Flybizz develops marketing plans
So that your company can approach the market in a more coherent and effective way.
Planning these days is an essential step for all the resources used by the Companies to be used in the best way possible. Wasting resources these days is a reality that can not exist.
In order for your business, product or service to be viable, you must have the solid Marketing Plan in place to ensure that its execution in the Short / Medium and Long Term is fulfilled.
Below is an explanation of how a Marketing Plan should be drawn up.
For more information contact us and we can develop a Marketing Plan that suits your reality and the current moment in which your company is.
How to draw up a Marketing Plan?
Marketing Plans are essentially aimed at launching products, brands or companies, attaining new customers, promoting the image of the business and making known the services, supports or technologies of a company.
Nowadays, businesses do not exist without good Marketing Plans, usually elaborated with the use of professionals of the area. This type of planning, which is characterized mainly by the delineation of clear and precise objectives and the assignment of concrete responsibilities to the different elements of the company, is fundamental because it helps to make decisions in advance and to reduce potential errors.
The success of a brand is thus, in large part, dependent on a good marketing plan.
We highlight below the necessary steps in the elaboration of a marketing plan in its different phases.
1-Take the Point of View
The first step should be a brand assessment, including an external review, weighing aspects related to the market and competition, and an internal examination of the company. In order to make this self-assessment, it is important to define, in an objective way, the following aspects:
- External Analysis
- Potential consumers;
- Places where the product is consumed;
- Place of purchase;
- Purchase motivations;
- Channels and distribution characteristics (locations, quantity, deadlines, prices).
- Market share held by the brand (this can be defined, for example, by dividing the total number of units sold by the company by the total number of units sold on the market);
- Market share that the brand intends to have;
- External constraints to obtaining the share held:
- Identify all competing brands;
- To calculate the notoriety of each competing brand – there are companies specialized in these market studies;
- Find the position of the company in relation to the competition.
- Sales volume (registered and intended);
- Image transmitted to the consumer:
- Positioning in relation to the competition (registered and intended);
- Brand awareness (registered and intended);
- Product costs;
- Product profitability;
- Human Resources:
2-Perform SWOT Analysis
After evaluating the current situation, the next step is to determine the strengths, weaknesses, opportunities and threats to which the company is subject. It is about making the so-called SWOT analysis – Strenghts, Weaknesses, Opportunities and Threats
3-Define Marketing Objectives
This stage is fundamental because it is at this point that the entrepreneur has to define the marketing objectives to achieve. All the work done here will be useful in later steps.
The targets to be achieved should be set taking into account the following criteria:
- Be clear and precise, understandable by all team members who will put them into practice;
- To be comparable and to have a way of evaluating them, so as to be able to know the level of achievement of the objectives set and the degree of performance of the team;
- Be quantifiable, that is, they must designate:
- Sales volume to be achieved;
- Index of customer satisfaction to be achieved;
- Market share to get.
4-Setting the Strategic Options
At this point, one must determine how to put the objectives defined in the previous step into practice.
To do this, you must establish the following:
In order to reach the target customer it is important to first determine the market segment to which we are directed. This factor needs to be defined because a product or brand is hardly in the interest of all consumers.
Market segments are obtained by decomposing the market by dividing it into groups of individuals with identical characteristics and behavior (for example, to define the groups to which a brand of clothing is to be promoted, age may be taken into account, gender, income, occasions of use, frequency of use, predisposition to purchase, attitude towards new products, etc.). The different groups obtained are then called market segments or target customers.
The company may also choose to address directly to customers (decision-makers) or, alternatively, to its influencers (people or entities have a determining influence on the purchase decision, and in some cases may be the individuals who will consume the product.
- Market Sources
At this stage it is established which are the competing products or brands. They can be:
- Products sold by the company itself (which can be a company strategy to obtain a larger market share);
- Products sold by other companies (in this case, attempts are made to capture market shares held by other businesses);
- Products of other categories (replacing the product or brand in question).
By determining the positioning of the product, you are deciding how you want to be seen by the target customer. In this way it is to establish how the product differs from the others. However, it must be taken into account that this distinction should preferably:
- Be important to the customer;
- To be able to communicate and to promote itself also in a different way;
- Be difficult to imitate;
- Do not represent higher costs for the buyer;
- Present profitability for the company.
Normally, the products differ in the following aspects:
- Format (size, color, design, style, etc.);
5-Organize the Action Plans
At this stage concrete action plans should be formulated with regard to the product to be manufactured, the points of sale, the promotion and the price.
For this, it is necessary to use all the work and knowledge acquired in the previous steps in order to make coherent decisions that lead to the success of the brand.
It is to formulate the maketing-mix, which also called the four P’s of marketing:
It is characterized by the definition of the products to be manufactured and / or sold and the associated services. To define them you have to take into account the needs of the customers.
Defines the pricing policy to be applied by the company. In this sense, it is necessary to calculate the profit margins that are intended, being that the value that product has for the customer and its compatibility with the purchasing power of the target customer have to be considered.
It includes all forms of making the product known, such as advertising strategies, public relations and promotions, which aim to increase sales and product awareness. The promotion should promote good communication with the client.
It establishes the distribution strategy of the products, such as the routes and intermediaries to be used (distributors, retailers, stockists, etc.), according to the previously established conveniences.
6-Elaborate the Financial Plan of the Strategy
Once the whole strategy is defined, it is essential to make a cost plan. This stage allows the entrepreneur to know how much to spend exactly in each action and compare with what he intends to profit from, either increasing sales or increasing product awareness.
7-Evaluate the Marketing Plan
Throughout all the steps, the entrepreneur must adopt an attitude of control and readjustment of what has already been established, with the aim of always improving the results. The keyword throughout the process should be “evaluate”:
- Evaluate objectives;
- Evaluate reception with the client;
- Evaluate market impact;
- Evaluate sales evolution;
- Evaluate company performance;
- Evaluate compliance with the plan.
In this sense, the marketing plan is constantly changing, adapting to the changes occurring abroad (market and competition) and within the company.
The marketing plan should be understood as a complement to the business plan and as an indispensable tool for the development of the company.
Some curiosities to realize the importance of planning in developing a strategy in order to achieve results.