A marketing plan is essential for any business that wants to grow and succeed. Having a solid marketing plan will help you identify your target audience, set realistic and measurable objectives, choose the right marketing tactics, develop a budget, and track your results. This will also save you time and money as it will ensure your marketing activities are targeted and effective.
Where to start? First, you need to be clear about what you’re trying to achieve. For instance, your overall goal might be to increase sales, raise brand awareness or drive more traffic to your website.
The next step is to research your market and get to know your target audience and competitors, so you can decide on the best strategy to achieve your goals.
1. Identify your target audience
Without a defined target audience, any money you spend on marketing will be wasted. Who are the people most likely to be interested in your product or service? Think about their needs and wants, and where they spend their time. A marketing plan will help you to decide the best strategies to reach them and tailor messages that resonate with them.
2. Analyse your competitors
Who are your competitors and why might potential customers choose their product or service over yours? How do you compare? It’s important to establish your unique selling proposition (USP). This is the part of your product or service that makes it different and better than your competitors.
3. Identify opportunities
Go through the strengths and weaknesses of your business. This will reveal areas you could build on, or areas you need to improve, which can lead to new opportunities. Also look at trends in the marketplace you could capitalise on. Or are any gaps in the market you could fill?
4. Set your marketing goals
Decide what you want to achieve with your marketing. Make your marketing goals SMART: specific, measurable, achievable, realistic and time specific.
5. Set your budget and projections
How much money are you willing to spend on marketing? Financial projections to consider include cost of implementation, projected sales, and desired profit margin. Have a marketing plan will help you to develop a realistic budget.
6. Choose the right marketing strategies
There are many online and offline marketing channels you can use to connect with customers, from websites, email and social media platforms to trade shows, direct mail and more. Your marketing plan should help you to choose the right channels and marketing mix to suit your target market and your budget.
Read more about how to create a digital marketing strategy for your business.
7. Track and measure your results
Your marketing plan should include a system for tracking results. This will help you to see which strategies are working and which aren’t effective, so you can make any necessary adjustments.
If you need any help or advice on developing your marketing plan, then Two Lizards can help. Just give us a call on 01306 621001 or email us today for more information.