Why write a marketing plan for your business?

David Lomas

Every business, no matter what product or service it offers, needs a well thought-out marketing plan to be successful.

A marketing plan should be looked upon as a route map which will help you achieve your business objectives. We all may know where we want to go but we need a plan to ensure that we get there and we also need a few reminders along the way.

There are a number of components that make up a marketing plan and, just like with your business plan, you will need careful planning and research in order to get it right.

Here are a few points to consider, questions to ask or subjects to include:

Market Identification – It is important to identify who and where the market is for your products and services, as well as explain your Remarkable Selling Proposition.

A Market Analysis – what is your market? What is your position within that market? Is it a niche market?

Potential for Sector growth – Is your market growing, declining or has it reached a plateau? Is it becoming more specialised? Do you need to adjust your offering?

Customer base

What are your customer demographics (i.e. age, sex, income, location)?

Which customers offer the best prospects for you?  

Where is the easy profit?

Market Research

What evidence do you have that they need or desire your product or service?

Swot Analysis

Identify your business strengths, weaknesses, opportunities and threats  

Budgets

Your marketing plan should state the annual marketing budget, as well as an itemised list of expected expenditures. A projection of expected returns on marketing expenditure should also be included.

Flexibility

Your marketing plan should not be set in stone as certain factors may make it necessary for you to adapt or modify your plan as you move forward.

David Lomas

About Executive Editor

Digital content marketing specialist who understands communication in all it's forms. Experienced speaker and online publisher at M3 Media Publishing.
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One Response to Why write a marketing plan for your business?

  1. DavidRLomas says:

    Hi pascal,

    Let me know what you do and what you want to achieve with your marketing.

    If I can’t help I will pass you to someone who can.

    David

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