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What is a Marketing Plan and do I need one?

All businesses need a marketing plan, how detailed and what specific aspects it will cover, will depend on the type of business, what you are selling and who to. The very least all business should have a basic marketing plan.

Please don't go into this thinking "ooh this is the fun part!".

what is a marketing plan

Marketing isn't just advertising - and it's not all about spending money on events and promotions. If you think about it, people buy products and services because they are better than others - not because they are advertised better. So use the standard 4 "p"s to evaluate your strategy...

 

Product

Look for how it is different to other offers on the market: does it offer more to your customers?

Price

What price would you sell at? State this against the prices of your competitors.

Place

Where are you going to sell? the internet? The High Street in your own store, or through other shops?

Promotion

How do you intend advertising, if at all? What methods would reach your customer best?

Your Customer Pitch

Imagine you've bumped into your core customer at a bus stop. You know them quite well and want to tell them about your new business - how would you sell the idea to them? What would be your main point, followed by lesser points to try and convince them to buy from you?

Your Tagline

Can you summarise your pitch into a catchy "tagline" - something that you could put under your logo?

Budget

How much do you think your marketing plan would cost in the first year? You should get quotations from local suppliers if you are thinking about brochures, or media advertising.