“It’s not what you sell, but HOW you sell it.” Brian Halligan, CEO-Hubspot
Marketing is the number two aspect of business that takes away the massive chunk of the greenbacks after the salaries of the employees. When creating marketing plans for a business, you have to have a clear vision, well-defined goals, and a list of strengths and weaknesses.
Before moving ahead, let’s understand what a marketing plan is?
Marketing plans for businesses are the report that details the marketing strategies for the following year, quarter, month, or week.
Generally, a marketing plan will include:
It takes time, the marketing plan is not a magic wand, but it shows its magic slowly and steadily. The task and activities you do on a daily basis help you establish the bigger picture, and eventually, will yield greater returns on the investments made. Money, efforts, and resources, all count towards investments made on a long-term horizon.
Since you already know about the activities and tasks that you have aligned up, you cannot sway from your path. These activities and tasks serve as guides and prevent you from falling prey to distractions and deviations. Having a marketing plan will help you stay focus. A marketing plan assures that the activities conform to the direction in which the business is strategically operating.
Apart from the money, time and workforce are also essential resources for any company. A marketing plan helps you utilize each of these optimally.
Bye-bye procrastination, an attitude that will deprive any business of its success.
The marketing plan and the market strategy couple to ensure high returns on investment. And for this same reason, it has a measurable metric, and there is no ambiguity or confusion of any sort.
Often, organizations do not compile a marketing plan (with a vision). Instead, they stick to it to induce a short-term momentum in their current activity, which will take them far by no means.
It may yield good results, but once you focus on the momentary activity, you lose sight of other important marketing plans that can generate the same attention regarding your product and service.
With a marketing plan, you market your business consistently and continuously.
Given the competition, price, and overall inflation, opening a new business will rather be challenging. The benefits of starting up a new business or establishing an already existing one in the Cayman Islands are plenty.
Some of these include :
With the right location and the right mix of marketing plans, you can make your business successful.
Following are the steps to create the right marketing plan for your business in Cayman and anywhere in the world -
Targeting everybody equals targeting nobody. That's the very reason why figuring out the right target audience is crucial for your marketing plan to be successful.
It applies to all marketing plans, be it online marketing plans, digital marketing plans, social media marketing plans, etc. You can begin by creating a buyers' persona, which is more detailed research consisting of the following parameters -
and parameters to define target audience are -
It will give you a clear picture about the type of people who will like using your product and services.
The next step after figuring out the target audience is to conduct a detailed audit of your business. A marketing audit will give a good insight into your business and others in the same niche. The marketing audit will detail -
This data will further highlight market values, potentials, and opportunities. You will be able to analyze the present market standing of your business and decide the forecast the future market positioning of your business.
Other aspects of your business study will include the
The above valuable information highlights market values, market potential, and both prominent and hidden opportunities. It enables you to understand where your business sits in its market sector and the market share available.
By buying some of your competitors' shares, you can access their latest reports, newsletters and attend annual meetings to hear what other shareholders thought. Many companies do this!
In a world where many companies are number-driven, many do focus on softer objectives. It helps shifts focus from sales to business as a whole.
It's time you inculcate SMART (specific, measurable, achievable, (sometimes agreed), realistic (or relevant) and time-bound, (or timely) objectives for the following -
Another critical step in creating an effective marketing plan is setting new goals and successfully achieving them.
Look at some examples below -
Once you figure out the above goals you want to achieve, segmenting your customer base becomes easier. Be it B2B, B2C, or a combination of both. Yet another strategy to abide by while customer segmenting is to use the mnemonic SUPERB -
Well-established customer segmentation is vital for optimizing your digital marketing plan as well.
You create a marketing plan to garner as many new customers and to position your business strategically.
At this stage, you analyze the existing opportunities in your business, i.e. -
One cannot undermine the 'pricing of a product or service. Kotler's (1988) marketing mix (look at the table below) describes nine price and quality strategies. You can also gauge which of these strategies your competitors use.
The marketing action plan needs on-time execution. You can explore the option of outsourcing it to internal consultants or agencies.
A detailed action plan will specify the dates and name the person in charge of that particular task (you can include this option). It will ensure the timely completion of the task without any loose ends.
Do you want to know the secret to successful businesses?
The consistency and the drive to start today are what sets them apart. It ritualistically follows the marketing plan.
Implementing these habits will benefit your business in the long run. Review the plan regularly, have a brief meeting with the team. You can also conduct a quarterly meeting of what is working and what is not.
A marketing plan can do wonders for your business. Yes, it is an everyday effort and tedious, but there is no looking back once you master this craft. Observe your business to reap the fruits of these activities.
Netclues has been helping businesses in Cayman and globally transform their marketing strategies for years now. We have a dedicated team that creates, drafts and monitors social media tasks to online and digital marketing.
A recognized name in the Cayman Islands, Netclues can breathe life into your online presence.
For more information and guidance, get in touch with our experts today.
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