6 Simple Steps to Make a Marketing Plan for Small Business

Reading Time: 4 minutes

So you want to make a marketing plan for your small business? Or you work as an in-house marketer in medium size enterprise and got asked about marketing strategies at meetings so you should have the best in the room.

Okay, this will be serial Q&A. Let’s start with:

 

What is your marketing goal? Your marketing objectives?

First thing first, what is your marketing goal? You must have a list of goals and objectives.
You want more leads or you want to increase lead quality? Do you need a broader target or more specific target? More checkout cart? Loyal customers? Want more good reviews? More word of mouth?
Make a list, write it down.

 

When do you want to achieve it?

After writing down all marketing goals and objectives, now you need to figure out how long to achieve it. Create a timeline for each goal and objective. Then when will you start it? How long you expect to see the first signal of success? When it will reach the optimum the result? By answering this you will tie the plan with time, so the plan will not get lost in the wood.



What is your unique selling point?

It’s like ‘what is the difference between this and that?’ So you must find the unique selling point to distinguish you from others.

Whatever type of business you run, what industry you are in, no matter what product you sell, what services you offer. It’s always possible to find things that make it better than others.

What things can make people just want to get it from you? What makes your offer stand out in a crowded marketplace? find it and put it all in your marketing plan. After that you also need to know:

 

How is the market situation?

Read the news, find data publications related to the market and see other business in the same industry. Are they struggling or growing? You cannot make a good marketing strategy without knowing the market situation. Even it’s just for small-medium enterprise, knowing the market situation will make you have a solid idea of ​​what you need to put in your marketing plan.

 

How is the competition?

If you’re a player in a monopoly or duopoly market. It’s easy, you don’t need to think hard about marketing. Just produce and distribute. But the government doesn’t like this type of market. In some countries such as Indonesia, the government as a regulator can interrupt the market and change imperfect competition into, quite a bit, perfect competition. So yeah, your business must have competitors. This is why you need a marketing plan.

There are two types of competitors, direct and indirect competitors[1]. Mapping your competition and find out your position on the market.

The benefit of doing this: You will have an opportunity to find out what tactics and strategies you can use to move your position in a competitive market.

 



Calculate the marketing budget.

Marketing is considered as a risky activity, every single marketing decision has potential losses and failures. This is why budgeting is important and critical for the success of marketing plan execution. The key is to make marketing activity always run. So before calculating the budget for new marketing plan, always remember this quote:

 

“Never test the depth of river with both feet.” – Warren Buffett[2]

 

Now you’re ready to make a simple yet effective marketing plan.

By answering all those questions is enough for small-medium enterprise to have an idea of how to make a marketing plan.

If you’ve read all of this. I hope you can distinguish between marketing plans and sales tactics. Many people think it’s same but that’s a big mistake, your sales activity are not marketing activity, and a marketer is not a salesperson.  So you need to separate the goal and objective between these two functions.

 

I have a little note that I always keep for myself:

If a new marketing strategy is good, the sales activity will increase.

But if the new marketing strategy is great, everything will increase.

So be wise with your marketing strategic plan and wish you luck.

 

 

References
[1] https://smallbusinessbc.ca/article/understanding-your-competition/
[2] https://www.geckoandfly.com/16889/warren-buffet-advice-investment/


 

Disclaimer

 

Keep this for yourself or share it: