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Marketing Plan Marketing plans set forth comprehensive strategies to develop products and services for specific market segments, inform customers about products and get products into customers hands.
A marketing plan essentially expands upon the marketing section of a business plan, going into greater detail into the competitive environment and the tactics used to achieve marketing goals.
All marketing plans should be designed around achievable, measurable and timely goals. Market Share Goals Increasing market share is the ultimate goal of any small business marketing plan.
Small businesses enter their industries as the underdogs, taking any competitive advantages they can to gain customers from their established competitors. Many of the techniques used to gain market share can be found in marketing plans, making market share growth an unavoidable objective of a comprehensive marketing plan.
Tracking the company's rate of new customer acquisition is an effective way to gauge a marketing plan's contribution to growing market share. Put a simple system in place to ascertain whether each customer you serve during your marketing campaign is a new or existing customer and compare the new customer numbers each day during the campaign to gauge progress toward your goal.
For example, if you are one of three home theater installation companies in your community, your market share goal could be to out perform the other two, taking a total of 50 percent of the community sales.
Customer Retention Keeping existing customers happily coming back is just as important as gaining new customers. Market share can be gained temporarily with price promotions and grand opening sales, but the most effective marketing plans increase market share permanently.
Customer retention rates can be tracked using advanced point-of-sale systems that use customers' telephone numbers or other information to track purchase behavior. For example, if you are currently losing one lawn care customer for every five new customers you bring in, your customer retention goals could be to reduce that number to one in ten.
Sales Goals The marketing department is always concerned with top-line sales growth, or bringing more money into the company. Sales growth is especially important for small businesses, which often operate at a loss for their first one to three years in business.
Growing sales numbers can be a clear sign of marketing effectiveness, making it an ideal goal for a marketing plan. For example, an appliance store could set goals for each employee to sell three kitchen appliance packages per month that include the refrigerator, oven, microwave and dishwasher.
Cost Efficiency In addition to top-line growth, the marketing department has a responsibility to keep costs as low as possible, contributing to bottom-line profitability in addition to income.
While primary marketing plan goals are centered around growth and customer service, marketing plans can have secondary goals related to the cost of implementing marketing strategies.
Specific cost goals can be put in place to maximize the cost efficiency of sales promotions, public relations activities and advertising and generally ensuring that a small company gets the most bang for its marketing buck.
Facebook ads are a great example of cost efficiency monitoring where you can set a budget for each ad campaign and see what the cost per new lead is.
References 2 Quick MBA: As a small-business owner, Ingram regularly confronts modern issues in management, marketing, finance and business law.
He has earned a Bachelor of Arts in management from Walsh University.Jan 04, · Press Release McDonald's USA Outlines Year Plan for Ending Gestation Stall Use. Press Release McDonald's Celebrates 90 Groundbreaking Advancements in Environmental Practices Around the World. Press Release McDonald's Social Responsibility .
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