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- FACTORS CONSIDERED WHEN MAKING A WINNING MARKETING PLAN
- 1. CREATE AN ENTIRE MARKETING PLAN FOR THE BUSINESS:
- 2. SET ACHIEVABLE GOALS AND OBJECTIVES:
- 3. THE PLAN SHOULD HAVE THE RIGHT TARGET:
- 4. DEVELOP A GOOD PRICING POLICY AND POSITION STRATEGY:
- 5. USE SOCIAL MEDIA:
- 6. SET YOUR MARKETING BUDGET:
- 7. SITUATION ANALYSIS:
- 8. PROMOTIONS:
Setting up a fabulous marketing plan has never been more painstaking, especially in this ever evolving African business environment. For any business to have a very good marketing plan certain conditions must be in place. A winning marketing plan for African businesses must meet certain basic requirements and must also be exceptional.
A winning marketing plan must be unique; goal oriented and must be applicable to all areas of the business. A winning marketing plan should adaptable to the business environment where the business operates, and should be also open to change so as to meet up with the ever changing business environment.
FACTORS CONSIDERED WHEN MAKING A WINNING MARKETING PLAN
1. CREATE AN ENTIRE MARKETING PLAN FOR THE BUSINESS:
Against the norm of only writing a marketing plan prior to inception of business, a marketing plan can be drafted at any given time before commencement and as a going concern. An entire marketing plan will be encompassing, will provide a base for which other plans will be crafted out from. The marketing plan should have all the information needed to control the business both internally and externally. It should also show projections of the future face of the business. After drafting a business plan, a marketing plan which should be a subset of the entire business plan
2. SET ACHIEVABLE GOALS AND OBJECTIVES:
In scripting a winning marketing plan, the essence for which the plan is being drafted must be spelt out. What it aims to achieve in the nearest future and on the long-run, also they must be quantifiable and open for assessment. At steady intervals, the goals and objectives should be reviewed and necessary corrections made for future implementation.
3. THE PLAN SHOULD HAVE THE RIGHT TARGET:
When drafting a marketing plan, the plan should target the right customers and market because without this, the benefits of the plan will be defeated. Before launching out, you should have known who your target market are and work to reaching them in the most effective way possible.
4. DEVELOP A GOOD PRICING POLICY AND POSITION STRATEGY:
Pricing is very key, and the importance cannot be overemphasized. Setting the right prices and working within a minimum price range when drafting the marketing budget is very important and should be given all the needed attention. In setting price for your products, you should neither over nor under price your products. For a new product, you could use price penetration policy to penetrate the market and gain reasonable market share for your product. Also whatever price you want to set must factor in all your operating costs and profit.
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5. USE SOCIAL MEDIA:
This medium has become one of the most effective ways to do business. The social media space has provided an enabling environment for most businesses to reach their potential customers. Having a business profile on different social media platforms will help to boost the marketability of any business products as long as it is properly structured and channeled to the right customers. You could also use these platforms as an effective tool of communication with your customers. These platforms should be as enticing as it can be, steadily active and also professional in all standards.
6. SET YOUR MARKETING BUDGET:
This is quite essential so you don’t over spend. Also the budget should set premises for assessment, to ascertain if the purpose was fully achieved. The budget should be drawn to factor in all the expenses that will be incurred all through the financial year.
7. SITUATION ANALYSIS:
This is a snapshot of the current state of the business; it is carried out to ascertain the current level of effectiveness and efficiency of business operations. This will help to give a clear picture about the business and provide a premise through which the marketing plan will be catered to. The situation analysis will point our key areas that need attention and how best to tackle the situation.
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No matter how fabulous your marketing plan is it won’t win enough without promotions. Promotion is a pillar on which marketing hangs. Promotion should be done aggressively and in the best way that will yield the most needed result. Promotions will include advert placements, on air commercials, offering of freebies to customers, campaigns, use of influencers and social media or digital marketing. Once these are effectively done, be sure to have the MOST winning marketing plan.