SMPS Domains of Practice: Domain 2 - Marketing Planning
Posted by Communications2 on Feb. 3, 2021 / Member Resource / Subscribe 0
Written by Aimee Fuhriman, Envision Engineering
The new year is in full swing and with that comes annual marketing planning. Marketing planning is an essential part of everything we do and developing a well-structured plan is the foundation of any successful marketing program. The basics of a marketing plan are important regardless of your industry.
Every business needs to begin with a marketing plan based in thorough research, competitive analysis and attainable outcomes. The marketing plan is an outline of your business’s goals and strategy to reach them; and serves as a basis for your activities over the coming months. Keep in mind that the marketing plan should be fluid—it needs to be a living document that is continually reviewed and updated based on current market conditions and client feedback.
The main point with a marketing plan is that it must be aligned with your brand’s strategic plans, which means that one must know what the objectives are and how to position yourself. A marketing plan will help you decide how to sell your product or service, and to whom. It’s imperative to get continual feedback from your customers about their experience.
The basics of a marketing plan include market research, target marketing, product or service, competition, market strategies, pricing, budget, goals and results. These are also known as the seven Ps—people, product, pricing, place, promotion, process and physical evidence. It’s important to note that when defining your goals to utilize SMART (specific, measurable, attainable, relevant and time-bound) goals—be as specific as possible and include a time frame for completion. Using a SWOT analysis will help with putting together your target market, understanding your competition, market strategies and goals.
There’s a lot of great marketing plan templates through the resources section of SMPS.org and online. Good luck!
Aimee Fuhriman is the Director of Business Development and Marketing at Envision Engineering. She serves as the Program Director for SMPS Utah.
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