Feb 27, 2018 The 5 Elements of Marketing – Part 5 – Marketing Plan
If you need more customers, or more importantly, more of the right kind of customers, you need a marketing plan.
What is a marketing plan?
It is a specific document that translates the marketing strategy into the actions to be taken to market a single or set of products or services.
What are the components of a marketing plan?
Certainly, it will include the target audience(s), the methods, the resources, the actions, the timeframes, measures of effectiveness, etc.
Why do you need a marketing plan?
You need one because it provides a prioritized roadmap of the actions to take to get more of the right kind of customers. When well conceived and executed, a good marketing plan will focus the company resources on increasing sales and help achieve the desired result.
How do you create a marketing plan?
When I develop a marketing plan, I follow a five step process that I developed and that has proved very effective for the kinds of small companies that I serve. These steps are:
- Map the events that drive a potential customer to consider a purchase to the sources of information or sales channels that they will reach out to
- Map the sources of information to the ways that these sources can be influenced
- Rate the sales channels by potential impact on dollar sales volume
- Prioritize the effectiveness of the sales channels
- Combine the above and develop the actions steps comprising the actual marketing plan
As a Marketing Consultant I can tell you that having a formal and well thought out marketing plan is essential to getting more of the right kind of customers.
Bryan B Mason
Apollo Consulting Group, Newport, RI