Understanding marketing plan and how to write it

Understanding marketing plan and how to write it

Marketing plan

Marketing plan is simply the way a business intends to make their product visible and engaging to their potential consumers or clients to convert sales. It is safe to say that every business plan carries a marketing plan, as this is the pointer to how a business plans to sale their product in the best way. In fact marketing plan is one of the most important things investors want to see when they call for business proposal. This is because every investor wants to understand the laid down strategies that an entrepreneur wishes to implement to drive the projected output.

Marketing plan is the solid strategies created by every business organization to achieve their goals. Most times, a lot of people think that marketing plan is only meant for sales oriented businesses, but that is not true. The truth is that be it a business consultancy, school, or any corporate organization whatsoever requires a marketing plan to be successful. It is not just for companies who deal with consumable products.

A solid marketing plan must be written to cover these variables;

Writing Marketing plan

  • Market research: An in-depth study of the target market must be carried out; harnessing overall market data on potential consumers, market size, and market curve. With these data, a clear understanding of the market will be formed and this helps a great deal in the design of an accurate marketing plan.

 

  • Market Competition: Another valid insight a marketing plan should have is a detailed information of its competitors; it weaknesses and strength and how he intends to make a successful entry into the market, beating the competition and staying atop the game.

 

  • Strategies: This is where marketing, branding and promotion strategy that the organization wishes to adopt to achieve their set goal are lined up. A better marketing strategy is created when an organization has formed a vivid understanding of the market and her competitors approach. At this time he can tailor a better strategy that’ll give him edge for a successful market penetration.

 

  • Budget: A lofty marketing strategy is fine, but when it’s way beyond an organization’s budget, then that is not a good thing. An organization should be able to build their strategy to fit into their budget. If an organization is still young with low budget, then big advertisement and promotions that will cause an arm a leg should be avoided. Also other expenditure like running cost should be structured in a way that it’d not hurt the company. Unrealistic budgets are detrimental when writing a marketing plan.

 

  • Goals: Every marketing plan should have clear cut goals. Without definitive goals, an organization may lose focus; trying to be everywhere at the same time, dissipating resources without achieving much. With clear goals, an organization will channel more energy and resources to achieving it, and not being distracted. Set a goal that you want to achieve as an organization; it could be penetrating one city or country within a year, it could be landing 1000 customers every quarter. Don’t be scattered, it could be time consuming, wasteful and unproductive.

 

  • Monitoring results: Having developed and put your marketing plan into motion, the last thing should be monitoring the results of the plan. This is very important because most times we need to follow up the progress while readjusting our strategies, modifying our goals, and also improving our products and services to adopt market changes and scale through its storms. Without this step, an organization will be out of touch and the outcome is very detrimental.

 

The 4’Ps of Marketing

In the development of a marketing plan, a key important ingredient is the understanding of the 4P’s of marketing which are Product, Price, Place, and Promotion. A marketing plan will not be complete without these four elements. Though all of these fall under the above listed variables, I still find it important to explain it separately.

Product:  Make sure that you understand the existing products; quality, features and performance. This gives you an idea of how to create a better product that will become the delight of consumers

Price: Pricing is key to the success of every product. To this end, price should be taken seriously when creating a marketing plan. An organization must understand consumer spending capacity, and avoid overpricing which could flaw the plan. In a nutshell, the price must be right, and possibly be better than your competitors; at least until your product has been tested, and quality, value and performance proven by consumers.

Place: Understanding the demography that you want to sell you product is very essential. You must know how a particular people in a place think, and what works for them. What works in USA may not always work in Asia. Develop the right approach and product to sooth the place that you desire to make entry.

Promotion: The right promotion does wonders. Don’t joke with it. Design a simple and engaging advertisement that will catch the attention of consumers and convert sales.

 

THE OBJECTIVES OF MARKETING PLAN

Like I said in the concepts of marketing, marketing is subjective, and so is marketing plan. Every organization has a different thing they want to achieve and different strategies they wish to adopt. It is the objective of an organization that informs and determines the formulation of its marketing plan. That being said does not change the general aim of a marketing plan which is basically to connect all strategies a business has designed to provide solutions to customer needs and at the same time drive sales.

Every corporation or business must have a vision and this vision should be the nucleus of their marketing plan. Once the vision of every organization is clear, its marketing plan objective shouldn’t be a hassle, so taken time to develop and fine tune organization’s vision is actually the beginning of a successful plan. Questions like who are we? What solution do we provide? And how we provide it should form beacon of every organization’s objective. Getting this right forms a clear path for proper presentation and execution.  Once the idea is defined, deed can be easily accomplished.

CONCLUSION

Skills and Learning

Business organizations are made up of people and it is these people that will realize the goals of the marketing plan. Creating the right incentives for workers to reward their efforts could trigger a whole lot of motivation for the accomplishment of goals. It is in order to incorporate gestures that will make workers challenge themselves to be optimally productive.

Frontline workers should be made to feel that the business is theirs. They should be made to realize the impact they are making. They also should be regularly engaged with training’s, workshops, etcetera that will not only benefit the growth of the company but their personal growth as well. Investing in workers to make them better in their career and for the job is non negotiable in this journey.

When a good marketing plan has been designed and workers fully engaged to be their best, there’s no stopping the success of the plan.

Modest Nwawudu

Mr. Modest is a serial entrepreneur with deep understanding in the business landscape. His experience spans through Commodity Trade, Real Estate, Hospitality, Project Management, Internet of Things (IoT), Business development, Digital marketing, and Ecommerce. Mr. Modest is the founder and Chairman of zimbooz.com a subsidiary of Icorp Global Partners limited. His love for identifying and creating businesses of great value and impact stands him out as an entrepreneur per excellence. He possesses the rolodex of entrepreneurship with the know-how, capacity and drive for results.

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