Four steps to develop a thorough marketing plan

The foundation of most business activity nowadays is to provide the customer with the best quality of service while achieving a profit.

Marketing is the area within the business industry that is concerned with customer satisfaction whilst securing the best benefit for the business.

So, how do we integrate the grounds of business as we tailor it to achieve its maximum profit? The only possible answer is by developing a successful marketing plan.

The key to launching a successful marketing plan is to devise the correct strategy to achieve the outlined objectives that meet the goals of the business.  

There are 4 essential steps we need to take into account when design a marketing plan:

1. Analysing the business current situation

2. Setting marketing goals

3. Promoting strategies to reach these objectives

4. Assess the effectiveness of a marketing plan

1. Analysing the business current situation

To carry out a plan the meets the needs and goals of the business, and satisfy the wants of the customer we need to know how is the current situation of the business within the market. Along with an understanding of the possibilities of the business, it is important that research of the current environment and competitors is put in place. When the possibilities of business within the market outline, then the marketing analysts proceed to decide if the business has the resources to exploit the existing opportunities in the area. It is essential to evaluate the weaknesses and strengths of the business in relation to the rest of the market to set realistic objectives that can be achieved.

2. Setting marketing goals

Outlining the marketing objectives is unquestionably the most important step in the development of a marketing plan. But we cannot just set a series of goals and expect them to achieve the business objectives. When determining the marketing plan intentions, we should ensure they are closely aligned to the overall business goals.

Generally, some fundamental concepts that should be outlined within the marketing plan are the need to grow the number of customers who buy a product, which will positively increase the profits of the business and expanding the product reach so that the business has a better standing all over the market and competitors.

3. Promoting strategies to reach these objectives

Once the business has set up its marketing objectives, the next step will be to plan how the objectives are to be achieved. The strategic plan should establish a frame time to carry out a reached these goals and determine the necessary resources to support the marketing plan development. Any marketing professional knows that there are four decisive factors to take into account when devising marketing strategies: product, price, promotion, and place. These four concepts form the Marketing mix. An optimized analysis and application of the marketing mix will ensure the business plan reaches its target market, which will ultimately obtain profits for the business.

4. Assess the effectiveness of a marketing plan

Evaluating the effectiveness of a marketing plan is key when launching a marketing plan. Understanding the results of the decisions made throughout a marketing campaign as the strategies put in place is crucial to determine the success of the marketing plan, as well as the need to adjust the different techniques in order to achieve the targeted goals. Without assessing the marketing plan, the mentioned plan would be just obsolete. In fact, it could be said that assess the effectiveness of a marketing campaign should be implemented at the outset of the project so that changes and possible improvements can be introduced as soon as they are detected through a range of analytics and collection of data. Some techniques are necessary to measure and analyse results of a marketing plan, and it all will depend on the type of campaign that is carried out. Most popular are PPC, Google Analytics, SEO position…and more.

Article written by Raquel Rozada, London-based copywriter.

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