Sunday, January 29th, 2017

How a Marketing Plan Can Help You

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Websites, “pay per click ads”, SEO articles, printed advertisements, press releases, and many other things go into the development of a comprehensive marketing plan. If you are in any kind of business that relies on the retention of existing, and the addition of new, customers then you probably need to develop a thorough marketing plan too.

When first beginning to put a new marketing plan together many people get a bit overwhelmed. After all, it usually means making some serious choices and spending quite a bit of available capital. If you don’t have an understanding of the basic facts of your particular field or industry you won’t be able to formulate a very successful plan.

The basic issues covered in a good plan include:

  • A business summary;
  • A budget outline;
  • Challenges that the plan will address;
  • A company analysis that includes goals, weaknesses, market share, etc.;
  • An assessment of customers that will note their numbers and how they choose to purchase the services or products offered;
  • An assessment of competitors and details about their market position;
  • A detailed review of the actual market that includes the company’s current percent of sales;
  • Marketing strategies available that might include everything from discounted pricing and brand development to a thorough analysis of promotional activities;
  • Short and long term anticipations or projections.

Of all of the issues covered, the most significant will have to be the promotional efforts to be used. This is because marketing or establishing a solid reputation will have to be done mostly through such things as public relations, advertising of all kinds, and direct communication with clients.

A good marketing plan looks at the past, present, and future position of a company based on their efforts at identifying and communicating with clients. All modern resources should be included in the plans, and a realistic time frame must be used for projecting results – usually a period of one to three years is the absolute minimum.