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Making a marketing plan

<a href='http://nelep.co.uk' target='_blank'>North East LEP</a>

Created by North East LEP , 30th November 2016

5 MINUTE READ


You’ve launched your business, perfected your product or service and are now ready to bring it to market. Now it’s time to make it happen.

Marketing is essential to any business, it’s the art of promoting and selling your products and getting them out there in front of the right people.

The Chartered Institute of Marketing describes marketing as “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.”

The best way to start off your marketing journey is to draft up a marketing plan. Previously, this was covered by ‘the four P’s’, product, pricing, place and promotion.

Over the years this has since been extended and is now commonly known as the seven P’s, incorporating people, processes and physical evidence.

But why the seven P’s? We delved into what they mean...

Product

This is the art of working out what your product offers that your customers value, and whether/how you should change your product to meet customer needs.

There is no point in developing a product or service that no one wants to buy, which is why it is essential you get it right.

This should be your first port of call when drafting up your marketing strategy. If your offering is right, you’re off to a good start!

Pricing 

An important part of any marketing strategy is pricing. For example, you might aim simply to match the competition, or charge a premium price for a quality product and service.

You might also have to choose either to make relatively few high margin sales, or sell more but with lower unit profits.

Don’t forget however that some customers may seek a low price to meet their budgets, while others may view a low price as an indication of quality levels.

Place

Place means working out how and where you sell your products. This may include using different distribution channels. For example, you might sell over the internet or sell through retailers.

For services, it’s working out how and where you conduct your business.

Promotion

This is how you reach out to your customers and acquire new ones. For example, you might use advertising, PR, direct mail and personal selling.

People

You need to ensure that your employees have the right training and live and breathe your brand values, this will ensure your marketing strategy is at the heart of everything the business does.

Processes

The right processes will ensure that you offer a consistent service that suits your customers.

Physical evidence 

The appearance of your employees and premises can affect how customers see your business. Even the quality of paperwork, such as invoices, makes a difference.

You would be surprised just how much of an effect a clean, uniformed image can have when tendering for business!


<a href='http://nelep.co.uk' target='_blank'>North East LEP</a>

Created by North East LEP , 11 months ago, [last edited 7 months ago]