Welcome Guest

Businessex.Com
Home Article Managing A Business Sales Marketing Advertising  6 Steps to a Successful Marketing Plan

6 Steps to a Successful Marketing Plan

A quick snapshot to effective marketing

Tags: 6 Steps to a Successful Marketing Plan

BY Entrepreneur  |  Nov 19, 2009 comments ( 0 ) |

A marketing plan serves as a roadmap for your marketing activities to reach your goals. To lay out an effective plan, begin with understanding the market and then plan out the tactics and strategies required to reach out to your ultimate customers. To put it succinctly, a marketing plan should cover the strategic four 4Ps- Product, Price, Place and Promotion.

 

Chalk out your marketing plan by following a simple step by step procedure as under.

 

 

1. Identify Your Business Goal

 

The first step is to spell out your business goal in your marketing plan. Say if you are company producing shoes, then your business goal could be like, “producing 1000 units per month” or “diversifying you business to other sectors”. The objective should be clear, feasible and realistic and not exaggerated or overambitious.

 

2. Define Your Target Customer

 

The marketing plan should have a clear picture of the target customer. ‘Are they individuals or a company’. Lookout for some clearly identifiable and unique characteristic features. Do they fall into a certain age group, income group or geographic location? How do they buy your type of products or services? How often do they buy them? What features are they particular about?

 

3. Leverage Your Product’s USP

 

You do not market the product or the service, you market the benefits attached to them. Describe these here. Do mention the distinctive and unique features (USP) that your product has which sets it apart from your competitor’s product. While thinking of the USPs, you must keep in mind to market the strengths of your product and minimise your product’s weakness and at the same time develop strategies to take advantage of your competitor’s weakness.

 

4. Position Your Product

 

It is very important to understand as to how you want your product to be perceived or positioned in the minds of your end customers and your competitors. Base your positioning on the benefit your product provides, your customers and the positioning of your competitors. Ask yourself- Do you want to promote your product as one having the best quality with little reference to price or do you want to promote your product as the cheapest in the industry?

 

5. Decide Your Marketing Tactics

 

Here, you should describe the marketing tactics that you intend to use to reach out to your customers. Take for example advertising (print, radio, television), public relations, sales promotion, Classified ads, Contests, Public relations, Free samples and many others “The means of marketing should depend on the type of product that you are selling. Online or web marketing is best suited for us” says Mr. Vishal Bisht, CEO, Marksman Technologies, a company into E-learning and IT services.

 

6. Budget Your Marketing Expenditure

 

Here you need to mention the amount of money that you plan to invest in your marketing activities. You can break it into monthly, quarterly or annual basis. The amount that you have allocated for your marketing activities will depend on your type of business and the goals that you have set. Keep track of how effective a marketing tactic is as you need to get maximum returns on your investment.

 

 

Please add your comment

Rating
Not readable? Change text. Enter the characters as seen on the image (case insensitive)
  Notify me of follow up comments via e-mail   Subscribe for daily newsletter

Related Articles

Sales through social network

BY Entrepreneur

Do you want to sell your products and get business ideas? Globally there are over 300 social networking sites that can facilitate this process, but Li...

Get Your Business in the News

BY Entrepreneur

Like many business owners, you may feel that your regular monthly ad in the newspaper is enough publicity for the month and all you have to do is sit ...

PR as marketing tool

BY Entrepreneur

The essence of carrying out PR activities lies in the art of building trust. This trust might be between a brand and its prospective consumers, for a ...

Reach out with Virtual Media Rooms

BY Amrita Premrajan

Every business, whether small, medium or large, craves to catch the attention of media. The reason being, media coverage is indispensable for you to d...

Sales Letter : Your Salesman in An Envel

BY Amrita Premrajan

How many times have you tossed away a shabby and crammed text that was full of boring lengthy texts, jargons, cluttered with words in all possible fon...

First Appearance

BY Entrepreneur

Ever wondered how to make your company known better without shelling out too many currency notes? The answer to this is easy - appear on the first pag...

Leveraging Trade Shows

BY Entrepreneur

Trade shows and exhibitions are the most promising platforms for conducting business. Visitors come here to explore the latest in the business world a...

Blogging Helps Small Businesses

BY Entrepreneur

With stake holders relying more and more on the internet to know about the company they are working with or will work with in the future, it is very n...

Boost your Sales through Telemarketing

BY Entrepreneur

If you are a manufacturing company or a service provider and you are looking to penetrate into the market while keeping your costs down, an effecti...

Power of Online Press Releases

BY Entrepreneur

What do you do if you have to announce the launch a new product, an upcoming event or your company’s expansion plans? Conventionally you will...

Price them Right

BY Entrepreneur

Pricing, the most important element among the 4Ps, needs special attention as this determines the profit margin of any business. Industry experts f...

Do you push or pull your customers towar

BY Entrepreneur

Do you push your products to your customers or your product pulls customers? Is there a difference between the two? Yes! These are two different st...