what is a marketing plan?

… and why do I need one?

 

The development of a strategic business plan (and within that, an integrated marketing plan) will ensure your business remains at the forefront of its industry. Planning allows businesses to step back and reassess their industry’s competitive environments, consumer trends and demands and gives business owners the opportunity to refocus their offering to suit the changing marketplace.

After speaking with my clients of recent times, one common theme has cropped up – that the goal posts for undertaking business is continually changing  - therefore, it is imperative, now more than ever, to ensure your business is:

  1. Offering a product or service that is of current demand, and
  2. Potential customers/clients can easily find your business and when they do, they are compelled to purchase.

Many businesses are spending more time working ‘in’ their business rather than ‘on’ their business, and a result, the focus for the business is becoming blurry and the bigger picture seems light years away. It is also imperative, that in times of uncertainty, businesses remain dynamic and flexible, which is the result of careful and strategic planning.

 

 

the ‘new look’ marketing strategy.

 

It comes as no surprise that marketing strategies are now centralised around a business’ online marketing activities. There are a couple of reasons for this:

  1. Everything online can be monitored, tracked and analysed (Hooray!!! Marketing is no longer a cost centre for businesses – it can actually provide return on investment for businesses!); and
  2. All of our consumers are now researching and purchasing online (fishing where the fish are!)

The diagram below demonstrates that although traditional marketing mediums are still required, their main goal is to drive traffic to a business’ website, where consumer data can be tracked, monitored and used for targeted online messaging campaigns through Social CRM and enewsletter strategies.

 

Integrated Marketing Strategy

Image courtesy of www.internetwealthcreationnews.com

 

 

what should a plan include?

A few things you should think about and brainstorm before writing your plan include:

  • Know your product or service – what is it that you are offering your customers? Ensure that your staff are aware of what you are selling. What is the unique selling proposition of your business? How are you going to communicate this (key messaging?)
  • Know your competitors product or service better than they do. In what ways is there products or services better/worse than yours? What trading terms are they offering? Is their location better/worse then yours? What is their pricing structure? How are adding value to their products?
  • Who are your customers? What is the demographics of your customers? How are you going to target them in online marketing strategies?
  • What is the image that you are trying to create for your customers? Have you got a brand story?
  • Is your market subject to seasonal fluctuations?
  • What is your pricing policy? Is it consistent with your need to develop a required gross profit whilst meeting your customer expectations?
  • Do you know how to promote and advertise your business? Have you decided which advertising medium is suitable for you and your business? Have you done a cost analysis of the different marketing strategies?

Checkout www.business.gov.au  for a comprehensive list of what is included in a marketing plan, and also a marketing plan template that may be useful for when you get started.

 

 

how can I assist your business?

A large part of my service to businesses is marketing strategy development and implementation. I can offer clients the opportunity to work together to develop strategic marketing plans for their business. The planning process begins with the identification of SMART goals and objectives, then a comprehensive competitor analysis is undertaken as well as the identification of key target markets and finally key strategies and actions are developed in conjunction with a thorough implementation plan.

Feel free to send me an email if you have any questions about developing your marketing plan.