A marketing plan is key to business success. Learn about the 10 basic components of a marketing plan here.
A marketing plan is the first step in creating a successful marketing program for your new business. Fortunately, it doesn’t have to be complicated in order to work. Here are the 10 basic components of a marketing plan.
You started a company, and now you’re thinking about developing a marketing program. You need to begin with a marketing plan. Having been in marketing for more than a decade, I’ve seen my share of marketing plans. Some are short and to the point, while others are hundreds of pages thick and cost thousands of dollars to produce.
The irony is that many of the expensive marketing plans end up on a shelf and rarely get implemented. The simple plans, if researched and implemented effectively, have the greatest impact.
Regardless of the scope of your marketing plan, you must keep in mind that it’s a fluid document. Every business needs to begin with a well-structured plan that’s based on thorough research, competitive positioning, and attainable outcomes. Your plan should be the basis for your activities over the coming months. However, you should always be willing to enhance or redirect your plan based on what proves successful.
Start an LLC today and start marketing your goods
Collect, organize, and write down data about the market that is currently buying the product(s) or service(s) you will sell. Some areas to consider:
Find niche or target markets for your product and describe them.
Describe your product. How does your product relate to the market? What does your market need, what do they currently use, and what do they need above and beyond current use?
Describe your competition. Develop your “unique selling proposition.” What makes you stand apart from your competition? What is your competition doing about branding?
Write a few sentences that state:
RELATED: Review Your Business Progress
Write down the marketing and promotion strategies that you want to use or at least consider using. Strategies to consider:
From the information you’ve collected, establish strategies for determining the price of your product, where your product will be positioned in the market, and how you will achieve brand awareness.
Budget your dollars. What strategies can you afford? What can you do in-house? What do you need to outsource?
Establish quantifiable marketing goals. This means goals that you can turn into numbers. For instance, your goals might be to gain at least 30 new clients, to sell 10 products per week, or to increase your income by 30% this year. Your goals might include sales, profits, or customer satisfaction.
Test and analyze. Identify the strategies that are working.
By researching your markets and your competition and determining your unique positioning, you’re in a much better position to promote and sell your product or service. By establishing goals for your marketing campaign, you can better understand whether or not your efforts are generating results through ongoing review and evaluation of results.
As mentioned earlier in this article, be sure to use your plan as a living document. Successful marketers continually review the status of their campaigns against their set objectives. This helps ensure ongoing improvements to your marketing initiatives and helps with future planning.
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
State Guides for LLC Formation
Check out our comprehensive guides tailored to each state's LLC formation laws and processes.
Related Articles
8 Things Every Business Plan Should Include
by Team ZenBusiness, on October 25, 2024
10 Items Your Business Plan May Be Missing
Business Plans: Key Elements of a Successful Business Plan
by Team ZenBusiness, on October 30, 2024
29 Marketing Strategies for Business
by Team ZenBusiness, on August 28, 2024
Marketing Plan
by Team ZenBusiness, on October 28, 2024
8 Keys to a Strong Marketing Strategy
by Team ZenBusiness, on September 03, 2024
4 Ways Quality Control Can Improve Marketing ROI
7 Solid Strategies to Effectively Market Your Biotechnology Company