With a good marketing plan you can: Follow up on marketing activities and see what is good and what is not good. Answer: The chicken is involved, but the pig is committed. Regardless of the scope of your marketing plan, you must keep in mind that it is a fluid document. Market analysis, market projection, consumer behaviour analysis and marketing-guided conclusions are based on data and measurements drawn from internal and external environments. Your goals might include sales, profits, or customer's satisfaction. Analyze your market and you will have solid knowledge about your target customers, market segments, your strengths, weakness, opportunities, and threats. Find an answer to your question What does good marketing planning require? A good marketing plan is part of a process that involves setting goals, measuring results and tracking performance. His company, , provides marketing consulting and services - helping businesses look good online. For more information, email Michael at, Marketing Plan: 10 Components You Should Include in Your Marketing Plan, Market dynamics, patterns including seasonality, Customers - demographics, market segment, target markets, needs, buying decisions, Product - what's out there now, what's the competition offering, Suppliers - vendors that you will need to rely on, "Distinction" - your unique selling proposition, Direct marketing - sales letters, brochures, flyers, Training programs - to increase awareness, Write articles, give advice, become known as an expert, Track sales, leads, visitors to your web site, percent of sales to impressions. Strategy probably drives a good plan, but tactics, programs and details make the difference. As mentioned earlier in this article, be sure to use your plan as a living document. Your plan should be the basis for your activities over the coming months. Describe your product. Benefits of a Marketing Plan. Marketers often have to change course based on new information, and should be able to draw logical conclusions based on data and other information received. All rights reserved, Insights and Inspiration to Help Grow Your Business, Check for Pre-qualified Credit Card Offers, Credit Intel – Financial Education Center. Things change too fast for static plans. Planning is a process, not just a plan. However, you should always be willing to enhance or redirect your plan based on what proves successful. Successful plans need focus, specifics and flexibility. You can measure it by the decisions that follow, the business it generates and how well it's implemented. It entails regular review and revision.If the group running the marketing plan isn’t meeting once a month to compare the plan with actual results and make course corrections, there is no marketing plan.Photo credit: iStockphoto It needs specifics that are related to marketing message, insertions, posts, tweets, dinners served, return visits, members of the e-mail list, reviews, stars and so forth. All users of our online services subject to Privacy Statement and agree to be bound by Terms of Service. Collect, organize, and write down data about the market that is currently buying the product(s) or service(s) you will sell. What can you do in house, what do you need to outsource. Every successful marketing plan is actually a planning process, not just a plan. “I don’t know the secret to success, but I do know that the secret to failure is trying to please everybody,” said Bill Cosby. Will you be able to tell? Every business needs to begin with a well structured plan that is based in thorough research, competitive positioning and attainable outcomes. Michael Fleischner is a marketing coach, entrepreneur, and author. His company, Big Fin Solutions, provides marketing consulting and services - helping businesses look good online. Your plan should be the basis for your activities over the coming months. The irony is that many of the expensive marketing plans end up on a shelf and rarely get implemented. Groups and committees get little done. The plan depends on the human elements around it, particularly the process of commitment and involvement, and the tracking and follow-up that comes afterward. The plan's value is in the success of the business. Here are the ten basic components of a marketing plan. What is your competition doing about branding? By researching your markets, your competition, and determining your unique positioning, you are in a much better position to promote and sell your product or service. If you want families with kids, then serve food quickly, make the menu items relatively cheap and, of course, the food has to be safe. You won’t find a restaurant that works for a baby boomer couple’s night out also working for families with small children. This planning actually deals with all the strategies and policies adopted by management to sell their product in the market and achieving sales targets within the assigned time frame. Marketing requires a lot of research-based analysis to determine what the audience wants and needs, and a lot of careful strategy crafted around that analysis. Even if it is all these things, a good plan will need someone to follow up and check on it. What makes you stand apart from your competition? How does your product relate to the market? Drive-through windows don’t deliver fast food. A restaurant’s target market might be families, couples, baby boomers, teenagers, children, date nights, busy and rushed working people, or some combination. What makes a good marketing plan? What strategies can you afford? Sushi doesn’t sell on price. A good marketing plan is part of a process that involves setting goals, measuring results and tracking performance. Please review. If the group running the marketing plan isn’t meeting once a month to compare the plan with actual results and make course corrections, there is no marketing plan. Strategies to consider: From the information you've collected, establish strategies for determining the price of your product, where your product will be positioned in the market and how you will achieve brand awareness. © 2020 American Express Company. Founder and Chairman, Palo Alto Software, Inc. What makes a good marketing plan? Things change too fast for static plans. Every successful marketing plan is actually a planning process, not just a plan. An old joke: How do you see involvement vs. commitment in a bacon-and-egg breakfast? Fortunately, it doesn't have to be complicated in order to work. A good marketing plan needs commitment, not just involvement. A good marketing plan is full of dates and details. Develop your "unique selling proposition." Identify the strategies that are working. Describe your competition. A marketing plan will develop a clear path for a team to follow. Product focus matches market focus. The simple plans, if researched and implemented effectively, have the greatest impact. Successful marketers continually review the status of their campaigns against their set objectives. Budget your dollars. This means goals that you can turn into numbers. Having been in marketing for more than a decade, I have seen my share of marketing plans. The key is to take a plan and think ahead about how you’ll know whether it was implemented. Write down the marketing and promotion strategies that you want to use or at least consider using. You need it to: Attract, convince, convert, and make your customers fall in love with your product or service. Assign every part of a marketing plan to a specific person. As much as possible, the plan has to tie results back to activities and come up with hard numbers to measure those results. The Marketing Planning Process deals with guidelines regarding the launching of a product and making it the best seller in a specific period of time. Some are short and to the point, others are hundreds of pages thick and cost thousands of dollars to produce. Measure the results of every task and be sure a person is responsible for it. Divide and conquer. It provides direction. Understanding business systems C. Making a prof… Test and analyze. Collecting and analyzing data B. Peer pressure is important: The people executing the plan have to be accountable for measurable results. For more information, email Michael at [email protected]. Michael Fleischner is a marketing coach, entrepreneur, and author. After all, time and resources are two essential aspects to a company’s success. Find niche or target markets for your product and describe them. A. I’ll use examples from the restaurant business because it's familiar to most people. Plan all the strategies and actions to reach your target customer. However, you should always be willing to enhance or redirect your plan based on what proves successful. Developing strategies will also ensure that a company does not make poor market investments. This ensures ongoing improvements to your marketing initiatives and helps with future planning. By establishing goals for your marketing campaign, you can better understand whether or not your efforts are generating results through ongoing review and evaluation of results. Good marketing plans define target markets narrowly. 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