Member Article

The Marketing Plan

With Business LinkMarketing is an essential tool for any business looking for success, and only by planning your marketing strategy correctly, can your business reap the rewards. Elaine Inglis from Business Link explains why a marketing plan is integral to your business. Basic objectivesBefore you start planning your marketing strategy, have in mind around four objectives. These objectives are what will help you reach your overall aims. Typical objectives may include retaining your existing customers, selling more products to existing customers, making larger sales and encouraging new customers to buy, and each of these is focused on the aim of increasing profitability. From your objectives you can create a marketing strategy. This will detail how you are going to meet your objectives - for example, adjustments to current products or targeting new opportunities. A plan of actionThe plan will look at each element of your strategy and allocate a detailed budget, responsibility, targets and deadlines. In its summary form the action plan will form part of your overall business plan and will be important for the success of your business. Track costs and measure valueThe action plan provides a step-by-step guide for what, where and when you are spending your money. With a clear indication of what you are spending your money on you can analyse the success of your marketing and keep control of expenditure. Stay focusedWith a plan in place the company will have something to get behind and support. Employees will understand the goals and targets enabling them to focus their efforts. By knowing the plan, they will feel empowered to make decisions on their own while having a clear indication of the company’s objectives. Hard copyPeople come and go in business and they take with them their ideas. Memories fade and new people arrive, but your marketing plan will always be there, acting as your blueprint. The foundation of successCreating your first marketing plan can take up a lot of time and resources, but remember that it is a worth while effort. Once the plan is complete, only minor amendments and tweaking will be needed in the years to come. Your plan will be the template for you to work from as you define objectives and strategies in future years. This document will be a live working document for measuring sales success, customer retention and acquisition, product development and promotional initiatives. A marketing plan has many benefits. Every business needs direction and your plan will provide that.

This was posted in Bdaily's Members' News section by Ruth Mitchell .