Summary and Further Reading on Marketing Plan
When making a marketing plan, it is important to know and state the timescale you are working with. Are you making a long term plan, a short term plan, or something in between? You may also find that some areas of your marketing plan are short term, while others will work in the long term.
A business that deals with new technology may need to update their marketing plans every 3-6 months, where as a business in an established and stable industry might only need to update their plan every other year.
Your targets and objectives need to be based on a realistic timescale, there is little point making a target of 400% sales growth in 2 months when you know that is impossible. Set realistic but challenging targets over an accurate timescale.
Summary
- A marketing plan is in addition to a standard business plan.
- A marketing plan helps set realistic objectives for your business, and helps make sure that the business is focused on the most important areas of marketing.
- A marketing plan can help in obtaining finance by demonstrating that the business has been thoroughly planned.
- A plan should look at each of the important areas and have realistic objectives for the short, medium, or long term.
- Looking at the prices of your products should take into account both consumers and competitors products.
- Looking at the locations of your products should take into account where the product is sold as well as the distribution methods used to get there.
- You should firmly know the unique selling points of your business and its products.
- Sales of one product may help increase sales of another product; you should look at how this can be achieved.
- If your product is seasonal, look at introducing a new or modified product to sell during the slower months.
- Both the budgets and message of your advertising and public relations should be reviewed regularly to ensure best results.
- Word of mouth is free marketing! Look at how you can encourage it.
- Special offers and competitions can increase interest in your product and convert possible buyers into sales. Look at how you can maximise this.
- In a SWOT, Strengths and Weaknesses are internal, while Opportunities and Threats are external. Each point should be written down briefly to provide a quick overview of the status of your business and its market(s).
- A marketing plan should have a timescale relevant to the nature of your business, although different areas of the plan may have different timescales.
Relevant Links
- Marketing a Small Business
- Writing a Press Release
- Can the Internet Work for Small Business Marketing?
- Business Plan
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