7 Essential Steps for an Effective Marketing Plan by Fahim Moledina

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The world is too busy to find you! When it comes to running your own business, you know you can’t open up a shop and cross your fingers in the hope that people will find you and come running to you. Being a successful business owner means you have to have a marketing and promotion plan that gets you an ever-growing customer base hooked to your product.

However, people tend to get confused and even frightened at the prospect of creating a marketing plan since the term sounds intimidating to them. To erase your misconceptions and help you create an effective marketing plan that gives wings to your business for a continuous flight, Fahim Moledina brings you his 7 steps that will make the ‘supposed’ ordeal fairly easy for you! 

What is a Marketing Plan and How Is It Useful

Before getting to the magical 7 steps, understand what precisely a marketing plan is and how it is beneficial for your business. A marketing plan is a kind of job description for your company or a document that mentions everything you need to know to promote your business successfully.

There is no exact length for this document, as the length and size of your marketing plan depend on your business needs and strategies. However, according to Fahim Moledina, you should draft a plan spanning at least one year and strive to reach those objectives. These plans must be flexible enough for them to be easily changed with the circumstances.

With a flexible plan that enlists realistic and achievable goals, there are more chances of success, outperforming competitors, and retaining staff. Here are the seven steps that will help you create both a traditional marketing plan and a multichannel digital one.

Have an Understanding of Your Business

Knowing the purpose and having an understanding of your business operations is the first and most basic step that is not too difficult for anyone. No one can learn about your business better than you!  This step of the plan offers you an opportunity to provide a general overview of your business operations along with its internal and external environment.

Your business structure, its running, the products galore, and the services you offer are all to be highlighted and enlisted in the part. There are companies and people who go the extra mile to do a SWOT analysis that outlines their strengths and weaknesses. It also gives them an insight into the opportunities for growth and threats that hinder progress.

Identifying the Target Market

Target market is a common word that you must have come across in every marketing class or article you ever read. Fahim Moledina thinks of it as a key element for drawing an effective and successful marketing strategy.

In this section of your marketing plan, you point out any and everything you know about your ideal potential customer, from demographic information to their behavior and decisions. You should mention all the solutions that you aim to offer them for the challenges they face. The more knowledge you have about your potential customers, the better strategy you will be able to create.

Knowing Your Competitors

You are never alone in the market. There are many companies and businesses out there that are doing things incredibly similar to you. It means you need to outperform them and come up with a strategy that makes you stand out from the lot.

Never get intimidated, as it sometimes leads to hasty decisions. Be armed with all the knowledge about your competitors that will help you in finding out ways to operate your business more successfully than theirs.

Draw out a chart that mentions in detail your services and products. Compare them to what your competitors are offering and how you can scale them up. The differentiation will help you in creating a more effective business marketing plan.

Set Milestones

Now that you are aware of your competitors’ growth and success, you need to draw a strategy and enlist goals for yourself so that the next time you peer into your competitors’ performance, you don’t get disheartened.

In this section, point at the targets that you must achieve in a specific duration. Goals are made depending on your existing situation. They can be modest or lofty. The important thing is you need to and must reach them within the set time limit.

Enlist Strategies

With your goals and ambitions clear, you should now create the strategies in detail that you are to use in achieving your objectives. Deal with one goal at a time so that any hasty decision or burden doesn’t cloud your vision. Create motivating and far-reaching goals that push you to take your business to new levels with your commitment and dedication.

Create Your Marketing Budget

The most dreadful part, setting your budget dedicated solely to marketing. However, as much as you wish to run away from this part, it is one of the essential stages of creating a marketing plan. You have to enlist your financials in your marketing plan anyway. But when coming to dedicate a portion of that financials for marketing activities, you have to be very thorough. Mark out the portion set for your market-action items and how you will arrange for the amount. As much as it is scary work, planning it is better than forking out your credit card.

Get Started!

Now that Fahim Moledina has laid bare all the essential steps, you now have to start working on putting together your marketing plan. Your plan could vary from that of any other company as your plan intends to cater to the requirements of your business. No matter how lengthy or thin your marketing planner looks, these steps are enough to get you started!

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