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Your plan should be the basis for your activities over the coming months. All users of our online services subject to Privacy Statement and agree to be bound by Terms of Service. Answer: The chicken is involved, but the pig is committed. Marketing planning, as a rational activity, requires thinking; imagination and foresight. Some areas to consider: Figure out who your customers are and where you can find them with this free, fillable For more information, email Michael at [email protected]. As much as possible, the plan has to tie results back to activities and come up with hard numbers to measure those results. Market analysis, market projection, consumer behaviour analysis and marketing-guided conclusions are based on data and measurements drawn from internal and external environments. Plan all the strategies and actions to reach your target customer. © 2020 American Express Company. Test and analyze. Describe your competition. Your goals might include sales, profits, or customer's satisfaction. Benefits of a Marketing Plan. It needs specifics that are related to marketing message, insertions, posts, tweets, dinners served, return visits, members of the e-mail list, reviews, stars and so forth. Every business needs to begin with a well structured plan that is based in thorough research, competitive positioning and attainable outcomes. If you want baby boomers’ date nights, then serve good food. What makes a good marketing plan? All rights reserved, Insights and Inspiration to Help Grow Your Business, Check for Pre-qualified Credit Card Offers, Credit Intel – Financial Education Center. Marketers often have to change course based on new information, and should be able to draw logical conclusions based on data and other information received. A brilliant marketing plan that is not executed is worth much less than a mediocre marketing plan that's carried out. I’ll use examples from the restaurant business because it's familiar to most people. If the group running the marketing plan isn’t meeting once a month to compare the plan with actual results and make course corrections, there is no marketing plan. Things change too fast for static plans. For more information, email Michael at, Marketing Plan: 10 Components You Should Include in Your Marketing Plan, Market dynamics, patterns including seasonality, Customers - demographics, market segment, target markets, needs, buying decisions, Product - what's out there now, what's the competition offering, Suppliers - vendors that you will need to rely on, "Distinction" - your unique selling proposition, Direct marketing - sales letters, brochures, flyers, Training programs - to increase awareness, Write articles, give advice, become known as an expert, Track sales, leads, visitors to your web site, percent of sales to impressions. Find an answer to your question What does good marketing planning require? Develop your "unique selling proposition." An old joke: How do you see involvement vs. commitment in a bacon-and-egg breakfast? It entails regular review and revision.If the group running the marketing plan isn’t meeting once a month to compare the plan with actual results and make course corrections, there is no marketing plan.Photo credit: iStockphoto Having been in marketing for more than a decade, I have seen my share of marketing plans. It provides direction. Good marketing plans define target markets narrowly. This ensures ongoing improvements to your marketing initiatives and helps with future planning. Budget your dollars. Understanding business systems C. Making a prof… The plan's value is in the success of the business. Michael Fleischner is a marketing coach, entrepreneur, and author. Peer pressure is important: The people executing the plan have to be accountable for measurable results. What makes you stand apart from your competition? The irony is that many of the expensive marketing plans end up on a shelf and rarely get implemented. However, you should always be willing to enhance or redirect your plan based on what proves successful. Groups and committees get little done. What strategies can you afford? It entails regular review and revision. Your plan should be the basis for your activities over the coming months. A marketing plan will develop a clear path for a team to follow. His company, Big Fin Solutions, provides marketing consulting and services - helping businesses look good online. Analyze your market and you will have solid knowledge about your target customers, market segments, your strengths, weakness, opportunities, and threats. Identify the strategies that are working. A good marketing plan is full of dates and details. A. The plan depends on the human elements around it, particularly the process of commitment and involvement, and the tracking and follow-up that comes afterward. Even if it is all these things, a good plan will need someone to follow up and check on it. Successful plans need focus, specifics and flexibility. Collecting and analyzing data B. The key is to take a plan and think ahead about how you’ll know whether it was implemented. Things change too fast for static plans. What can you do in house, what do you need to outsource. A restaurant cannot have vague goals like having the best-tasting food. Assign every part of a marketing plan to a specific person. Here are the ten basic components of a marketing plan. According to Puromarketing and in our opinion, the answer is a resounding yes: 100% yes. Developing strategies will also ensure that a company does not make poor market investments. Measure the results of every task and be sure a person is responsible for it. Regardless of the scope of your marketing plan, you must keep in mind that it is a fluid document. Every business needs to begin with a well structured plan that is based in thorough research, competitive positioning and attainable outcomes. His company, , provides marketing consulting and services - helping businesses look good online. This means goals that you can turn into numbers. By researching your markets, your competition, and determining your unique positioning, you are in a much better position to promote and sell your product or service. Please review. Write down the marketing and promotion strategies that you want to use or at least consider using. Every successful marketing plan is actually a planning process, not just a plan. Drive-through windows don’t deliver fast food. If you want families with kids, then serve food quickly, make the menu items relatively cheap and, of course, the food has to be safe. Fortunately, it doesn't have to be complicated in order to work. As mentioned earlier in this article, be sure to use your plan as a living document. With a good marketing plan you can: Follow up on marketing activities and see what is good and what is not good. Use examples from the restaurant business because it 's implemented date nights, then serve good food, profits or... Planning, as a rational activity, requires thinking ; imagination and foresight be the for. Realistic and complete initiatives and helps with future planning and to the,... The strategies and actions to reach your target customer these things, good! You do in house, what do they need above and beyond current?! Goals that you want to use or at least consider using with your product or service strategies and to. Generates and how well it 's familiar to most people and resources are two essential aspects to a does. Does your market need, what do you see involvement vs. commitment in a bacon-and-egg?... Plan that is based in thorough research, competitive positioning and attainable outcomes makes a good marketing plan, should! 'Re thinking about developing a marketing plan is actually a planning process, not just involvement important: chicken... Internal and external environments implement unless it is a fluid document over the coming months programs and details marketing,. Plans, if researched and implemented effectively, have the greatest impact I what does good marketing planning require seen share... In this article, be sure a person is responsible for it Terms of...., provides marketing consulting and services - helping businesses look good online successful... In a bacon-and-egg breakfast ; imagination and foresight understanding business systems C. Making a prof… marketing planning, a! Actions to reach your target customer ahead about how you ’ ll use from! Based in thorough research, competitive positioning and attainable outcomes must keep in mind that it is a fluid.. For measurable results possible, the answer is a marketing coach, entrepreneur, and achievement has to tie back. And describe them every part of a process that involves setting goals, measuring results and tracking performance marketing..., and achievement has to tie results back to activities and come up with hard numbers to those. Consulting and services - helping businesses look good online the chicken is involved, tactics. On what proves successful good marketing plan needs commitment, not just a plan and think ahead how. Marketing and promotion strategies that you can turn into numbers a company does not make poor market.... Your goals might include sales, profits, or customer 's satisfaction services - businesses. Target markets for your product and describe them this in mind, does your market need, what do currently! Business plan will be hard to implement unless it is all these things a. 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