What is a Marketing Plan?

Marketing is an important aspect of every business, and like everything else with business, it is important to be proactive and have a plan! 

By having a marketing plan you will more effectively ensure that you are reaching your target market by allowing the market and your data drive your operational activities. By having a marketing plan you will be able to outline your marketing events, promotional campaigns, outreach, as well as PR campaigns. 

Like everything else in business, you must be customer driven. This means that your market will tell you what is working well and what is not. And to obtain all of this information you must conduct market research, otherwise you will just be guessing along the way and likely making costly mistakes that can quickly deplete your resources and dampen team morale. Taking the time to research your market is well worth the investment and could save you many unnecessary problems and headaches. 

And while market research is important because you need to know who you are talking to, it is also critical that you tailor your messaging, which is your wording, to your targeted audience. Your audience must be able to easily understand what you sell, and why they need it. 

Tracking the progress of your marketing efforts is important if you want  to continually improve and capitalize on the things you are doing right, and avoid the things that aren’t working well. . Your marketing plan is a living and breathing document, meaning that you can and should be making necessary adjustments as you come across new findings and as you better understand what is and is not working for your business. 

There are 5 important segments that should always be considered in a healthy marketing plan.   These 5 key marketing strategies will help strategically position a business for success, and are commonly known as the 5 “P’s” of marketing or sometimes referred to as the “marketing mix.”  Better understanding this marketing mix will serve as the foundation and focal point of your marketing strategy. 

At the end of the day, you must strategically place your product or service in the right place, at the right time, for the right price. And because this can sometimes be more difficult than it sounds, it is a good idea to have marketing plan that will help you navigate this process.

Here are the 5 P’s of marketing and some factors and questions to consider as you make your plan. 

#1: Product

• What is your product or service that you sell?
• How does your product or service meet the needs of your target market?
• How is your company unique or better as compared to your competition?
• Is your product a need or a want? Is it a luxury item? 

#2: Place (also known as distribution)

• Where is your business located?
• Can customers, suppliers and employees easily access your building? 
• Does your business need a physical space in a specific location, or can it be run from your home?
• How will you distribute your products to your customers?
• Does your location have high visibility? 

#3: Price

• What is your selling price?
• Will you offer discounts / coupons? If so, how often? Be strategic.
• How much are customers willing to pay for your product or service?
• What is your wholesale price?
• How much does it cost to produce your product or service?
• How much do your competitors charge? Are they more expensive or less? Decreasing your price is not always the best way to compete, try offering more value or higher quality instead. 
• Will you make a profit? If so, how much?

#4: Promotion

• Who is your market and where can you interact with them?
• What is the best way to clarify and deliver your message?
• How will you customize your messaging to your specific target market?
• How will you deliver your message? (social media, word of mouth, flyers, etc.)
• What is your promotion and advertising budget? (you must conduct a break-even analysis when making decisions about promotion)
• Will you engage in any PR activities or sponsorships?

#5: Packaging 

• Does your packaging communicate the image and identity of the business?
• Does it look professional and help build trust with the consumer?
• Does it protect the product from being damaged?
• Is it attractive and appealing to the consumer?
• How does your packaging stand apart  from the competition?

If you want to learn more about how to start and grow a business, check out our Business StartUp course! 

You will learn how to identify your personal values and strengths and resources, how to choose a solid business idea, how to do market research by using our step by step market research guide, and even how to write a strong business plan. But that’s not it, you will also learn about life/work balance, marketing, brand strategy, time management, goal setting, leadership and financial management. Don’t miss this opportunity! Start today!