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Develop a marketing plan

A marketing plan gives you a systematic approach to developing your marketing strategies. A successful marketing plan will factor in many areas of the business. This means that the strategies work together to complement each other.

Why develop a marketing plan?

Benefits of developing a marketing plan include:

  • understanding your business, customers, and competition providing you with direction to impress investors and lenders
  • improving risk management
  • increasing competitiveness
  • motivating you and your staff through targets/milestones - which increases sales and your bottom line
  • helping with monitoring and managing performance – both staff and marketing efforts
  • improving budgeting and allocation of resources - saving money and time.

A good marketing plan sets clear, realistic and measurable objectives, includes deadlines, provides a budget and allocates responsibilities. Remember that reviewing your marketing plan should remain an ongoing process throughout the different stages of your business.

What do I put in my marketing plan?

A marketing plan can consist of these elements:

  • analysis of your current market
  • key marketing strategies in your business 
  • steps to achieving your business objectives
  • proposed budget
  • scheduling of the marketing activities being undertaken.

Remember that your marketing plan will remain an ongoing process throughout the different stages of your business.

What to do…

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