Why Do I Need A Marketing Plan?

Why Do I Need A Marketing Plan?

They say that failing to plan is planning to fail, nowhere does this adage apply better than in marketing. You may have done everything else well as far as your business is concerned but if you fail to come up with strategies on how you’ll market your product, you’ll have wasted all your investment. A marketing plan acts as a guide through which you can promote the products and grow your business. A well-designed marketing plan will help in answering the key questions about the business. It will tell how you’ll position your business in the market, how your products will be differentiated from the competition, how you’ll reach customers, what your sales goals are and the means that you’ll use to achieve this. Here are four components that should be included in a marketing plan:

Situational Analysis

This involves providing an overview of the product in the market; it involves analyzing the target market, establishing how it is structured. You also need to know the trends in the market and more specifically in the industry or sector where you’re venturing. You also need to find out what the competition is all about, what other similar products are on the market and how you intend to be different so that the customer can opt to buy what you’re offering instead of the competition.

Target Market

You need to thoroughly understand the group which you’re targeting. Is your product targeting the millennials, baby boomers or Gen Xers? Will the product be more appealing to men or women, will it apply more to singles or married people? You’ll have a long list of questions as you try to understand your target market. Moving into the market without a clear understanding of the market will lead to wrong targets, leading to poor results.

The Strategy to Us

You need to establish the specific strategy that you’ll us to reach the targeted customers. You’ll need to ask yourself the following questions: What is my product? How is it different from the competition? How do I sell it?

Sales and Budget

You need to set aside some resources to help you carry out the whole marketing process.

Outside the Box Design has the capacity to advise you on how to carry out a successful and effective marketing process, we have helped several businesses come up with sound marketing plans, working towards the success of the business. Click here to learn more.

Author: Noah Vertefeuille

Noah is the owner of Outside the Box Design. A graduate of the University of Connecticut’s Digital Media and Design program, Noah learned the foundational elements of digital marketing and media. He built on that foundation with jobs at Cigna, Nerac, and Control Station. Have a question for Noah? Feel free to reach out at noah@outsidethebox.design!