To everyone in business, a very important piece of advice is WRITE A MARKETING PLAN. This is one of the measures recommended in an article from the Paypal editorial staff titled ‘How to get set for online success in 2021’. Without it, you’re like someone traveling to a new location without a road map.
Investopedia says “the marketing plan details the strategy that a company will use to market its products to customers. It identifies the target market, the value proposition of the brand or the product, the campaigns to be initiated, and the metrics to be used to assess the effectiveness of marketing initiatives.”
Furthermore, “the marketing plan should be adjusted on an ongoing basis based on the findings from the metrics that show which efforts are having an impact and which are not.”
A complete marketing plan would have these sections: Target Customers, Unique Selling Proposition (USP), Pricing & Positioning Strategy, Distribution Plan, Special Deals, Collateral Materials, Promotions Strategy, Online Marketing Strategy (including Social Media Strategy), Conversion Strategy, Joint Ventures & Partnerships, Referral Strategy, Strategy for Increasing Transaction Prices, Retention Strategy, and Financial Projections.
Dave Lavinsky, in a Forbes.com article, writes that “completing each of the 15 sections of your marketing plan is real work. But, once your marketing plan is complete, it will be worth it, as your sales and profits should soar.”
If you don’t write a marketing plan, chances are you’ll remain eating the dust left behind by your competitors who have sound marketing plans. Don’t let this happen to you.
Get a knowledgeable marketing man to write (or review and, if necessary, rewrite) your current marketing plan. You may also contact me for a free consultation.
GRP Consultancy 