For any business to be successful, having an idea is not just enough. You should also have a concrete business plan to carry out the idea and obtain the target results. One important component of business plan is the Marketing Plan. So, what is a marketing plan and how can you develop a marketing plan? In general sense, a marketing plan is a document that outlines the marketing and advertising strategies that will be implemented by businesses to generate sales and increase revenue.
However, the main objectives of the marketing plan may differ according to the objective of the organization. Thus, before getting started with developing a marketing plan for your business, you should have a clear idea on the objective of your marketing plan. Here, we will guide you on the steps to develop a strong and effective marketing plan:
5 Steps of Marketing Plan
An executive summary is one of the most important component of a marketing plan. Basically, it highlights the key points of the entire marketing plan and also explains how you plan to reach your target market and drive conversions. It should also include the marketing activities you’ll be conducting, such as identifying and establishing competitive advantage, building brand awareness, rowing customer base, attracting new customers and retaining the existing ones.
Products and Services
The products and services section of a marketing plan defines what your product or service is, why it is required by the target market, how is it different from similar competing products and so on. This section should include information related to description of the product/service you are selling, pricing of the product/service you are offering, sales plan, intellectual property rights, etc.
Vision and Mission Statements
A vision statement is used to describe the future position of the company. In other words, it briefly explains where the company sees itself in the future. Likewise, a mission statement is used to describe the company’s objective and how it aims to achieve those objectives. Your mission statement should answer the following questions:
· What do we do?
· How do we do it?
· Who do we do it for?
Research and Analysis
This is one of the most crucial sections of a marketing plan. The research and analysis section in a marketing plan explains the market of your product and will also analyze the need for your product/service. It will also access the competition and the existing competitors. SWOT analysis is a critical part of the research and analysis section of a business plan.
In simple words, Competitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals. Competitive advantage is the process of identifying a fundamental and sustainable basis from which to compete. Your marketing plan should also define how your product/service provides competitive advantage over other similar products. Competitive advantage can be in terms of cost, differentiation, focus, etc.
In today’s world of digital marketing, it is very important to incorporate digital marketing in your marketing plan for business. You can contact the best digital marketing agency in Nepal to get ideas on what all to include regarding digital marketing in your marketing plan for business. These companies provide various services such as website development, social media marketing, search engine marketing, SEO services in Nepal and many more.