Developing an effective marketing strategy is a key activity among companies wishing to be successful. Chaotic marketing does not bring positive results. In turn, well-written elements of the marketing plan will help you use your potential and resources to stand out from the competition and succeed on the market.
Marketing plan is your company's guiding document for defining the goals that your marketing efforts will focus on and the actions they will take to achieve these goals. It is based on market research that gives a picture of what is happening inside and outside the company. Which gives you the opportunity to fully use your resources and take advantage of the existing opportunities. It is a fluid document, which means that it should be changed and improved depending on what turns out to be effective.
Without a marketing plan, it is difficult to properly direct your activities.
Create it together with experienced specialists!
Elements of a marketing plan in the form of market research
When describing the elements of a marketing plan, start with market research that will give you a general idea of where you start out. First of all, do an in-depth research of the size of the market - for example, if you sell laptops, check how often people buy new laptops in that market. Track up-to-date statistics on sales in your industry, average prices, etc. Determine market dynamics as well seasonality of sales. Are your products seasonal? When do people buy more and when do they buy less? Such research will allow you to specifically plan your marketing activities.
Elements of a marketing plan in the form of market research are also specific competition analysis. How is their product different from ours? How do they conduct their marketing activities? How they run the distribution process, etc. It is also important to analyze the product or service. What are its main advantages or features? How does it stand out from the competition? Market research is the basis for creating a marketing plan. They give an in-depth picture of your surroundings, and understanding it allows you to design activities that will focus on your target group.
SWOT analysis
The implementation of the marketing plan cannot be done without conducting a SWOT analysis. It shows our strengths and weaknesses, as well as exposes the opportunities and threats lurking in the environment. All kinds of analyzes are important elements of the marketing plan - SWOT allows you to plan activities based on your strengths. It allows you to think more critically and realistically approach the current market situation. It will also be helpful Porter's 5 forces analysis, which evaluates the competitive environment and identifies factors in your industry that can both strengthen your position and weaken it.
Target market
The next elements of the marketing plan are the target market which is key to designing the marketing strategy. First of all, you should find answers to questions such as:
- What is the average age range of our clients?
- What gender are our consumers?
- What languages do they speak?
- What are their interests?
- What stage of life are our clients at?
Identification of the target market and its segmentation is an indispensable point of reference when formulating all kinds of marketing activities.
Marketing plan elements - set goals
In this part of the plan, define your marketing goals that should apply not only to your products, but also to the market you sell. Remember that marketing goals determined by the SMART method allow you to measure progress and results, making it easier to achieve them. This ensures that your goals are specific, data-driven, and achievable with your resources. Targets can range from sales, customer base, market share, and profits.
Marketing strategy
Your marketing plan must not be complete without a developed marketing strategy. Once you know your target group, you need to create a strategy for how you will reach them and turn them into a client. It mainly relates to the so-called four P's of marketing: product, price, promotion and place. This is where you should describe all marketing activities and what tools you will use for this, e.g. Google Ads product campaign, communication in social media, or maybe direct sales. Think about how you want to reach potential consumers and build awareness of your product, and how to convince them to buy it.
Elements of the marketing plan will not be implemented without a well-developed budget. You say know exactly what activities you can afford. Unfortunately, companies do not have unlimited resources. Hence, it is so important that your expenses depend on the goals you set for yourself and the tools you choose.
Do i need a marketing plan?
Without a marketing plan, it's hard to be successful on the market. It is a tool that allows you not only to efficiently manage your company, but also to control the progress of activities in order to achieve success. Properly distinguished elements of the marketing plan allow you to stand out from the competition, build brand awareness and a positive image, allow you to take advantage of opportunities appearing in the environment, which all lead to profit.