Have you been to the Market? It can be any kind of market – supermarket, vegetable /Fruits market, Fish Market, Amazon, Flipkart, Urban clap, even a share market. What do you see there? You can see the sellers sell the products at a price. The tactic worked behind by the business to convert a consumer into its own customer is marketing. For any business, it needs a marketing plan which defines the right forum or place to reach its targeted audience to sell its products or services at the right price. To succeed in the market competition, promotion plays an important role. The mix of these 4P’s (Place, Product, Price, and Promotion) is Marketing.
Marketing is the business language that communicates with the targeted consumer to their understandability. The right context of Marketing will strengthen the business brand, develop its reputation and build trust. For a successful business, Marketing never ends. It is an essence that occurs in every stage of the business – from the launch of any product or service to its sales, to sustain and grow in their business market.
Now, Let’s see the two Major classifications of Marketing:
1. Conventional Marketing: A decade ago, Conventional Marketing was the way of marketing to reach the buyers/consumers. Conventional Marketing is a living and powerful marketing way to reach out to the targeted audience who are not used to social media. Here is some mode of conventional Marketing that we come across in our day-to-day life.
- Radio/FM program ads
- TV /Media commercial ads
- Signs boards
- Magazines / Newspaper ads
- Window displays
- Exhibition stalls
2. Digital Marketing: The latest trend of Marketing is to reach the targeted audience through Internet/online platforms. In today’s world, everyone keeps them upgraded with technologies. Technology is present in our daily life. Digital Marketing is one such technology upgrade to promote business. Here are some Digital Marketing channels to reach the targeted audiences. These channels of Digital Marketing are very effective in our adroit people’s world.
- Social Media Marketing (Networking sites – Facebook, Linkedin / Media Sharing Networks – Instagram, You Tube, Pinterest / Microblogging sites – Twitter, Tumblr / Discussion Forums – Quora
- Content Marketing (Websites)
- Email Marketing
- SEO (Search Engine Optimization)– Organic
- Mobile Marketing
- PPC (Pay Per Click)
- SEM (Search Engine Marketing) – Online Marketing Ads
- Affiliate Marketing
- Influencer Marketing
Here comes a challenge! Which way of marketing is best to approach your audience? Now our brilliance plays a role with a perfect Marketing Plan.
Let’s understand, what is a Marketing plan? and why is it needed?
A Marketing Plan is a guide of the business developed for the business by the business to captivate the targeted audience. In anything and anywhere, we just need a plan to achieve our goal. Planning is professionalism, a derived systematic process. Planning helps us to ADDIE (Analysis → Design → Develop → Implement → Evaluate) Analysis who, where, and when. Design what needs to be done. Develop how to do it. Implement and evaluate the result of who, where, when, what and how.
Here are the typical steps followed in a strategic marketing plan:
1. Mission, vision, objectives, and Goals
2. Research, analysis and Identify
3. Develop a plan for 4P’s Marketing Mix
4. Determine Marketing Strategy
5. Define Marketing Budget
6. Outline RACI
7. Evaluate the result
1. Mission, Vision, Objectives and Goals:
The foremost of any business is to write a mission statement. The Mission statement should be specific. Then comes its vision, team, and objectives, defining the goal (short, medium, and long term) to be achieved in this marketing plan. Always derive a SMART goal – Specific, Measurable, Achievable, Realistic, Timely.
2. Research, Analysis and Identify:
Now comes the key area, to do the research of your targeted audience, competitors, the Marketing plan as defined 5C analysis → Company, Customers, Competitors, Collaborators, Climate (environment). The result is to identify SWOT (Strength, Weakness, Opportunities, and Threats). An Impeccable SWOT analysis directs a Call to action.
3. Develop a plan for 4P’s Marketing Mix:
You might have heard these 4 P’s – Product, Place, Price, and Promotion. All these 4 P’s are connected to one another. You can apply all these 4P’s randomly; not required to be in the above order. It needs to be in a perfect mix.
Product – what you sell matters – understand what your customers need/problem, how to satisfy/solve. Your product should speak what is best in you from your competitor.
Place – with your previous step of research by now, do you know where your targeted audiences are? How do you reach them? Ensure to make your product visible to attract the customer.
Price- The value of the product should be at the market range. Includes the profit margin of the business. Ensure to be more sensible in fixing the price of the product.
Promotion – Decide how you make your product to be purchased by the customer. A tactical plan for advertisement is a must, to influence the consumer to become your own customer.
4. Determine Marketing Strategy:
Marketing strategy is the game player in the marketing plan. An expertise marketing strategy can change the complete scenario and set a direction to achieve the goal. There are many channels available to reach the targeted audience with digital marketing and conventional marketing. Based on your intended audience, you can choose the type of marketing preferred for your product. If your audience is in a wide range, be wise to use the blend of both marketing strategies.
5. Define Marketing Budget:
Money to be spent on marketing the product/business to be decided. It includes advertisement, website development, content creation, new marketing staff, any outsourced marketing agencies. There are a lot of digital marketing service providers, e.g. Digitifyou available in the market to meet your business requirements. You can reach them based on your fixed budget.
6. Outline RACI matrix:
RACI – It is an acronym that stands for “Responsible, Accountable, Consulted, and Informed”. For explicit communication, we should develop a transparent RACI chart that includes every team member of the marketing plan. RACI is the best source for a business to collaborate for superior results.
Example of RACI
- Responsible: Person who needs to perform the task
- Accountable: Person who is deciding and taking actions on the task.
- Consulted: Deciding authority to be communicated regarding decision-making process of specific tasks
- Informed: Top Management to be kept update on decisions and actions during the Marketing plan
7. Evaluate the result:
Finally, the business needs to see what the marketing plan has reaped. Whether you are a hard worker or a smart worker, all you need is an outcome. ROMI -Return On Marketing Investment is a difficult topic for any business to measure. Digital marketing is a gift for the business to measure the marketing performance and forecast future business. Digital marketing tools are efficient to monitor the performance with various analytical aspects e.g. Google analytics.
The key consideration for any marketing plan is to identify your customer’s problem, give a solution with a marketing mix, and execute your well-designed plan in the market. Create the demand and win the market with a wise marketing strategy. Reach out for the marketing strategist in digital marketing to expand your business at an aimed level.