Why we need marketing plan?
Making a solid business plan is a demanding task. It needs rigorously vast research, statistical analysis, strategy building, short and long term planning etc. The success of your business depends to a larger extent on these determinants. Marketing is however the most vital factor. It involves tremendous research, trend analysis, obstacles in the way of getting into the market, economical workout, customer taste, information of the competitors, promotional tactics etc. Thus marketing plan itself is a complete process and if this plan is improvised effectively, no other thing can stop the business from making progress by leaps and bounds.
The key factors and focus areas which must be considered prior to launching marketing plan are discussed as follows:
Vast and cautious Research for Marketing Plan
Research is the first step on the way to run a small business. It must be done on a wide level and all the relevant things must be taken under this umbrella. Secondary research becomes easier by the information gathered from newspapers, magazines etc. While Primary research is carried out in person via surveys, interviews etc.
Statistical Analysis for Marketing Plan
The very next thing which will be followed after the research is conducted is statistical analysis. You need to know about the average size and capacity of the market, demand of the product or service you are offering, ongoing trends and styles. It also analyses the logistics costs, government taxes, duties etc. Thus you devise your financial strategy in the light of this analysis.
Having information on what your competitors are up to is a good thing. It helps you to spot their weakness and make it your strength. You should be very clear about what advantages and disadvantages you are going to reap due to competition.
Once you have carried out a thorough research, seen through financial situation, got information about competitors; you are in a position to determine your niche. Always take that corner in the market in which you are second to none.
Devise your promotional and advertisement campaigns in the light of your finances and niche. Allocate a dedicated budget to running these activities and employ every form of media in this regard. You can make ample use of print, digital and social media platforms to get your brand known.
Once you have started with it, monitor your business well and keep a complete record of sales. It helps you in determining sales forecast and you get to know about the peak season and customer aptitude.
A good marketing plan is as essential to the success of a business as food and water to life. Marketing has become an art and cannot be
toll on your business and you can never achieve your goals. So make a marketing plan and improvise it excellently to reap better rewards.
Author: Ben Parker is a marketing enthusiast who writes in the field of marketing, branding and print Design. He likes to come up with creative and effective design ideas to share with a large number of followers. Currently, he is a blogger at Custom printing Services.