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Constructing a Marketing Plan

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Constructing a Marketing Plan Frequency Asked Questions Insurance Help - Insurance Products

Constructing a Marketing Plan

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The marketing plan is an very important part of your overall business plan, it justifies the revenue stream in the plan, without it the assumptions in the plan can be misleading, and not clearly understood. The plan should assess the company , its environment , its product range, the budget and the demand. To do this a SWOT analysis is usually offered combined with the Porters 5 forces of competition , this looks at both internal and external factors of your market ..It is vital you understand your customers, look at there segments and the targeting of the potential customers. The plan needs to include sensitivity analysis so that the financial implication can be determined by moving a variable. Regardless of the short term gains , marketing plans are designed to create awareness of the product and these will only be calculated over the longer term. A good marketing plan will detail specific channels of marketing , the costs and the anticipated return. The time and resources spent building brand awareness can be very rewarding. It can help to: Position your product or service in the marketplace Differentiate your product or service from those of your competitors

Create positive associations in the minds of potential customers/clients Gradually reduce marketing expenditure Ultimately increase revenue. Thus, the first principle of branding is that your brand name and/or mark, whether it is a word, a phrase, a letter, a symbol, or even a sound, should be:

Uncomplicated ,Distinctive, Easy to recognise, Easy to remember. The brand also has to carry a message into the marketplace. Its full function is not just to distinguish your product or service from those of your competitors, but also to convey its superiority. What is it about your product or service that is special, or even unique? Why should a potential customer or client choose you rather than one of your competitors? What is the target market or market segment for your product or service? What need does your product or service meet? What benefits will the purchaser experience? What statement are they making to others by using your product or service?. The answers to these questions will help you define your brand identity. The secret is to create a simple marketing message that conveys your brand identity and then to attach this message to your brand name and/or mark. Your choice of words, graphics, colours, and even fonts can be crucial in determining the overall effectiveness of your brand, and you might want to seek professional assistance in this area. It is important to research your brand carefully before launching it: Make sure your brand name/mark is not already in use and does not infringe any intellectual property rights. Check that your brand name/mark does not have any unfortunate connotations in your target market If you will be trading overseas, make sure your brand name/mark translates well into the language and culture of the countries in which you will be trading. Once you have established your brand identity, the next stage is to start building brand awareness. Basically there are four stages:. To begin with the brand has no presence in the marketplace. Gradually, consumers begin to associate your brand with a particular product or service class. Eventually the consumer recalls your brand without a visible or audible prompt of your brand name/mark. Finally, your brand is virtually equated with the product/service class. Perhaps not every business can expect to reach the fourth stage, but most should be able to set the third as a marketing objective. Building brand awareness is about repetition. Whatever methods you use - print/radio/TV advertising, mail shots, sponsorships, or sweatshirts, pens, and mouse mats bearing your brand name - the important thing is to establish as conspicuous a presence as possible in your target market. Brands are fickle things, susceptible to changes in fashion and perception. Recently for example, some seemingly robust brands in the UK clothes trade have found themselves sidelined through failing to anticipate changes in fashion or allowing themselves to be wrong-footed by overseas competition; and few of us will forget how a famous jewellery brand lost its glitter overnight through a careless remark by the MD!.Thus, brand building should be a continuous, fluid process. Although one of the key features of successful branding is consistency - conveying a consistent message and image to the marketplace - it is also important to let both the message and the image evolve and adjust to changes in fashion, perception, and so on

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