For instance, your goals might be to gain at least 30 new clients or to sell 10 products per week, or to increase your income by 30% this year. Planning is a process, not just a plan. Here are the ten basic components of a marketing plan. What makes you stand apart from your competition? After all, time and resources are two essential aspects to a company’s success. For more information, email Michael at [email protected]. For more information, email Michael at, Marketing Plan: 10 Components You Should Include in Your Marketing Plan, Market dynamics, patterns including seasonality, Customers - demographics, market segment, target markets, needs, buying decisions, Product - what's out there now, what's the competition offering, Suppliers - vendors that you will need to rely on, "Distinction" - your unique selling proposition, Direct marketing - sales letters, brochures, flyers, Training programs - to increase awareness, Write articles, give advice, become known as an expert, Track sales, leads, visitors to your web site, percent of sales to impressions. Strategy probably drives a good plan, but tactics, programs and details make the difference. © 2020 American Express Company. A good marketing plan is part of a process that involves setting goals, measuring results and tracking performance. A restaurant cannot have vague goals like having the best-tasting food. Every successful marketing plan is actually a planning process, not just a plan. All users of our online services subject to Privacy Statement and agree to be bound by Terms of Service. What strategies can you afford? Test and analyze. An old joke: How do you see involvement vs. commitment in a bacon-and-egg breakfast? Every business needs to begin with a well structured plan that is based in thorough research, competitive positioning and attainable outcomes. Write down the marketing and promotion strategies that you want to use or at least consider using. Analyze your market and you will have solid knowledge about your target customers, market segments, your strengths, weakness, opportunities, and threats. Founder and Chairman, Palo Alto Software, Inc. What makes a good marketing plan? It needs specifics that are related to marketing message, insertions, posts, tweets, dinners served, return visits, members of the e-mail list, reviews, stars and so forth. Market analysis, market projection, consumer behaviour analysis and marketing-guided conclusions are based on data and measurements drawn from internal and external environments. Divide and conquer. Marketing planning, as a rational activity, requires thinking; imagination and foresight. The Marketing Planning Process deals with guidelines regarding the launching of a product and making it the best seller in a specific period of time. Sushi doesn’t sell on price. Will you be able to tell? Michael Fleischner is a marketing coach, entrepreneur, and author. A. The irony is that many of the expensive marketing plans end up on a shelf and rarely get implemented. Some areas to consider: Figure out who your customers are and where you can find them with this free, fillable This means goals that you can turn into numbers. Measure the results of every task and be sure a person is responsible for it. What makes a good marketing plan? Plan all the strategies and actions to reach your target customer. Michael Fleischner is a marketing coach, entrepreneur, and author. Find an answer to your question What does good marketing planning require? A marketing plan will develop a clear path for a team to follow. A brilliant marketing plan that is not executed is worth much less than a mediocre marketing plan that's carried out. The simple plans, if researched and implemented effectively, have the greatest impact. “I don’t know the secret to success, but I do know that the secret to failure is trying to please everybody,” said Bill Cosby. As much as possible, the plan has to tie results back to activities and come up with hard numbers to measure those results. This planning actually deals with all the strategies and policies adopted by management to sell their product in the market and achieving sales targets within the assigned time frame. Budget your dollars. The plan's value is in the success of the business. It provides direction. A marketing plan is the first step in creating a successful marketing program for your business. Failure has to hurt, and achievement has to be rewarded. It entails regular review and revision.If the group running the marketing plan isn’t meeting once a month to compare the plan with actual results and make course corrections, there is no marketing plan.Photo credit: iStockphoto Even if it is all these things, a good plan will need someone to follow up and check on it. Your plan should be the basis for your activities over the coming months. You won’t find a restaurant that works for a baby boomer couple’s night out also working for families with small children. Strategies to consider: From the information you've collected, establish strategies for determining the price of your product, where your product will be positioned in the market and how you will achieve brand awareness. Every successful marketing plan is actually a planning process, not just a plan. Your plan should be the basis for your activities over the coming months. Some are short and to the point, others are hundreds of pages thick and cost thousands of dollars to produce. Develop your "unique selling proposition." Marketers often have to change course based on new information, and should be able to draw logical conclusions based on data and other information received. All rights reserved, Insights and Inspiration to Help Grow Your Business, Check for Pre-qualified Credit Card Offers, Credit Intel – Financial Education Center. How does your product relate to the market? Developing strategies will also ensure that a company does not make poor market investments. What can you do in house, what do you need to outsource. What is your competition doing about branding? A business plan will be hard to implement unless it is simple, specific, realistic and complete. Assign every part of a marketing plan to a specific person. 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