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Marketing is a key part of business success. You need to decide which customers to target. You need to work out how you will reach and win new customers. You need to make sure that you keep existing customers happy. And you need to keep reviewing and improving everything you do to stay ahead of the competition.
Your marketing plan should be the reference document you use as a basis to execute your marketing strategy. It sets out clear objectives and explains how you will achieve them. Perhaps most importantly it looks at how you can ensure that your plan becomes reality.
Remember that marketing in itself will not guarantee sales, but by adopting a well-researched and coherent plan, you have a much better chance of building long-term, profitable relationships.
This guide outlines the key areas to look at and what to include in an effective marketing plan.
Marketing plan summary and introduction
Your marketing plan should start with an executive summary. The summary gives a quick overview of the main points of the plan.
Although the executive summary appears at the beginning of the plan, you should write it last. Writing the summary is a good opportunity to check that your plan makes sense and that you haven't missed any important points.
Business strategy
It's a good idea to introduce the main body of the plan with a reminder of your overall business strategy, including:
This helps to ensure that your marketing plan, your marketing strategy and your overall business strategy all work together. For example, suppose your business strategy is based on providing premium quality products and service. Your marketing strategy and plan will need to take this into account, targeting customers who appreciate quality, promoting your product in ways that help build the right image and so on.
External and internal analysis for your marketing plan
Understanding the environment your business operates in is a key part of planning and will allow you to discern the threats and opportunities associated with your area of business. A STEEPLE analysis helps you to identify the main opportunities and threats in your market:
You also need to understand your own internal strengths and weaknesses. For example, the main strengths of a new business might be an original product and enthusiastic employees. The main weaknesses might be the lack of an existing customer base and limited financial resources.
A SWOT analysis combines the external and internal analysis to summarise your Strengths, Weaknesses, Opportunities and Threats. You need to look for opportunities that play to your strengths. You also need to decide what to do about threats to your business and how you can overcome important weaknesses.
For example, your SWOT analysis might help you identify the most promising customers to target. You might decide to look at ways of using the Internet to reach customers. And you might start to investigate ways of raising additional investment to overcome your financial weakness.
You can find out more about strategic analysis in our guide on how to review your business performance.
Your marketing objectives
Your marketing objectives should be based on understanding your strengths and weaknesses, and the business environment you operate in. They should also be linked to your overall business strategy.
For example, suppose your business objectives include increasing sales by10 per cent over the next year. Your marketing objectives might include targeting a promising new market segment to help achieve this growth.
For more information on how to identify the best opportunities, see the page in this guide on external and internal analysis for your marketing plan.
Objectives should always be SMART:
Marketing strategy for your marketing plan
Your marketing plan is how you put your marketing strategy into practice. It should therefore be a practical reflection of your strategy.
If you understand the market well, you can probably break it down into different segments - groups of similar customers. For example, you can break the business market down into businesses of the same sector and of a similar size.
For each segment, you need to look at what customers want, what you can offer and what the competition is like. You want to identify segments where you have a competitive advantage. At the same time, you should assess whether you can expect high enough sales to make the segment worthwhile.
Often, the most promising segments are those where you have existing customers. See what you can do to expand sales to these customers. If you are targeting new customers, you need to be sure that you have the resources to reach them effectively.
Once you have decided what your target market is, you also need to decide how you will position yourself in it. For example, you might offer a high quality product at a premium price or a flexible local service. Some businesses try to build a strong brand and image to help them stand out. Whatever your strategy, you need to differentiate yourself from the competition to encourage customers to choose your business first.
Plan your marketing tactics
Once you have decided what your marketing objectives are, and your strategy for meeting them, you need to plan how you will make the strategy a reality.
Many businesses find it helpful to think in terms of the four Ps:
For a more comprehensive approach, you can extend this to seven Ps:
Implementation of your marketing plan
Your marketing plan must do more than just say what you want to happen. It must describe each step required to make sure that it happens.
The plan should therefore include a schedule of key tasks. This sets out what will be done, and by when. Refer to the schedule as often as possible to avoid losing sight of your objectives under the daily workload.
It should also assess what resources you need. For example, you might need to think about what brochures you need, and whether they need to be available for digital distribution (by email or from your website). You might also need to look at how much time it takes to sell to customers and whether you have enough salespeople.
The cost of everything in the plan needs to be included in a budget. If your finances are limited, your plan will need to take that into account. Don't spread your marketing activities too thinly - it is better to pick a handful and make the most of them. You may also want to link your marketing budget to your sales forecast.
Control
As well as setting out the schedule, the plan needs to say how it will be controlled. You need an individual who takes responsibility for pushing things along. A good schedule and budget should make it easy to monitor progress. When things fall behind schedule, or costs overrun, you need to be ready to do something about it and to adapt your plan accordingly.
From time to time, you need to stand back and ask whether the plan is working. What can you learn from your mistakes? How can you use what you know to make a better plan for the future?
Tips for writing a marketing plan
It is important for a marketing plan to:
Make sure you think through each of your objectives logically. For example, you might set a target for the number of new enquiries. But if you don't provide the resources and training to turn these enquiries into sales, you will have increased costs without any benefits.
Link to your strategy
Assess the business environment to identify the opportunities and threats that you face. Look for where you can capitalise on your strengths or where you need to overcome a weakness.
All parts of your business must work together. For example, if you have limited cash flow you should avoid seeking large orders from customers who demand extended credit or that will involve you in heavy, up-front costs.
Remember to focus on your long-term strategy. Reducing customer service might boost short-term profits, but next year you might not have any customers left.
Make it happen
A plan will not happen by itself. You need to make someone responsible for monitoring progress and chasing up overdue activities. Reviewing progress will also help you learn from your mistakes so that you can improve your plans for the future.
I agree with mr Ramachandran as the question is too wide and need a very long answer.
But I will treat it as a project and then think of what resources do I need.
The question is very very general and broad.
It would be much better if at least some of the variables are defined such as
Market (geography, demographic profile of customers, traders / end users, etc)
Product or Service - tech, F&B, retail, professional service, etc
Resources available in the form of cash, people, expertise/knowhow, market reasearch inputs, etc
Creating a product development & launch plan would heavily depend on the above factors (at the least)
Endorse previous answers as answered well.
So just start with very basic features and get it done with the help of some existing manufacturer. Trust me once you start thinking business you will get cost effective by your own.
this needs to study product development, launch and market penetration.
For any new product or business, in the first year 10-15% of the total outlay must be set aside for the launch and Marketing activity. In the second and coming years a 4-6% of the turnover may be set aside for marketing activities. When the Business grows to higher levels, the marketing budgets may be increased.
However, it is also to be noted that the marketing tools selected for launch of the business or the product must be well evaluated and cost effective. Digital Marketing and Social Media are very strong in supporting the "low cost - high reach" strategy in Marketing.
First of all i need to know my prospect supplier who can identify what my company wants and provide. I should have many supplier rather than one only, so that i have my own comparison when it comes to price market value. Offcourse i am looking for high rvenue income for my company.
Research and Scope of the product, Target Segment,Cost of Development(quality) and Pricing, Selection of appropriate Suppy Chain and Distribution,Marketing.
