Growth Ferial on 16 Jun 2008 01:22 pm
BUILD YOUR TOPLINE
Part One:
DRIVING SALES WITH A STRONG MARKETING PLAN
Every business, no matter what product or service it is providing, needs a marketing plan. You can think of it as a road map to help guide you, so you will achieve your business objectives. You probably already know where you want to go; you just need a plan for how to get there, and signposts along the way.
There are a number of components that make up a strong marketing plan. And, just like your business plan, you will need to do careful research and planning in order to produce a compelling and valuable document.
1. Market Identification
The critical first step is to clearly identify the market for your products and services, and to articulate your Unique Selling Proposition (USP), so that you can successfully penetrate that market.
Your plan should include:
- Market Analysis
- What is your market?
- What is your position within that market?
- Is it a niche market?
- Trend Analysis
- Is your market growing, has it reached a plateau, or is it declining?
- Is it becoming more specialized?
- Customer Base Analysis
- What are your customer demographics (e.g. age, sex, income, location)?
- What are the psychographics (e.g. predisposition, influences, lifestyle)?
- What customers offer the best prospects for you?
- What evidence do you have that they need or desire your product or service?
- SWOT Analysis
Identify your business’s:- Strengths
- Weaknesses
- Opportunities
- Threats
2. Marketing Mix
Once you have identified and clarified your position in the market, you next need to formulate your marketing mix.
Your mix is a combination of:
- Product
What are the products, services, add-ons, installation, upgrades, after-sales support, etc that you offer the customer? - Price
Setting the right price for your product or service is crucial. - Place
Do you sell your products from a fixed physical location, or do you sell over the phone, or on the internet?
How far does your business stretch geographically? - People
Now that you know who your customers are, what is the best way to manage your customer relationships?
3. Competition Analysis
Your marketing plan should also include a thorough assessment of the competition:
- Who are they?
- Where are they based?
- What are their product lines (services offered)?
- What are their prices?
- How many employees do they have?
- What are their strengths and weaknesses?
- What is their market share?
- What ads or promotions are they running?
4. Promotional Activity
You must decide what methods and activities you will use to execute your plan and carry out your marketing campaigns.
They can include:
- Direct marketing
- Advertising
- Public relations
Be warned: advertising and public relations can be expensive, so it is important that you spend wisely and evaluate the effectiveness of your campaigns. - Sales promotions
5. Budgets
Your marketing plan should state budgets for all of its elements, including:
- The annual marketing budget
- An itemized list of planned expenditures and the cost of each
- A projection of expected returns
6. Flexibility and Adjustment
Your marketing plan should not be set in stone. Various factors may make it necessary for you to adapt or modify your plan, including changes in:
- Economic environment
- Government policies
- Lifestyle trends
- Technology
- Competition
- Employees
- Suppliers
Look for Part Two of BUILD YOUR TOPLINE:
NOW SELL! in our July Newsletter.
