Home > Sales & Marketing > Marketing, Advertising, and PR

Font Adjust: A | A | A
Planning Your Marketing Strategy

How to Plan Your Marketing Program

How to Plan Your Marketing Program

Marketing is a strategic function that starts with a marketing plan encompassing the four Ps: Product, price, promotion, and place of distribution. As with any investment you make, the money you spend on marketing should generate a return. While that return could be greater cash flow, the best marketing plans result in higher sales and profits.

Crafting an effective marketing plan entails some basic elements, although details may vary. The following outline highlights the most critical actions.

  • Identify your target markets. Create a Customer Profile to help you understand how best to reach potential customers. A Customer Profile should consider the demographics and buying habits of people who want your products most. Follow this with a Market Analysis to better understand your market’s nature and how to position your business within those demographics.
  • Describe your products and services. Showcase what you are selling and how it will benefit your target market. The features and benefits of your products will help establish why your target market should buy from you.
  • Think benefits. Customers don’t think in terms of products; they think in terms of benefits and solutions. Your marketing plan should identify what customers get when purchasing your goods or services. That way, marketing efforts like Mass Market Advertising, Building Market Awareness with Promotions, and Partnering with the Media will likely pay off.
  • Evaluate the competition. Your marketing plan must set you apart from the competition, which means understanding them. Know your Competition by gathering information about their products, services, quality, prices, and advertising. Consider your competitor’s strengths and weaknesses to determine what works for them. Work to create a marketing plan highlighting the advantages you offer customers over your competition.
  • Consider your brand. How customers perceive your business makes a dramatic impact on your sales. Your marketing program should consistently reinforce and extend your Brand—further that effort by developing a clear, professional Business Identity. In short, before you start your campaign, think about how you want it to reflect on your business.
  • Think of differentiation. Your products and services must stand out from your Competition. How will you compete on a product and service level?
  • Price appropriately. Consider sales pricing and how to sell more items before customers leave your store. Determine the prices that will get people in the door and a strategy to ensure they return.
  • Promote your company. Advertising, public relations, websites, digital marketing, and in-store promotions create awareness and demand for your products and services.
  • Evaluate the results. Always seek the greatest possible return on your marketing spending. Evaluate the results of each element of your marketing program. Measuring Advertising Effectiveness provides a simple way to analyze your results objectively. Don’t simply throw dollars at advertising. Find out what works and constantly seek to improve your returns.
  • Develop Goals and a Budget. Determine what you want to achieve in both short and long-term goals. Consider how much you can spend to achieve those results. Finally, look at areas where you might trim down expenses to increase your marketing budget and establish the ROI you expect from your marketing.

If developing an overall marketing plan seems complicated or too time-consuming, get outside help. You can find several free templates for marketing plans on the Internet.

If you plan to contract a marketing firm, look for one to advise you on a broad range of initiatives. Explain your objectives, share the results of your market analysis and customer profiles, and let a professional help you determine how to implement the right marketing program.

This website and the articles contained within are provided as a free service to you and for general informational purposes only. Information on this website is not intended to provide legal, accounting, tax or other advice. Please consult your attorney, accountant, or financial or other advisor with regard to your individual situation. We also make no warranty or representation regarding, and do not endorse, any linked websites or the information appearing there.
© 2024 Small Business Resources.