What is a Marketing Plan?
A marketing plan is a main component of a business plan. It is a report that outlines your strategies and tactics for marketing your business, and how you plan to attract and retain customers. Marketing takes time and money, and a solid marketing plan will help you stay on track.
A marketing plan should include:
- Marketing and Advertising goals – Your marketing and sales goals for year. Goals should be attainable, quantifiable, and should align with your overall mission and vision.
- Market Research -Collect, organize, and write down data about the customers that are currently buying the products or services you plan to sell.
- Competitor Research – Identify who your competitors are, what they are doing, and how you can do it better.
- Target Market – Describe your target audience in detail. What are their goals? Will your business solve their problems?
- Budget and Projected Financials – Include a complete breakdown of the costs of your marketing plan and the potential revenue it will generate. You want to make sure you’re getting a positive return on investment, or ROI.
- SWOT Analysis – Internal strengths and weaknesses, and external opportunities and threats of your business.
- Marketing Strategies – What tactics will you use to achieve your goals, attract your target customers, and will fit in your budget? Flyers, print ads, social media, networking, web site etc.
- Results – Analyze the success of your marketing (ROI, or return on investment). Are you hitting sales goals? Getting new leads? Identify the strategies that are working and which ones are not.
