their operation due to failure to create an effective marketing strategy. A great plan can enable a small start-up to be on the same level with already established online businesses.

Let’s take it a step further and discuss the essentials in developing a reliable marketing plan:

  • Determine your target market: You should identify your target market. Conduct a market research for establishing the right customers for the product or services offered by your online business. This will enable you to determine the best way to reach out to potential clients.
  • Branding: You should be consistent in creating brand recognition for your business. Marketing online should be centered on creating a unique business personality that can resonate to potential customers. All marketing efforts should be focused on creating a recognizable identity for your online business.
  • Goals and objectives: Set short-term and long-term goals for promoting your online business. The marketing plan should be drawn from the goals of your business. Goals also help in defining the budgetary allocation to your marketing campaign.
  • Budget: Work out the budget for your business. Map out your monthly and annual budgetary needs. Determine the costs of running a marketing campaign which should be in line with both your short-term and long-term goals.

And, don’t forget about the 4 P’s of Marketing: Product, Place, Price and Promotion — the graphic below has key

It is important that you satisfy all of these when creating a marketing strategy.

Embracing a good marketing strategy guarantees you of a ready market for your products and services. It also makes your enterprise successful and on a competitive edge by addressing the market forces of demand and supply. Once you have formulated the perfect marketing strategy and have the right product being offered at the best price, at the most convenient location and using the best promotional tactics, you get an edge over your competitors. All you need to stay at the top is adapt to the changing environment.

Creating a marketing strategy can take about an hour to do — and it can be the BEST hour you’ve spent on your business yet! Get in there, set your goals, create a marketing plan and stick to it!

To your success,

April

Marketing Plan for Your Business Success

A quote that I use on a regular basis is “If you fail to plan, you are planning to fail” by Benjamin Franklin. In business, the most important plans to have are a business plan and a marketing plan. Today we will discuss the marketing plan. The marketing plan shows the direction of all marketing and advertising efforts. Remember, marketing is the total efforts of getting together buyers and sellers, whereas advertising is the types of communication used in marketing. Advertising includes TV, radio, online, print, and other mediums. Let’s go over some important parts of the marketing plan that will help your business succeed.

Situation Analysis – This is the current state of your business. It is where the question of why you are in business is answered. What products do you offer? What problem are you trying to solve? Also, how is your business different than others? The situation analysis is a look at the inner-workings of your business to identify product and service offerings, differences, and the main reason why you exist. Business owners can build a firm foundation for their mission and vision statement with this information and are better able to communicate their value to customers.

External Environment -The next part of the marketing plan is the external environment. What is going on outside of your business? Business owners should take a look at what is going on in the external environment or industry. Are other businesses in your industry succeeding or closing shop? Is the industry in a growth or declining phase? Could there be threats that could jeopardize your business operations? Industry information can be found online at http://www.sba.gov.

Target Market – Based on research, the target market section defines the ideal customers for your business. Who and where are your ideal customers? It defines income, gender, and level of education for your target market. When defining your target market, business owners should look at census, demographics, and other secondary information. A clearly defined target market enables business owners to better use resources to obtain new customers.

Advertising Mediums – There are many options available in advertising mediums. For example, TV, print, billboards, email, flyers, social media, and radio are some common mediums. Business owners should consider different advertising mediums to reach their target market. If your target market has high usages of the Internet, then use online advertising mediums. Take into account your marketing budget as well when choosing mediums.

Marketing Budget – The marketing budget explains how business owners will pay for marketing efforts. A marketing budget should be based on a percentage of gross sales, advertising mediums utilized, and other factors. Some marketing expenses to include in the marketing budget are tradeshows, events, and sponsorships.

The marketing plan is an important part of growing a successful business. Essentially, you are planning how customers get to know your business. A marketing plan doesn’t have to be 20 pages long to help your business grow. I have found some that are one page long that are just as effective. Click the link to download one or both one page marketing plans http://smallbiztrends.com/2008/06/one-page-marketing-plan.html.

5 Reasons Why You Should Create a 2015 Marketing Plan Even If You Don’t Want One

No doubt with the new year quickly rolling around in just around the corner, your company is preparing to tighten up its business plans.

As much as you’re tempted to just stick with the same old business and marketing plan, with hopes that it will help to increase profits, it’s time to go back in the saddle and update your marketing strategy for 2015.

Here are a few ideas to help you…

1) Taking advantage of new technology will help you win the race.

We can all agree that technology is here to stay, with new web trends, mobile phones and tablets, marketing tactics should accommodate emerging tech.

To generate more profits in the upcoming year, figure out fresh ways to deliver content and your service through these new mediums.

Ask yourself, has your company delved into the mobile app development industry?

Is your online presence strong?

These are just a couple of things that should be apart of your planning when developing a 2015 marketing plan.

2) Top brands are boosting ad spending.

According to Ad Age major auto brands such as Audi and Chevy have announced their plans to launch more television advertisements. While you may not have a Fortune 500 marketing budget, such moves from top brands inspires ideas you can borrow for your marketing, on a smaller scale.

Create a new marketing strategy that allows you to advertise on emerging platforms, if it can be measured for ROI.

3) What worked and what didn’t work?

As great as some of our marketing ideas seemed for 2014, you have to admit that not all of those supposed “great” ideas worked. Understanding where you went wrong with past efforts will help you determine where things fell apart.

Also, it provides concrete evidence that supports continuing or changing your marketing strategy. This is one of the most important things you should think about when creating or updating your marketing plan for 2015.

4) New products and services deserve fresh planning.

Has your company added new products or services to the product mix? Perhaps you’re launching a new product or service soon?

Using the same marketing tactics for new products and services may not work as well as past marketing for your existing products and services. You want to get consumers hyped about the latest things you have in store. This requires a change in marketing focus.

5) Move a level up on your competitors.

You can bet your last dollar that your company’s competitors are brainstorming different ways to surpass you and to stay on top. This means that they are creating fresh and maybe innovative marketing tactics that will entice clients, customers and patients.

You may want to do the same if you want to stay a step ahead. Including innovative tactics on your marketing calendar will help make your upcoming year profitable.

Even though last year’s plan may have worked fairly well for you, why not shoot for better results with an updated marketing plan for this upcoming year?