Writing a Marketing Plan is not difficult if you do some planning and preparation about your business and your market. Most people make the mistake of starting to write the marketing plan without clear understanding of the critical issues regarding their business, company, marketing situation and without any informal or formal marketing analysis and preparation.
Writing a marketing plan is part of writing a business plan. Your approach to writing your marketing plan will depend on the purpose of your marketing plan – are you writing a formal / professional marketing plan and business plan for investors or you are writing a marketing plan for internal company use or for yourself. This will define the structure, details and content of your marketing plan. In both cases, your marketing plan should explain your marketing strategy, understanding of your market or market analysis and the go-to-market strategy. Your marketing plan should answer the question: How we are going to market and sell our products and services? Start by simple analysis of your customers and competitors. What are the most important issues for your customers? What are the major differences among your competitors? Based on your answers to these questions now you can define your market approach or marketing strategy and come up with your competitive market alternative approach. Next, identify the marketing, sales and promotional channels available and suitable to your business and make a list of those marketing channels you can use successfully. Make sure you can afford them and they do not cost more than your marketing budget. For example, you might consider internet or online marketing to promote your products and services. Online marketing is inexpensive and if done the right way online marketing can grow your business fast. When considering marketing channels for your marketing plan do not forget to consider your marketing strengths and weaknesses.
When writing your marketing plan be detailed and clear about your marketing decisions and explain why your marketing plan will succeed. If you are writing a marketing plan as part of your business plan consider how your marketing plan is linked with your financial plan and the overall business strategy. Do not forget that planning is about making smart decisions and making profit. Consider only those marketing, promotional and sales channels that are workable and appropriate for your business. Make sure you are able to manage them and measure the effectiveness of each marketing strategy you are using in your marketing plan. While you do not need a scientific business and market analysis it is good to backup your assumptions and strategies with some marketing analysis. Marketing analysis can be free and as simple as listing major competitors with their target markets, customers, major products and services and revenue they make in your market. Next list their strengths and weaknesses and explain how your marketing approach will fit among their strengths and weaknesses as well as your customers’ needs and preferences. Since you already know most of these marketing analysis requirements make a title called marketing research or marketing analysis as part of your marketing plan. Talk to your customers and people who are knowledgeable about your market for more information on your marketing analysis part.
Writing a Marketing Plan is not difficult if you do some planning and preparation about your business and your market. Most people make the mistake of starting to write the marketing plan without clear understanding of the critical issues regarding their business, company, marketing situation and without any informal or formal marketing analysis and preparation. 