This part of the marketing plan is an overview of your key markets and predicted major changes on those markets that will impact on your business success. Essentially, you need to consider what opportunities and threats may arise out of the changes you expect in the next 6 to 12 months or longer. Allow for factors such as new regulations under consideration, interest rate fluctuations, changes in market characteristics and technological advances.
Example Canterbury Renovations understand that the internet is a powerful marketing tool so they are creating a website as an electronic brochure. They also make use of email by providing an email address on all documents and for all staff. Senior staff, such as project managers, will also be using a palm computer and a mobile phone to make sure they are contactable and have all required information when visiting clients.
The building and renovation industry is doing well at the moment with interest rates staying at manageable levels and no new building regulations are under consideration.
There are many older homes in the area so Canterbury Renovations have a lot of potential for work in the foreseeable future. There are other renovation companies and builders in the area as competition but some are booking projects up to 6 months in advance so the area has work available for a new business.
Many of the people in the area are double income families where time is a bigger concern than money. Simplicity and multiple services are seen as advantages to these busy people, and they will pay extra to save themselves time and worry. It can give direction to the business and its marketing strategies. The results need to be concise, relevant and interesting. The report should be easy to read and give a clear understanding of the business aims, and key issues and objectives should flow from it easily.
In a larger business or one offering multiple products and services, it may be easier to analyse each product or department independently. However, with careful research and consideration, you can predict likely changes and prepare for their impact. By listing certain assumptions in your plan, it will be easy to see when the plan needs updating. They should also be linked to your overall business strategy. Marketing objectives don't just involve trying to make more sales. Your objectives can be about creating awareness, developing interest, motivating people to trial your business or getting clients to return to you.
You may have more than one objective, but if so, make sure that they are consistent with each other. If the objectives aren't well suited, you may want to change one or perhaps delay one until you have achieved the first. Make your objectives with high targets as they can be broken into action tasks in the Action Plan sections of the plan.
You need to develop strategies to meet those objectives. Example Market research carried out by the proprietors reveals an increase in home renovation activity among home owners in their target market.
Market research also indicates that many existing kitchen, bathroom and laundry renovators do not have a good reputation, therefore, the proprietors believe they can gain a competitive advantage through the provision of top quality products and services, access to specialty items and innovative designs. The proprietors believe the best marketing strategy combines a good network of contacts, the development of a reputation for quality and reliability and the attainment of personal referrals.
This strategy will be pursued through the distribution of brochures, direct contact with home buyers in selected areas and a small display in the rented business premises. Will you overreach yourself?
Canterbury Renovations supplies and installs equipment such as ovens and dishwashers, creates an environment to suit each client and advises on colours and styles.
It takes time to create a strong brand, but it involves all aspects of your business and especially all marketing activities. The brand can be for your product, product range or your business. Once you have a well established and recognised brand, you may be able to charge more for your product, have instant credibility to new customers and require less sales effort to make sales. Example Canterbury Renovations will slowly build up brand awareness for their name and logo.
This will be done as part of the overall marketing strategy for the next three to five years. The branding strategy includes ensuring that any marketing or advertising materials, such as business cards and staff uniforms, are created in accordance with Canterbury Renovations corporate identity style guide. Canterbury Renovations will present its image as trustworthy and reliable. If you are providing a service then you should consider your service s as your product s.
This personalised service is our USP. The prices you set will affect the number of sales you will make, who will purchase from you, what service is required and how much profit your business makes. Well handled pricing strategies and changes can greatly improve the profitability of your business. There are four factors cost, demand, competition and image to consider in choosing a selling price, but there is no clear method of actually determining the correct price for the item and market.
Experience and market research also help in this process. Example Canterbury Renovations transports the prepared units and equipment to clients directly, rather than through a distributor. Promotion is more than selling and advertising your business. There are a number of techniques to use and they can be combined in various ways to create the most cost effective strategy for your needs.
Direct marketing is often added to the marketing mix despite being part of advertising rather than marketing. PR is a long-term process, to do with developing an image and a reputation with your customers and the market as a whole. PR strategies can be focused to appeal to particular market segments and to send a particular message.
