How to create a marketing plan that leads your company to success? What are the most important components of a efficient marketing plan? And why is a marketing plan essential to your business?
Companies that are successful invariably start with a marketing plan. Large companies have plans with hundreds of pages, but as a small business owner you can get by with a half-dozen sheets. SingaporeEntrepreneur.sg offers you books and free marketing plan templates to download.
Your marketing plan should cover one year. For small companies, this is often the best way to think about marketing. Later on we suggest creating a section of your plan that addresses the medium-term future–two to four years down the road. But the bulk of your plan should focus on the coming year.
You should allow yourself a couple of months to write the plan, even if it’s only a few pages long. Developing the plan is the “heavy lifting” of marketing. While executing the plan has its challenges, deciding what to do and how to do it is marketing’s greatest challenge.
Most marketing plans kick off with the first of the year or with the opening of your fiscal year if it’s different. Put your marketing plan in a binder and have it on hand at all times. Refer to it at least quarterly, but better monthly. Leave a tab for putting in monthly reports as this will allow you to track performance as you follow the plan. It is also a great basic decision tool when writing your marketing plan for the next year/s as you can take in the monthly reports to improve your strategy.
You shouldn’t do a marketing plan without getting other people involved. No matter what your size, get feedback from all parts of your company: finance, manufacturing, personnel, supply and so on. This is especially important because it will take all aspects of your company to make your marketing plan work. Your key people can provide realistic input on what’s achievable and how your goals can be reached.
However, if you’re a one-person management operation, as most small business owners are at least at the beginning, you’ll have to wear all hats at one time. Put yourself in the shoes of different areas of your business and try to see it from more than one perspective.
What’s the relationship between your marketing plan and your business plan?
Your business plan spells out what your business is about–what you do and don’t do, and what your ultimate goals are. It encompasses more than marketing; it can include discussions of locations, staffing, financing, strategic alliances and so on. It includes “the vision statement,” the resounding words that spell out the purpose of your company in stirring language. Your company’s business plan provides the environment in which your marketing plan must flourish. The two documents must be consistent.