Marketing Plans: Small Business, Online Marketing, Research, Plan

There is nothing more frustrating than having a good business idea and experience, but not being able to realize an opportunity, because of a lack of direction and plans.

Not only is a marketing plan essential for new businesses, established companies can greatly benefit because they often get in a comfort zone. Thus, a probing review of their business situation can uncover new opportunities and recharge their batteries.

The purpose of a marketing plan is to define your market, identify customer segments and define competitive threats, outline a strategy for attracting and keeping customers. Your business will not succeed simply because you want it to succeed. Growing a business, besides taking a lot of hard work, requires focused and smart guidance. Progress then can be measured step by step.

Benefits of a Marketing Plan

       → Efficiently allocates your limited resources
       → Puts resources into motion based on a smart schedule
       → Generates more and better qualified leads
       → Identifies sources of revenue
       → Measures and Increases customer satisfaction levels.
        → Creates marketing tools for improved customer and
             prospect relationships

Outline of a Marketing Plan

1. Market Research
Collect, organize, and write down data about the market that is currently buying the product(s) or service(s) you will sell.

2. Target Market
Find niche or target markets for your product and describe them.

3. Product
Describe your product. How does your product relate to the market? What does your market need, what do they currently use, what do they need above and beyond current use?

4. Competition
Describe your competition. Don't assume the competition in standard terms, think about competition as anything that pulls potential customers away. Develop your "unique selling proposition." What makes you stand apart from your competition? What is your competition doing about branding?

5. Mission Statement
Write a few sentences that state your organization’s unique and enduring reason for being. more information

6. Market Strategies
Write down the marketing and promotion strategies that you want to use or at least consider using.

7. Pricing, Positioning and Branding
From the 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.

8. Budget
Budget your dollars. What strategies can you afford? What can you do in-house, what do you need to outsource.

9. Marketing Goals
Establish quantifiable marketing goals. This means goals that you can turn into numbers. 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. Your goals might include sales, profits, or customer's satisfaction.

10. Monitor Your Results
Don't be afraid to make adjustments. However, in order to do so, you need as much timely information as possible.