A marketing plan is a process that highlights the business’s marketing efforts and activities for the upcoming year. Some companies work on a quarter-by-quarter basis, while others prefer to have a yearly outline. The purpose of the plan is to attract new customers and retain current ones. The most impressive thing about start-ups is that they are realizing the importance of having a proper strategy and marketing place in place. They understand the need of having a long-term vision and do not live each business day as it goes by.
It’s not necessary that every plan ends up being great. This is where start-up entrepreneurs turn to consultants to aid them with this aspect and focus on the good qualities to create a fitting market plan. Once you have those qualities in mind, it would be easy to tell apart a good marketing plan from a not-so-good one.
When drafting a marketing plan the first question to address is by defining who the target audience is. The more defined the group the better. In this exercise we consider everything from age, demographics, interests, spending habits, to social media platforms they are tuned into. The thing is that no matter how ‘generic’ your product may seem you cannot target everyone.
Secondly it is important to look at the product, and evaluate it to see if it would actually be of interest to that specific target audience. For instance, if an abaya boutique is targeting affluent, fashion-forward women between the age of 18-30 then everything from the design, quality of fabrics, to boutique experience, packaging, and customer service provided should reflect that.
Then come marketing objectives and setting some measuring tools and a time frame. Will this be a one-year or a five-year marketing plan? When writing down the objectives, they have to be narrowed down just like the target audience. Every marketing objective should be measured in order to check whether you have achieved your target or not. So in the case of the abaya boutique, a good objective could be: ‘To reach Dhs 500,000 in sales by December’, or ‘To attract 20 new customers every month to be added to our database’. This way you could see how your business is doing, and if your marketing efforts are helping you reach that target or not.
Finally, it is key to remember that a marketing plan is not a static document but a dynamic one. Even if you set it for one year that does not mean that you do not review or amend it in any way before then. The market conditions could change. A slump in the economy could cause you to review your prices, and amend your sales target. Regular meetings to discuss your marketing plan, evaluation of what has been achieved so far, and figuring out ways to achieve your goals faster are always necessary.
This can be achieved efficiently by delegating specific tasks or goals to different team members. When finalizing plans, discuss it with your team and explain how everyone is responsible to deliver certain tasks. Dividing the tasks and giving each member an area of focus helps in achieving your business targets faster and more effectively.
Original source: Thenational.ae