Marketing planning is simply a logical sequence and a series of activities leading to the setting of marketing objectives ad the formulation of plans for achieving them. It is a process for:
- defining your target market(s)
- quantifying the needs of your customer segment(s)
- defining your value proposition to meet those needs
- communicating the value proposition
The benefits of getting your marketing planning right are:
- the ability to systematically identify emerging opportunities (and threats)
- being prepared to meet challenges
- ability to specify your competitive advantage
- improved cohesiveness and communication internally
- the appropriate budget allocation to achieve your objectives
- consistency of approach
- a more market-focused organisation
Here is our 10-step outline for you to start your marketing planning process:
PHASE ONE – GOAL SETTING
- Mission
- Business objectives
PHASE TWO – SITUATIONAL REVIEW
- Marketing audit
- SWOT analysis
- Assumptions
PHASE THREE – STRATEGY
- Marketing objectives and strategies
- Expected results
- Identification of alternative plans
PHASE FOUR – BUDGET SETTING AND MONITORING
- Set your budget
- Implementation plan – with clear KPIs and monitoring / review processes in place
If you’re still suck on the first step of developing your marketing plan, we’d love to talk.
