How to write a marketing plan

Many first time business owners think that they can place an add in the local papers or radio or simply print some flyers and the business will stream into the shop! This is true to a limited extent only dependent on the product or service offered. You can get curiosity usage or purchase also dependent on price. Let’s look at some essentials to ensure it indeed does work!

Marketing is as important as the solid financial or accounting principles you use in your business and will determine the success or failure directly.

That is why it is essential to establish a Marketing Plan ( I can almost hear the drum rolls in the background) The first essential to consider is what is called the 4 P’s of marketing;

Product (and/or service)

Price

Place

Promotion

These are the essentials but before you can think of these you need to determine who are you targeting. Put in another way, who do you think will want you product service?

Describe that person by;

Age; sex; profession or career; income level; education level; residence

get to know your “target market”. Know the likes and dislikes as well as preferences and places they gather to socialise, eat, entertain or unwind. Get to know them by the clubs they attend and the relaxation method they use…sport, the arts.

This is essential as your resources are limited and you need to target your response group accurately at the most cost efficient method.

This is the first of a series I will be writing so check this space. I will walk through the entire Marketing Plan and then the complete Business Plan as well as concepts of Conceptualisation, Formalisation and Actualisation talking you into the establishment of a business to the point of implementation. For our African readers I make myself available for Lifestyle coaching as well as business entrepreneurship and the establishment of businesses.