Very. In any business, company, or organization, some form of marketing has to be involved.
What is marketing anyway?
Merriam-Webster defines marketing as: the process or technique of promoting, selling, and distributing a product or service. I personally like to describe it as: bringing products, ideas, events, or brand awareness to the attainable target market. My reasoning behind this is simple. If your target market happens to be unaware of your products, events, or services, then how will your company receive a profit? This is where marketing steps in.
Marketing isn’t simply screaming at your target market for attention. There’s a message that must get across. This message requires proper research and planning. Without a plan in place, your business will fail to maximize profits.
Why is a marketing plan important to have in my business?
A marketing plan is just as important as any business plan. In fact, a professional marketing plan should be implemented in any formal business plan. This can give any business, brand, or company a better understanding of the target market, expected growth and revenue, shared values between the company and consumers, and so much more!!
It may seem overwhelming at first, which is why I have created an outline to help walk you through the steps below.
The Outline to a Marketing Plan
Mission/Vision Statements. It is ideal to begin your marketing plan with a mission or vision statement. This is typically your goal that you would like to accomplish while in business. This is also how you would like your target market to perceive your company.
Situation Analysis. This can sometimes be a bit difficult to describe. To simplify it a bit, I would recommend a basic SWOT analysis if you are collecting this information on your own, or without the help of a marketing consultant.
Segmentation Analysis. With this analysis, it can be a bit detailed. I would definitely recommend a marketing consultant for help. If you would like to do this on your own then you would research the following:
- Define the Market
- List Needs
- Form Sub-Markets
- Remove Core Needs
- Nickname Segments
- Write Narrative
- Estimate Segment Size %
Target Growth. This segment describes your target market and how much it costs to reach your desired target market. Things to keep in mind with this is:
- Market Size
- Expected Growth
- Competitive Position
- Cost of Reach
Develop a Strategic Marketing Plan. Developing a strategy to help you acquire sustainable growth should be simple, once you have gathered the information above. This should help you stand-out from the rest of your competitors, or increase brand recognition among your target market.
Build a Marketing Mix. This mix is familiar in the marketing world. This would typically be your 4 (or sometimes 7) P’s. Product, Price, Promotion, and Place. You’re simply defining these.
Marketing Objectives & Strategy Options. These are the final steps. You’ll be compiling all your information into objectives and strategy options you wish you achieve and implement.
Now that you’ve had time to look everything over, here’s a template to help write it all out.
Still need more help? Contact me for a consultation.