The Key Components of Your Marketing Plan

Drawing a marketing plan is important for attracting target audience and to retain them. The marketing plan should be detailed, well researched and well written. It should identify, who your target customers are, how you will reach them, and how you will retain your prospective customers so that they repeatedly buy from you. Here are some key components that you should include in your marketing plan.

Executive summary
The executive summary of the marketing plan is its precursor – the first part of your marketing plan. It should include the name of your business, its location and products or services you are selling. It should also include what your business is all about, when your business was founded, the number of employees, information about the bank(s) you do business with and investors, and financial summary.

Target market
Be clear about your target market and its segments. To identify your target market, you need to know your customers, understand your customers’ need and why they buy. To identify your market segment, you should know who and where your customers are. Include information such as key demographics (age, gender family size, income and nationality). In addition, make sure to include who are your competitors, what your unique selling point (USP) is and what benefits your product/service bring to consumers.

Products and services
Describe your range of products and services. Include price list, tell why you are different, understand what your target audiences need, what they currently use and how your products/services can benefit them more.

Budget and planning
Planning and budgeting will help you ensure your marketing plans for your Business are practical. It is the most effective way to control cash flow. You need to outline your budget in different areas such as sales, advertising, marketing, production, etc. Budgeting and planning play a vital role in ensuring that you stay in control of expenditure.

Sales and marketing
In your marketing plan, write down the marketing strategies (how you will find potential customers) and sales method (face-to-face, telesales, print media, internet, etc.). A properly structured sales and marketing plan will help you understand how you will execute it and how you will generate sales.

SWOT analysis
Performing a SWOT analysis of your marketing plan will help you identify not only your own strengths, weaknesses, opportunities and threats, but also your competitors. Your company’s internal strengths, internal weaknesses, external opportunities and threats will help you make the marketing message more effective and know what your competitors are doing.

If done properly, your marketing plan will continue to be the road map for your success, and you will get more customers. This is likely to improve the success of your business.

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