Business Of Fashion How To Write A Business Plan The Benefits of a Marketing Plan

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The Benefits of a Marketing Plan

What is a marketing plan?

Marketing is about matching the features and benefits your products and services are able to provide with specific customers and then telling those customers why they should buy from you. Your marketing plan describes how you do this. A marketing plan is a document that complements your business plan and brings together all of your market research so you can find out exactly where your business is going and how to get there.

Your plan must include:

  • Goal.
  • Details of the current market.
  • A complete analysis of your strengths, weaknesses, opportunities and threats. (SWOT analysis.)
  • Your plans to achieve your goals.

The plan must be flexible and adaptable to changing market conditions.

Benefits of a Marketing Plan

Having a marketing plan will help you focus on your target market and find out if there are gaps in the market that will give you new opportunities. Your marketing plan will also give you something that will enable you to measure how you are progressing. This can then highlight strategies that work for you and those that don’t.

A good marketing plan will also benefit you because it gives your external financiers confidence that you know your market and that you know how to achieve your goals.

A good marketing plan will address the issue of finding new leads as well as creating new networking opportunities for your business. The bottom line means that your plan will define your business as well as your customers and your future plans.

What is a good marketing plan

A good marketing plan is really a plan for the action that your business needs to take to achieve certain goals. It will identify the most cost-effective ways to perform certain functions and should show the best way to present your business to your target audience.

A good marketing plan will save you money by cutting unnecessary expenses while giving you new marketing opportunities. A good plan will work for your business to ensure that what you do fits into your budget and that your marketing drive reaches your target audience.

It will essentially keep all your activities and your budgets on track. If you do not have a good marketing plan, it is possible that you are not taking advantage of all the ways to reach your target audience. This will result in declining sales.

A marketing plan must reach people

Your marketing plan will give you a track on which to run your business. It looks like a flight plan for pilots. Their flight plan tells them in which direction their plane will fly, where they are departing from, and which route they must take to get to their destination.

A sports coach will have a game plan that indicates how the team will play the game that day. The coach will work on strategies that will effectively frustrate and win over the competition so they can come out on top.

Your marketing plan should be designed in a similar way.

  • It must be built with an end result in mind.
  • It should fit the specific markets you are targeting as well as the people in those markets.
  • It must be flexible to meet the needs of the people in the markets because these needs are constantly changing.
  • It must focus on people rather than on products.

Always remember to develop a marketing plan specifically designed to reach people.

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