Marketing Plans

It is amazing how often businesses do not have functional marketing plans. Small businesses often produce one to raise initial funding then ignore it, and even companies with large marketing budgets often do not have a proper marketing plan. It can be argued that the plan is all in your head or split between several people, but that ignores the main purpose of a marketing plan. A marketing plan sets your thinking in order, gives you something to review your actions against, and acts a back up in the event of an unforeseen occasion.

In a small business where marketing is done by one person, things can fall apart quickly in that person’s absence. A marketing plan makes it possible for someone else with marketing knowledge to pick up the reigns, and thus helps to protect your business. A good marketing plan will have targets and goals against which to review spending and allocate future budget.

Preparing a marketing plan can be time-consuming, but without it you could be spending money unnecessarily. Remember a marketing plan is a guide and should be flexible. If circumstances change then the plan should change. If something isn’t working don’t keep doing it just because it’s in the plan – instead, review it and reallocate your resources.
So what goes into a basic marketing plan?

The Objectives - Remember to remain realistic
What are they for: next year, 3 years and long term?
Are they quantifiable and specific?
Strategic Considerations
What resources do you have?
What are your constraints?
What outside circumstances must you take into account?
How fast do you want to grow and where will you stop?
Why will you be successful?
The Market
Who are the competition and what are they doing?
What part of the market are you targeting?
Where are the gaps in the market and how can you fill them?
What trends are likely to affect demand?
What research backs all this up?
Define your target audience
Your Product(s)
Where will you make most profit?
Are you planning to make any changes?
Can you increase the benefits or add value?
Is there a product life cycle and what is it?
What budget do I allocate?
What would you like?
What can you afford?
Where is the balance?
Where do I spend it? (The Strategy)
List of actions to be taken throughout the year
Leaflets to be printed
Shows to attend
Advertisements to design and place.
The Sales Forecast - your predictions on sales
How many sales will your spend need to generate?
Finish with a cost vs response and cash-flow forecast