What is a marketing plan?
Another crucial element in a successful marketing strategy is a marketing plan. It is the route or “map” to follow that specifies your marketing activities and details the steps and actions necessary to achieve your marketing objectives. A marketing plan includes the following elements:
- Positioning of the company: by positioning your product or service, you create the image of your business (and products or services) based on your audience. In other words, you place or position your product among the segment of the population to which it belongs.
- Objectives and strategies: they are an indispensable part of every marketing plan. The objectives indicate a specific desired result in a certain time frame that will have a positive impact on your business, while the strategies imply concrete ways to make these objectives a reality. These two factors are detailed in a goal setting plan. A good goal setting plan will help you know how much to invest in your business; In this case, how much to invest in your marketing activities. For example, one goal could be to increase your earnings by 20%, while the strategy could be email marketing and social media promotion.
- Detailed strategies to price your products and services competitively: this point can make a business succeed or fail. Putting the right prices will help your business run on its own and get you to stand out above the competition.
- Market opportunities: refers to finding new or existing market opportunities that you can take advantage of in the short or long term. It is advisable to invest your resources only in the most promising opportunities.
- Definition of the target market: as we have seen before, identifying and defining your market will help you find customers interested in your product or service. Researching about your preferences and needs will allow you to grow your business.
- The marketing budget represents the financial means you will devote to marketing implementation. We will analyze in detail this component of your marketing plan below.