Marketing

What is a Marketing Plan and Does My Business Need One?

A marketing plan is one business document that often doesn’t receive the credit it deserves. Though a few companies will have them in place, many businesses may start out with the right intentions of referring to an extensively drawn up marketing plan at regular points but then find it gets put to one side and left. So, what exactly is a marketing plan, and would you benefit from implementing one into your own company?

The Basics of a Marketing Plan

A marketing plan resembles a business plan however it is not a static document and needs to evolve with your business to take account of current marketing trends. This basic premise of a marketing plan is to outline your required marketing strategies and tactics. It should cover a specific period and note any necessary concepts such as actions that need to be made, goals that you want to achieve, and costs related to this process.

How A Business Benefits from a Marketing Plan

To get the most out of your business marketing activity, you need to know:

Who your market is: You can find your targeted customers quickly and efficiently if you know who they are. What is the customer type that you are aiming for?

Who your messages are to be aimed at: As with your customer type, you need to know who to direct your words straight at to sell your product or service.

What your preferred marketing choices are: What do you want to focus on primarily on your marketing platform? With various social media platforms to choose from alongside blogs, emails, and direct mail, which direction do you intend to head?

Ensure Your Marketing Plan Stays Relevant

Once you have the premise of your marketing plan in place, look at keeping it updated and fresh, so it remains relevant to your marketing strategy. The success of such a policy relies on your company’s ability to consider variations of product or service demand, the condition of the current market, any new marketing platforms and possible issues surrounding pricing.