10 essential marketing plan components

A marketing plan is an essential part of any business plan. Without a proper marketing plan you can’t run your organisation. If you are selling a product or service, if you want to take your organisation to the new heights, you need to a have well-defined marketing plan. It is critical if you want to achieve your organisational goals. Whether you are running an online or offline business, you can’t overestimate your marketing strategy. Marketing campaigns are like business docs, they can communicate your methods to market your service or product. I’ve short listed the 10 most essential marketing plan components:

  1. Market research: Market research is an essential key factor in marketing plan. It is important to know the present business status. You can organise, collect and write down the data regarding product demand in the market. Research filed includes present sales in the industry, bench marks in the industry.
  2. Target market: You should discover the right market for your services and products. It is important to take your products to the customers. With the right type of market approach, you can flood the market with your products.
  3. Product: Product is a significant part of any business plan, without an effective product you can’t occupy the market with your market plan. You should know the needs of a market, before selecting the product.
  4. Competition: You have to find out your opposite competition to adopt effective marketing plans for your business. You should look for alternatives to stay in the competition. Make sure that you are selecting a unique marketing strategy which makes your business apart from your competitors.
  5. Mission statement: Your mission should contain key market details, your unique selling proposition and contribution. Mission statement should reflect your future strategies and plans.
  6. Market strategies: You should adopt latest promoting and marketing strategies to make your business successful. Marketing strategies such as direct marketing, advertising, networking, training programs and personal selling are essential for any business plan.
  7. Positioning, pricing and branding: From the above strategies, you can set a price tag to your product. The price you have kept to your product will decide your market position of your brand. You can increase your service branding by adopting affordable price strategy.
  8. Budget: Budget is an essential component of marketing plan as it can influence the business plan progress. Control your expenses by limiting your expenditure on advertising and promotional methods. Make sure that you are spending within your business budget.
  9. Marketing goals: You should setup long-term goals which can be achieved by your marketing plan. Goals are unavoidable as they decide your future business plans.
  10. Monitor your results: Make sure that you are frequently monitoring the business progress by assessing the marketing methods. You can conduct survey sessions and feedback programs to know the pulse of the customers.

You can take business loans by contacting your banker. Ask your banker for a loan along with payment protection insurance. If you are unable pay the monthly instalments, PPI claims will get activated to offer compensation.

Author Bio: The guest post was contributed by Lucy, financial guest blogger from Manchester, UK. Find out more about her blogs @financeport.