6 Steps for an Effective Marketing Plan
The key to operating a business in a competitive market is effective planning and constant research. It is determining what are your differentiating factors, your unique selling points, and how to communicate them to your target audience. It is a new year and with that a new chapter, therefore the perfect time to use our 6 step guide to develop a sound marketing plan for your business.
STEP 1: Compile a SWOT Analysis
This means looking at all internal factors of your business. Assessing the strengths, weaknesses, opportunities and threats that are exist. The below template is helpful to use when compiling your SWOT analysis.
STEP 2: Compile a Situational Analysis
This includes looking at the current market in which you operate, your competitors and your customers. This will help to determine your market share, what your competitors are doing and what your customers currently think about your brand.
STEP 3: Compile a Macro Environmental Analysis
This step requires research into the following external aspects of your business, the political, legal, economic, socio-cultural, technological and environmental. These are aspects that are out of your direct control but have to be considered and anticipated for the future success of your business. Large or small.
STEP 4: Determine your Key Issues and Success Factors
After doing all the relevant research to gain information on the above steps, it’s time to determine the factors that will lead to success. These are often points of differentiation from competitors or other opportunities that have been highlighted in your SWOT analysis. Setting marketing objectives and goals are key to achieving the success factors you have identified.
STEP 5: Create a Marketing Strategy
This is the fun part! Creating a strategy that looks at your target market, how your business is positioned and how you are going to promote your company in the future. This requires a balance of sound research and creativity.
STEP 6: Devise an Action Plan and Control Systems
Your action place can be drafted with three columns. What the action is, who is responsible and what is the deadline. This insures the implementation and control of your marketing activities and assists to achieve the marketing objectives that have been set.
We hope that the above step-by-step guide helps you to compile a marketing plan that will guide your business or your brand to new heights. If you have any questions or feel that we have missed anything, please leave a comment for us below.