If you have recently gone for a business loan you may have had to submit a Business Plan and in that plan there should have been a section for your marketing. A formal Marketing Plan is not just for large corporations or small businesses who are looking to secure a loan, the plan is a great tool for helping your business create a strategic plan, measure effectiveness and position yourself for growth in a competitive market.
Your Marketing Plan offers analysis of the industry you are in and who the players are in your market, your competitors, suppliers, and targeted customers for each product or service offered. It also details the strengths, weaknesses, opportunities and threats in your industry [SWOT Analysis]. Beyond this analysis, your Marketing Plan covers your marketing strategy which must also address your objectives, mission statement and how your product’s positioning keeps it in line with these objectives and what ways will your company use to get these products to customers. Finally, a Marketing Plan will offer what success metrics you will use to monitor your progress and what signs will indicate when it is time to make changes to the plan. Having a financial analysis with the breakeven analysis and an analysis that includes scenarios of what your business will do if the profit loss statements fall above or below the projected target as a contingency plan is the final element for a great Marketing Plan.
Whether you own a new business or are an established company with over 50 years in business, a current Marketing Plan can be a key element towards the success of your business in 2012. It is never too late to compile this essential marketing information and create a Marketing Strategy based on real information. The longer you run your business without the advantage of having a Marketing Plan, the greater chance of missed opportunities and wasted marketing dollars.
All my best to your success! ~Charlene