You do! A marketing plan is the road map to profitably increase sales. If you want to grow sales, you need a marketing plan. While every plan is different, all marketing plans should cover the following:
- Description of products and/or services.
- Define your target market (who will buy from you). What are the geographic, demographic, and behavioral characteristics of your customers.
- Unique Selling Proposition (How is your product/service different from the competition). This is your competitive advantage.
- Market Analysis (What is the economic, social, technical, industry and competitive environment). What are your strengths, weaknesses, opportunities and threats (SWOT Analysis). Conduct focus group studies, if warranted.
- Objectives for sales volumes, market share, cost of sales, gross margins and net profit including dates for achievement.
- Strategies and action steps to achieve the objectives. (pricing, product, distribution, promotion/advertising, and people strategies). Use Internet and social media marketing to grow your business.
- Assign specific tasks, responsibilities and time frames for accomplishment.
A well thought out and executed marketing plan is invaluable to achieving profitable sales growth in your business.
Learn how to develop your marketing plan by attending SCORE’s 2nd annual Symposium at Grand Canyon University on March 31st. Attendance is free including lunch. The conference educational theme is ‘Increasing Sales through Internet Marketing and Social Media”. Our mentors will be standing by to help you with marketing or any other business “hot button” on your mind. You will leave the Symposium with tangible marketing ideas you can implement right away in your business
About the Author:
George Obst is a Certified SCORE mentor with more than 30 years experience profitably managing and growing businesses, including start-ups, purchasing, financing and selling businesses.