14 STEPS TO CREATE A SUCCESSFUL MARKETING PLAN

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To prepare a successful market plan there the essential 14 steps will guide you. Learning the objectives can make your marketing plan assignment a guaranteed success. For more visit: https://myassignmenthelp.com/blog/14-steps-to-create-a-successful-marketing-plan/

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14 STEPS TO CREATE A SUCCESSFUL MARKETING PLAN :

14 STEPS TO CREATE A SUCCESSFUL MARKETING PLAN A marketing plan is part of a business plan and consists of a list of actions. Developing a marketing strategy is crucial for any business. If you want to your business to grow, you must have a marketing plan; otherwise your effort to attract customers will not be fruitful. Here is a guide, detailing the process of making a marketing plan and the fundamentals of marketing strategy.

Step 1 Executive Summary :

Step 1 Executive Summary An executive summary is a high-level summary of the marketing plan as a whole. As the term suggests, you will have to come with a summary of your plan. Keep your summary as short as possible – just a couple of sentences to sum up everything, covering each of the sections of your marketing plan in brief. When you read it aloud, it should not take more than 10 seconds to finish. Your executive summary will help in giving you and other constituents (e.g. employees, advisors etc.) of the company an overview of your strategies.

Step 2 Situational Analysis :

Step 2 Situational Analysis In this stage, you will have to describe your company in brief, including customer base and your market at large. It has five sub-division s: Company analysis Target customers analysis Market analysis Competition analysis Current situation analysis

Step 3 Marketing Research :

Step 3 Marketing Research This section is implemented in order to spot Information requirements Research methodology Research results

Step 4 Marketing Strategy of Product :

Step 4 Marketing Strategy of Product Here we deal with three concepts, namely — Unique selling proposition (USP), the critical part of product selling that distinguishes your company from others competitors Product mix Product strength and weaknesses

Step 5 Pricing and Positioning Strategy :

Step 5 Pricing and Positioning Strategy In this part, you need to describe detailed positioning plans of your products and how your pricing will support it. If you want your company to be known as a premier brand, your pricing should be as big as your thought.

Step 6 Promotional Strategy :

Step 6 Promotional Strategy Promotion is vitally important for product recognition. It includes — Deciding promotional goals Determine advertising reach, frequency of advertising, theme, and media (television ads, online advertising) Considering the alternatives of publicity and public relation strategies (trade show, press release, and event marketing)

Step 7 Distribution Plan :

Step 7 Distribution Plan In distribution plan, you need to explain how your customer will buy from you. Will your customers purchase directly from your website or will they get your products from the distributors or other retailers?

Step 8 Offers :

Step 8 Offers In this section, you create some unique offers that will attract new customers and bring back the past customers too. You can try some innovative offers like — Free trials Money back guarantee Combining different products and services Discount offers

Step 9 Marketing Tools :

Step 9 Marketing Tools Marketing tools are the collateral you use to advertise your product to current and prospective customers. You can use your website, business cards, print brochures and catalogues as your marketing materials.

Step 10 Conversion Strategy :

Step 10 Conversion Strategy Conversion strategy is the marketing technique to turn prospective customers into paying customers. In this section, you plan which conversion-boosting strategies you desire to use. There are many such as improvement of your sales script, demonstrating testimonials of past satisfied customers etc.

Step 11 Partnerships and Joint Ventures :

Step 11 Partnerships and Joint Ventures You can take up joint ventures and partnerships agreements with other organizations in order to reach new customer or better monetize existing customers. Here you have to be creative about your ideas. List such companies that can be beneficial to your business in this section of the marketing plan and reach out for them.

Step 12 Increasing Transaction Prices :

Step 12 Increasing Transaction Prices Transaction prices refer to the amount that customers pay when they buy from you. In this part, you create plans to increase your transaction prices. There are numerous ways to do that, such as increasing prices, creating product and service packages.

Step 13 Retention Strategy :

Step 13 Retention Strategy With retention strategy, you can increase revenues and profits by getting customers to purchase from you more frequently over time. There are number of ways to do it such as monthly newsletter or customer loyalty program.

Step 14 Financial Projections :

Step 14 Financial Projections This is the final part of your market plan. Include all your information documented in your marketing plan in your projections. The financial projections consist of — Assumptions (the promotional expenses you expect to incur and what your expected results will be in terms of new customers, sales and profits) Pro-forma monthly income statement Contribution margin analysis After accomplishment of financial projections, you will set goals for which you company should aim at.

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