"MARKETING Plan" - not a tool but a need
A marketing plan is a plan which outlines a company's overall marketing efforts.
A good plan will outline how a firm can attract and retain customers, how it will compete against its competitors, and the budget needed to achieve desired results. It is a roadmap to establish your company’s identity and promote your business. Some firms like to include a marketing plan as a part of their business plan. Whether it is a part of a business plan or a separate document on its own, the important thing to remember is to include aspects such as market research, business location, the target customer group, competition, the budget and marketing techniques. Following are some points to consider while making your marketing plan.
7 questions to answer while making your marketing plan:
1. WHY do you do what you do?
It is easy to lose track on a long journey. Thus, determining the mission and vision of your firm in a broader sense. You can periodically review and revise it as per the changing circumstances.
2. Do you know your goals?
A vision can come to life only with strong actions. Setting the right goals and objectives is a step that most companies fail to prioritize. Set goals for your company, such that they are clear, simple and measurable.
3. Do you know the current trends?
‘Green’, ‘BIM’, ‘NANO technology', Climate Change’!
There are many new ‘buzz’ words that affect our lives every day. But are you aware about their impact on your business? Do you see opportunities in these new emerging trends? Ask yourself how to drive your marketing campaign to take the benefit of new market trends.
4. How well do you know your market?
Who are your customers? Knowing your client is one of the most basic aspects of your marketing plan. You can’t plan effectively without knowing the answer, and yet many small business owners play a guessing game when it comes to analyzing their current and potential customers.
5. What are your Strengths and Weaknesses?
‘Reputation is easier to ruin than build’. SWOT (Strength, Weakness, Opportunity, Threat) Analysis is one of the most common management tools used for understanding a firm’s competence. Analyze your firm honestly and find the strengths you can promote and weakness that you can strengthen.
6. Are you keeping up with time?
Change is the only constant.Your tried and tested marketing techniques will soon be outdated. Do you measure the success rate of your marketing campaigns? How often should you rethink and redesign them? Has the needs of your customer changed since the beginning of your firm?
7. Do you take feedback?
Don’t avoid taking feedback from your clients, employees, contractors, suppliers and all those who are connected and concerned with your work. Face the feedback. A feedback is like a warning sign; it tells you about your strength, weakness, opportunities and possible threats. If you don’t consider it seriously, you may miss seeing the possible danger pits on your way.
Next>> Download a sample marketing plan for a standard architectural firm along with our E-Book: Marketing for Architects