How to Write a Marketing Plan?
A market plan defines the existing market situation of your business and its marketing strategies. Market plans generally spread over a term of one to five years. The aim of a marketing plan is to indicate the actions and steps to be taken to accomplish the goals of a business. The content of the plan is of importance and not your style of writing. Here is how you can write a marketing plan for your business.
Section 1: Current Situation Analysis
This is the introductory part of your plan and consists of a summary of your existing situation today and will offer a useful benchmark for your business as you enhance and acclimatize your plans in the upcoming months. Start with a brief explanation of your services or products, the challenges and the benefits of marketing which you face now and a glance at the intimidations postured by your competitors. Define external forces that could disturb your business in the following year, it could be a change in law if you are an inventor or moderated traffic because of construction if you are a retailer.
Section 2: Target Audience
A simple description in a few pointers about your target audience is what is required in this section. For eg: If you are marketing to customers your target audience would be more of profile built on a certain section of the society which would include gender, age or other required individualities. If you are a B2B (business 2 business) marketer you should have a category wise list like doctors, engineers, shopping malls etc., and a qualifying criteria for all them needs to be added.
Section 3: Goals
You need to list down your company’s goals for the upcoming year. The idea is to keep them realistic, achievable and measurable so that an evaluation can be done on the progress.
Section 4: Strategies and Tactics
The Marketing strategies will occupy the most space of your plan because you will have to give and outline of all your marketing strategies and the tactics against each of the strategy that you would apply to accomplish them.
The tactics part will cover all the steps that require taking for public relations, advertising, trade shows, direct mail and special promotions.
Section 5: Budget Breakdown
The finishing part of the market plan consists of a short breakdown of all the costs related to each of the tactics. For eg: If you want to participate in trade shows thrice in a year you will have to include the costs you might incur while participating in those shows. You can determine about the feasibility of the tactics, you can always go back and change the tactics if you find them too costly before you close the final budget.