Are you wondering about the most proficient and effective way by which you can market your new business? Then you ought to consider learning about how to develop a marketing plan first, using which you can successfully engage in the advertising and promotion of your startup.
The marketing plan serves as a part of a larger agenda or business plan that outlines, all the strategies, activities, campaigns, and advertising efforts that your business will engage in, for promoting products or services. It is a blueprint that easily maps out all the outcomes that your business is going to achieve. The marketing mix refers to the tactics or strategies your business will use for product promotion.
To know more about how you can design an effective marketing plan and marketing mix for successfully advertising and promoting your enterprise, read on.
Define your Marketing Objectives –
Prior to creating a marketing plan for your business, you need to first define the type of marketing objectives that you would like your enterprise to achieve, as soon as it is launched, with objectives being clearly defined for every financial quarter. This includes details about the extent to which you would like to increase the market shares of your business by the end of the financial year, the rate at which you would like the mailing list for your business to grow, and whether, or not you have the aim of expanding your business to a new geographical location in the near or in the distant future.
Create the Marketing Plan
Components of the Marketing Plan
When creating a marketing plan for your upcoming business, the first important element that you need to incorporate into the same, is the executive summary. This is the introductory section of the marketing plan, that will contain an overview of the mission statement of your enterprise and the factors that are likely to influence the operations, and growth of your business.
Identification of Strategic Goals, Objectives, and Challenges
The strategic goals as well as challenges that you would like your business marketing campaign to tackle head on, will have to be defined clearly thereafter.
Situational Analysis – Internal and External
The above, is to be followed by a situation analysis in which you engage in an evaluation of both the internal and external environment in which your business is going to operate. The former is undertaken using a framework known as SWOT analysis, whereby the strength, weaknesses, the opportunities, and the threats associated with your business are clearly identified. The latter is undertaken using frameworks such as PEST analysis, using which you identify the political, economic, social, and technological factors that are likely to influence the work of your enterprise. The latter is especially important for use when expanding the business to a new geographic location.
Identification of Target Audience
The next step that you must take in the creation of your marketing plan is to identify your target audience, that is, the customers who you will be catering to. This will be followed by a developed of a unique selling proposition, where you have, to talk about how you are going to benefit the customers of your business, in order, to drive sales. Examples in this context, include superior customer service, offering low prices for the products sold by the business, or designing a product that is truly, unique in nature and which is going to stand out in terms of its nature and value from products offered by competitor companies.
Creation of Unique Selling Proposition
Once the unique selling proposition has been created, the next step that you need to take is to determine the budget for your marketing plan. This indicates outlining the financial resources that you will be using to implement the marketing plan or agenda.
Engage in Monitoring and Evaluation of Marketing Plan
Monitoring as well as evaluation form the final components of the marketing plan. This is the stage at which you are going to have to engage in the use of metrics, to keep track of the performance of the business marketing campaign that you engaged in by virtue of your marketing plan.
Design the Marketing Mix
While creating the marketing plan, you also need to conceive the marketing mix, or the key tactics that you will use for the promotion of your business.
Determine the Business Product
The marketing mix is comprised of four important factors that you will have to consider when planning your business marketing tactics. The first of these is the product itself, that is, an identification of the products or services that you are looking to market, the details of the same, and the value and purpose associated with the same.
Determine the Place/Location for Production Circulation
The second factor is place, that is, the location where you will be offering the services or products of your business for sale. This could be online or a physical location or both.
Determine Product Price
The third factor is price, that is, the rate at which you are going to be offering your services and products to your target audience.
Ascertain the Channels and Platforms to be used for Successful Promotion and Advertising of the Product
The final factor is promotion, which is, the strategies and techniques that you will utilize to advertise your product or service, be it through conventional modes of advertising such as newspaper, and magazine advertising and radio and television advertising, or online advertising such as social media and web-based advertising.
To design and implement a marketing plan and marketing mix, can certainly help you to take the initial steps that are needed for the successful marketing of your enterprise. However, there are also specific approaches that you need to take to ensure that the marketing strategies that you implement are effective for your business. To know more about this, click here. At Ourea, a 360, degree business consultancy, we give you access to the best branding, digital marketing, and IT development solutions that you may use to boost the growth of your business. If you are interested in knowing more about our business solutions, visit our official website.