The main goal of any business is to make profits. To realize this basic objective, the business has to be selling a product, either goods or services. Every businessman knows that you don\’t just set up a business and sit waiting for customers to troop in, you engage in various marketing activities to promote your products among consumers. It\’s here that a marketing plan comes in.

Marketing activities seek to make potential customers aware of the existence of the services or products, entice the potential customers to make a purchase, retain existing customers and even increase the service or products use among current consumers. Engaging in marketing activities haphazardly rarely produces good results. If anything it only serves to increase your expenses column and reducing profits. The best way to increase sales is to use a marketing plan. A marketing plan being the guideline to how the various marketing activities will be carried out.

Purposes of a marketing plan

A marketing plan serves several purposes. It helps you know what marketing activity should be given precedence over others and what amount of money to allocate top each marketing activity. It also helps you know which marketing activities should go concurrently. For instance a business will be able to decide whether its advertising activities should go together with public relations activities or personal selling or both. What may be a good marketing plan for one business may not necessarily be a good plan for your business. It is important to personalize the plan to your business needs. Here are some factors that might help you come up with a good marketing plan for your business.

Factors to consider in developing a marketing plan

Your marketing plan should fit the specific needs of your business. Marketing plans should have objectives, with most having more than one objective. Draw up marketing plan that fits the area of your business that needs to be increased or improved. If you are seeking to retain your market share, implementing a plan that will only inform the potential customers of your existence might not help you much. You need one that will also retain your current customer base.

Create a marketing plan that is realistic. Realistic here refers to the ability of your business to implement it. Ensure that you have the resources and the manpower required to implement the plan. It\’s no use coming up with a futuristic marketing plan that is so smart only to realize that your business has no capability to implement it.

The marketing plan has to be specific. The various strategies to be applied and the specific tactics to be used in implementing those strategies have to be clearly laid out. It has to be measurable. By the end of it all, one should be able to tell how much of the marketing plan was achieved and how much was not. Who will carry out the tasks, deadlines and budgets must be clearly stated.

So, go ahead and make one for your business. Consider it as an investment plan for your business. A number of successful businesses considered this critical step, and are currently smiling all the way to the bank.

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