Whether you are looking to start up a business or even if you are wanting to take your business to a new level in terms of investments, having a strong marketing plan is one of the most important and best tools to utilise to the fullest. In simple terms, a marketing strategy is important, especially in the modern economy we live in, as you are able to target your ideal target audience in a smarter way.
But what is a marketing plan?
A marketing plan can be seen as the ‘blueprint’ of how a marketing strategy is going to be implemented. They can help your business understand and define its direction and how to get there. Each businesses marketing plan will be similar in terms of headings and maybe dates, however, each one is tailored to the specific goals and needs of your business and its marketplace.
Our 7 Key Elements
Typically, a marketing plan will include 7 key elements. Also known as the 7 P’s, these elements make up the ‘marketing mix’ which can be used as a strategically tactical way of setting up your business plan. These are: Product, price, promotion, place, people, process and physical evidence. Each step of a businesses marketing plan will incorporate one of these elements to ensure all specific marketing needs are being met.
5 Crucial Marketing Thoughts
The marketing plan of any business is crucial, and here is why:
1. Identifying target markets
An effective marketing plan will enable your business to identify and understand potential ideal customers, their needs, problems, and values. This can be beneficial as you can understand how your service/product can meet their needs.
2. Identifying competitors
If your business has a strong marketing plan, you can easily identify your competitors from the moment you start. This can help you determine how your business can be different and, in some cases, better than your competitors.
3. Defining your USP (Unique Selling Point)
An effective marketing plan incudes the definition of your brand, product/service and it is different from your competitors – in this, you can determine which part of your product/service is the part that sells and appears to customers more.
4. ROI (Return of Income) on marketing spend
Marketing plans ensure that you only invest in promotional activities and drive for a significant ROI. You don’t want to start a marketing campaign, to find out that it is not profitable, or financially viable, so doing this research to begin with is essential.
5. Sets up a plan to target ideal customers
The messages, channels, and various marketing tools used in a marketing plan will map out a certain strategy to reach your unique target audience. This will give you more of an opportunity to plan potential investments. Essentially who are you trying to sell your product or service to?
Let Us Help You
If you would like more information on getting your business started, get in contact with us today to start your marketing strategies. Getting your business online is the first step in putting your business out there and appealing to more potential investors and customers. Our ‘small business package’ is perfect for your business if you are just starting up. For more information on this, look into our website or get in contact with us today.