A marketing plan is integral to your Business Plan. Without it people will not know about your business and not be able to buy your services or products. It is also important that the marketing plan continues to evolve as new opportunities arise or business threats appear
A marketing plan is a tool that needs to be impacting daily to generate new clients and to achieve your profit goals.
Provides clarity as to what market you are targeting.
Helps you plan the messages that you want the market to receive and the way that you will do this.
Most importantly, it provides focus and direction. With a plethora of marketing tools available such as email, direct mail and PR etc. it is important that you choose the best and most cost-effective marketing tools.
A typical market plan covers numerous elements such as a description of competitors, demand for the product or service you are offering.
A useful tool to formulate a marketing plan is to use a SWOT analysis of your business. It will help you understand the internal strengths and weaknesses of your business as well as the external opportunities and threats.
What do you think your business will do well at? For instance, unique product/service/pricing.
Start listing all your business strengths.
What do you think your business will not do so well at? For instance, financial requirements/after sales.
Start listing all your business weaknesses.
What is happening outside your business that will impact upon you? For instance what is the size of your market and is this demand increasing/different or a more efficient way of working?
Start listing the opportunities for your business.
What is happening outside your business that may impact you in a negative way? For instance increase in competition/new entrants to the marketplace.
Start listing the possible threats to your business.
CellStudy for February 2019
Think about what differentiates your planned business from your competitors.
How can you promote the internal strengths of your business – for example the quality of work you do/pricing?
Think about the internal strengths of your business and how you can use this to exploit external opportunities.
How would you plan to manage external threats? Brexit at the moment is clearly a very important one for exporters/importers.
How will you execute your marketing plan? Which marketing tools will you use, such as social media?
What are your business goals for the time period of the marketing plan and include these within the Business Plan financials?
What are the marketing tactics that you will use to reach your target market? For instance, you might like to write an article for a local newspaper or set up a Facebook page etc.
Start thinking about the costs of delivering your marketing plan and include these within the Business Plan financial section.
Get your tax affairs in order pre-release
Remember to contact The Tax Academy CIC to review your tax affairs to ensure they are up-to-date. There is nothing worse than being released from prison, then finding out that you have tax penalties and tax debt that need to be resolved with HMRC.