What are the essential components of a marketing plan?
To be successful in your business, you need to develop a good marketing program for your products and services. And for this, you will need to develop a strategic marketing plan, which will definitely serve as a guide for you in the dispatch of your products to your customers by utilizing the appropriate channels and media to reach out to your customers and to eventually drive up the revenue of your business.
A very simple integrated marketing plan outline, if well researched and implemented effectively will have a maximum result of the business. The proposed plan should be the backbone of your business and should as well serve as guide for you in the coming months of business.
But it will be so much important to note that as a very versatile business person, it will be so important to be willing to enhance or redirect your formal plans based on what result you get through the different channels utilized for your marketing strategies. Here are the major components of strategic marketing plan that even software try to address:
10 BASIC COMPONENTS OF MARKETING PLAN TEMPLATE
1. MARKETING RESEARCH
You will be saddled with the responsibility of making a very good marketing research. You will need to collect, organize and write down important data collated about the market that is currently patronizing the products and services you are rendering to them. You will need to consider these very important areas. Marketing research plan is one of the major components of a marketing plan.
• Market dynamics, patters and including the effect of seasons
• Customers – Demographics, target markets, buying decisions, market segments
• Product – What is obtainable at the market, the competition available
2. TARGET MARKET
You will also need to identify the niche of your target markets for your products and services and make important decisions to describe the activities of these niches.
You will need to describe your products. The correlation of your products to the market. The current market needs, what the market currently utilizes and what they need to meet needs of the markets as well.
You will definitely face a stiff completion in your market. It is very well important that you recognize these competitions and then describe them as well. Develop a UNIQUE SELLING PROPOSITION. And also take note of describing what stands you out from your competition and also what efforts your competitions are taking in branding and taking their business to the next level. And also, it will be important for you to note that you will also need to identify yourself from these competitors and highlight your strategies for beating them and as well dominating the market on the long run.
5. MISSION STATEMENT
Highlight a few statements that focus on:
• “Key Market” – Who you are selling to
• “Contribution” – What you are selling
• “Distinction” – Your unique selling proposition
6. MARKET STRATEGIES
You will also need to state your marketing and promotional strategies that you will utilize and you might want to put these into consideration.
• Direct marketing
• Training programs
• Article writing and marketing
• Direct/personal selling
• Publicity and press releases
• Trade shows
• Internet marketing
7. PRICING, POSITION AND BRANDING
From the information you have gathered about the market, you will then need to set a standard pricing for your products and services, the position your products will hold in the market and your advertising plans on how to achieve brand awareness.
Another key components of a marketing plan is Budgeting. This is also very important in your marketing strategy plans. You will need to have a very concrete budget for your business and strictly work according to your budgets. This will help you as well determine how you spend your money, on what do you spend your money, and to whom do you spend your money.
9. MARKETING GOALS
Set achievable marketing goals for your business. These are goals that you can easily turn into numbers, which might include sales, profits or customers’ satisfaction and it should form one of the main components of your marketing plan .
10. MONITOR YOUR RESULTS
When you have made the adequate research for your business, your competitions and as well decided on what position you are in the market hierarchy, then it will be very much easier for you to promote and sell your products and services.
And lastly, do not forget to utilize your common marketing plan as a living document to guide you in the course of your business. You will need to continually review the status of your marketing campaigns against your set objectives.