A marketing plan is a portion of a business plan that many new companies use to figure out competitors, advertising prices and strategies, and the market for their product or service. Tim Berry is an entrepreneur, business planner, and angel investor whom came up with the 5 steps to create a marketing plan.
- Look Inward: Make a detailed list of strengths, weaknesses, and goals. Include everything you can think of and then weed it out to the priorities. Sometimes other sources, such as managers may help to see things differently.
- Look Outward: Make an outline of opportunities and threats. Make sure they are external, like, “Opportunities can include new markets, new products and trends that favor your business. Threats include competition and advances in technology that put you at a disadvantage.” (Berry, 2011)
- Focus on Strategy: Narrow down your results to focus on your target market. Adult beverages would not be marketed to children, so that eliminates a large portion for you.
- Set Measureable Steps: “Your marketing strategy should become a plan that includes monthly review, tracking and measurement, sales forecasts, expense budgets and non-monetary metrics for tracking progress. These can include leads, presentations, phone calls, links, blog posts, page views, conversion rates, proposals and trips, among others.” (Berry, 2011)
- Review Often and Revise: Review and revise your marketing plan as your company changes. Assumptions change, so your ideals may have to as well.
In Conclusion, Tim Berry basically outlines a S.W.O.T Analysis to be completed for a company to realize their marketing potential. There are many other resources found throughout the online business world that can help also.
Five Steps to Create a Marketing Plan. (2011, August 10). Retrieved March 10, 2015, from http://www.entrepreneur.com/article/220148