MARKETING EVOLUTION
A simple guide to marketing planning for small businesses
By Marion Wakahe
What is a Marketing Plan ?
A marketing plan is a written document that summarizes the learnings about the marketplace and indicates how the business intends to reach its marketing objectives . It contains the marketing strategy and tactics for marketing programs , resource allocation and measures of success as the plan is implemented .
All knowledge which ends in words will die as quickly as it came to life , except for the written word : which is its mechanical part - Leonardo da Vinci .
The Importance of Marketing Plans
If I was asked to arrive at a certain destination X the first thing , I ’ d do is check on a map where that place is , and then think of how I ’ d get there . Marketing plans act like roadmaps , for running and coordinating marketing programs . Through marketing plans , one can detail how resources invested into marketing efforts will result in positive returns for business .
It is well known that creating a great product isn ’ t enough to win customers and so every business , no matter its size would benefit greatly from focused marketing efforts , and these are best detailed in marketing plans .
For business owners , marketing plans help in targeting the right customers in a smart way ensuring optimal use of resources and reducing waste in the process . This also increases the chances that leads are converted into sales . Before developing a marketing plan , it ’ s important to know what the overall business mission , goals and objectives are so that the plan developed is aligned with these .
The scope of marketing plans is smaller than that of business plans . Business plans offer a broad overview of the business ’ mission , objectives , strategy , and resource allocation . The marketing plan documents how the overall business goals , objectives and strategies will be achieved through well thought out and precise marketing strategies and tactics with the customer as the focal point .
Marketing plans vary in length and layout , in most cases however , they have a similar format as will be described below . It ’ s important to put in as much detail as possible in each section of the marketing plan . Marketing is a critical function as its mainstay is bringing in revenue for the business . It ’ s therefore advised not to take marketing planning lightly . Most companies develop yearly marketing plans . For small businesses this seems to also be a reasonable period , however this is the prerogative of the business owner . He or she has a feel for the business and the market in which it operates .
Sections of a Marketing Plan
The Executive Summary
As the name suggests , the executive summary condenses the entire marketing plan . It summarizes the contents of the marketing plan , highlighting the most important information . By reading the executive summary , one should have a good grasp of what is intended to be achieved and how that will happen . It ’ s important that this section is compelling for business owners because in some cases the marketing plan can be used to win investors . The executive summary should grab attention and stir interest to delve into the document . As much as the executive summary appears first in the marketing plan , it is the last to be written once all the other sections of the plan have been written . This is because the executive summary draws from all other sections of the marketing plan .
Business Description
In this section of the marketing plan , the business owner describes what his / her business is , the reason for the business ’ existence i . e ., its mission , what it intends to achieve i . e ., its purpose , and how customers and society at large will benefit as a result of the business . It ’ s also a good idea to include the business ’ values . This section gives clarity to all who ’ ll read the document what the business is about and will make it easier to put the reader in the frame of mind of the business and the market in which it operates .
Situation Analysis
This section details the various forces in the macro-environment that affect all similar businesses but that are beyond the control of the business . They ’ re known as the STEEPLE factors , that is , the social , technological , economic , environmental , political , legal and ethical factors that will affect the operations of business . Covid-19 is one of the factors that has had a significant impact on the running of businesses . It means , for example , that businesses which depended on people meeting together will have to reconsider how to deliver their products and / or services .
A market analysis is a good tool to understand customers . These customers include those that purchase from you , those that purchase from
68
MAL 44 / 21 ISSUE