I write more about this in Dangers When Planning Your Business Plan.
Good marketing plan is based on overall business objects transformed in marketing strategy not on the titles and stories in that titles.
Marketing Plan Question #1: What is Your Target Market?
Start by searching specifications within the areas you wish to market your business. Each market has different areas that can be divided as segments. When I talk about the area I don’t think about the area as a geometrical surface, but area as some indicator that differentiate one part of the market from another one. And yes, the question is What is your target market?
- My target market is the area where exist problems that my business can solve it.
- My target market is the area with potential customers that will want to buy my products or services.
- My target market is the area with people willing to pay for my products and services.
- My target market is the area big enough to support existence and development of my business.
These are four answers that you must answer before you choose your target market:
- Capacity, and maybe the most important
- Yes I can.
Marketing Plan Question #2: What is Your Marketing Objectives?
Now, when you know what is your target market, you must formulate your marketing goals. What you want to achieve with your marketing activities? This is specific three to four sentences that will describe what you want to achieve. If you put more goals, you will lose your focus and it will be harder to accomplish the goals.
Set measurable goals because the implementation will depend on your ability to track progress and measure results. If your goal is general without tangible goals, try to find a way to make them specific. For example:
- 30% market share on our target market in the first year of the plan and 45% in the second year.
- Increased conversion rate from 5% to 10% in the first year and to 15% in the second year.
- Increased entrance into the sales funnel for 10% in the first year and 20% in second year.
Marketing Plan Question #3: What Will be Your Marketing Strategies?
Now, you know your target market, you know the marketing goals, and it’s time to develop strategies that will support achievement of the goals as a part of your marketing plan.
- How can you achieve marketing goals?
- What you must to do in general terms to make that goals become reality?
For example, if you take the first marketing goal from the example above in marketing plan you will have something like this:
- 30% market share
- Strategy 1: Perception Improvement.
- Strategy 2: Marketing Campaigns Strengthening
- Strategy 3: Adding More Value in Our Offer.
Marketing Plan Question #4: What Will be Your Marketing Tactics?
Strategies need tactics for the implementation purpose. The tactics will be the set of actions that must be accomplished in order to effectively implement the strategy. For example, if we continue with the Strategy 1 we will have something like this:
Strategy 1: Perception Improvement:
- Tactic 1: Increasing online presence of the business.
- Tactic 2: Development and implementation the new customer service policy.
- Tactic 3: Staff training about a customer care system.
Marketing Plan Question #5: What Will be Your Marketing Activities?
Each tactic is implemented through real action, or activities from the business staff. Now when your marketing plan have target market, marketing goals, strategies and tactics it is time to convert those tactics into tangible activities. For example, if we continue with the first tactic we will have something like this:
Tactic 1: Increasing online presence of the business:
- Redesign the web site.
- Development of a business blog.
- Make business profiles on social media.
- Communication with the potential clients.
The Last Thing – Table
If you want to stay focused on the implementation of this marketing plan, the table like this is something that will help you.