Creating an effective Marketing Strategy & Plan
What are your business objectives?
Where do you want it to be in 1 year, 5 years?
How are you going to achieve your business and revenue goals?
The answers to these questions are all detailed in a well-structured Marketing Plan.
Below are the 5 key components you need to cover.
1. Analyse your business marketing and environment
By analysing the market your business sits in, it helps determine who will purchase your product/service and why. It will also help identify demographic and psychographic attributes of the key person you need to target. This is where you carry out SWOT analysis, research the current economic climate in your industry and look at your competitors - what are they doing well and where are they lacking.
2. Set your marketing goals and objectives
What do you want to achieve?
With information about your target market and your competitors, you can better outline your marketing objectives and goals.
Try to make your goals more qualitative, realistic and consistent with your business mission; and make your objectives more quantitative, measurable and time-specific.
3. Define marketing strategies
Here, define your target markets and their purchasing characteristics. Identify the marketing mix 4 P’s (product, price, promotion and place) as they relate to your product or service.
4. Implement the marketing program
Define your marketing budget, outline what you need to do internally to meet your goals and objectives and create a marketing calendar of specific actions that will serve as a guideline for implementation.
Don’t forget to evaluate your marketing plan; this is important as it explains what’s working and what’s not. It also ensures that the marketing plan is being implemented correctly and completely. An effective marketing plan is one regularly reviewed.