Importance of a marketing plan
Having a marketing plan can help your business define and reach new target markets to buy from you, and stay connected with and encourage existing customers to continue purchasing your product or service.
So how do you create a bullet-proof marketing plan?
Determine goals and objectives…
Firstly, outline your business objectives and goals. Use the SMART Technique to establish what you hope to get from your marketing activities. Determining your goals and objectives will help you to focus your efforts on marketing activities that will benefit your business and help you to meet these goals.
Value proposition & Mission statement
Before outlining your business goals and objectives, it’s key you understand your company’s mission statement and value proposition.
Your mission statement should be concise, it’s the day-to-day beliefs of the company and what it strives for. It is important to outline your mission statement when creating your marketing plan as it will help you be aware of what you hope to achieve through your marketing practices.
Similarly, a value proposition is a promise that a business makes to its customers when they purchase a product or service from them. It summarises why a consumer should buy your products and services. This is important when creating your plan, as your value proposition provides your business with the opportunity to influence customers’ decision-making processes.
Develop a SWOT Analysis
Strategically analyse and identify the strengths, weaknesses, opportunities, and threats related to your business with a SWOT analysis. This technique is worthwhile when creating your marketing plan as it shows you exactly where you excel and where there is room for improvement.
Developing a SWOT analysis can help you to eliminate and correct any shortcomings which you may have otherwise been unaware of. Identifying your strengths and opportunities can allow you to capitalise on and fortify your business as a key player within the market.
While analysing your weaknesses and threats, can help you to understand what needs to be done to give your business that competitive advantage and strengthen your business going forward.
But how do you put your SWOT Analysis into action? Check out this video by the Virtual Strategist which shows you the ins and outs of this technique.
And to make it even easier for you, we have attached below a free downloadable resource that will help you to plot out your SWOT analysis.