- Describe your market and the characteristics and size of each market segment; review key market trends.
- Research what customers value, such as product features, quality, service, image.
- Compare the distribution channels for reaching customers (eg direct sales or through retailers).
- Profile your competitors and what they're offering.
- Identify other key factors influencing your business environment; carry out a SWOT analysis of your competitive position (SWOT: strengths, weaknesses, opportunities, threats).
- Review the effectiveness of previous marketing initiatives such as advertising campaigns or seasonal sales.
- Assess the profitability and sales potential of different customers and market segments, and of different products or activities.
- Decide who to target among both existing and potential customers; decide which products to push and those which need updating or replacing.
- Set specific objectives: for example, retaining existing customers, increasing order sizes, selling new products or winning new customers.
- Decide how you will price each product or service.
- Decide how you will distribute and sell; plan how you can improve customer service and satisfaction.
- Plan how you will promote your products or services, and how you will keep in touch with customers.
- Identify customers' purchasing cycles to timetable marketing activities.
- Confirm the implications of your marketing plan for the rest of your business: production and training requirements, for instance.
- Prepare realistic sales forecasts and budgets.
- Include key indicators (eg new enquiries, conversion rates, customers lost, average order value) and a system for measuring them in your plan.
Cardinal rules
Do--
- Base your plan on solid market research
- Focus on target customers
- Build an action plan to achieve specific objectives
- Learn from experience
- Measure the effectiveness of your plan
Don't--
- Spread your efforts too widely
- Make plans you can't fulfil
- Make unrealistic assumptions and forecasts
