How to prepare a marketing plan
- 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
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