All of your PR activities should then work towards promoting that message to the right people. This includes using the press and radio to promote your message to your marketplace. Your business can be advertised in many ways. Be sure you understand the message you want to send and the audience you want the message to reach.
Consider how often you will repeat the advertising in the same and different media. Initial advertising will be carried out through letter box drops, local paper listings and a direct mail campaign to new home buyers in the area. After six months, the advertising strategy will be reviewed and magazine advertising will be considered along with direct mailing to real estate agents.
Many forms of advertising can be called direct marketing, but the responses received need to be monitored to assess the value of the strategy. One of the most common forms of direct marketing, especially for small businesses, is direct mail. A letter or flyer is mailed to potential customers in order to build awareness, increase sales, offer a trial or incite them to contact you. Obviously, this occurs in every business, with or without sales staff.
You need to develop a strategy outlining how much personal selling is included in the plan and how important personal sales is to your target market. Example Initially, there will be no sales staff, but within three months, at least one sales person will be working in the showroom to assist customers. This will allow the owners and tradespeople to concentrate on quotes and projects. The website includes a contact form to collect information so return contact will be efficient and informative for the potential customer.
All staff giving quotes and doing designs will be trained is sales techniques to encourage additional work or appliances without being pushy. Example The only packaging for Canterbury Renovations is leaving a beautiful renovation in pristine condition with a bunch of flowers on display. This marketing plan may allow certain activities and budget for these additional marketing plans. If your business is a service business, or has a strong service element as part of product sales, there are additional elements of the marketing mix to consider.
Any negative experience will result in customers looking elsewhere or being dissatisfied. Example Canterbury Renovations staff will always wear a blue shirt with the logo on the left pocket and will be instructed to keep equipment and uniform neat and in good condition.
Staff meetings will include discussions on sales techniques and customer service. After six months of operations, a service staff of the month awards program will be introduced. A list of award winners will be prominently placed in the showroom. Feedback forms for customers will always include a question on staff performance and manner to capture all kinds of feedback.
Procedures make it easy to cope with busy times and when there are interruptions during a process. For instance, staff in uniform or having the premises decorated in certain ways can not only make your business professional and welcoming but can also create a brand. Other forms of physical evidence are things your customers can actually take away with them. Some examples are gift certificates, loyalty cards, business magnets or pens, certificates of achievement, information sheets or manuals, written warranties or guarantees, photographs and small gifts.
Example Canterbury Renovations will take before and after photos of every project and present them in a folder as a memento for the customers.
All projects will be cleaned up at the end of each day and thoroughly cleaned at the completion, using a contract cleaner if necessary. Staff will all wear a blue shirt with the company logo and eventually, company vehicles will carry the logo as well. This includes details about how to achieve the overall objectives and costs for various activities. The mini plan uses the same format as the main marketing plan without the research and background information.
Setting out the action plan in a spread sheet makes it easy to visualise and work with. It also will show up any points where actions will interfere with each other and take too much time at once. Example Action Plan from commencement on 1st March: Action March April May June July August Letter box th th th drop Direct Send out mailing to 12th local real estate agents Present At end of each and every project photos to customers st Send out a 1st 1st 1st 1st 1 newsletter Ad in local 15th, 22nd, 5th, 12th, th th 5 , 12 , th nd 15 , 22 , paper 29th 17th, 24th th 17 , 24th 29th 8.
Information collected during evaluations can also be used in planning future marketing strategies and objectives. Include annual budgets in the one year or mini operational plan. Example Canterbury Renovations will review the marketing plan every month to assess progress and alterations as the business progresses.
There are different music genres, and the challenge for you as a musician is to look for your target audience and convince them to listen and patronize your music no matter what the genre is. Effectively promote your music by using this template. Make it your own by just simply personalizing its content according to your preference. Try it out now! Our music sample marketing plan template is the thing for you. All you would have to do is download the template, edit and customize it to suit your needs and preferences perfectly.
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Remember, knowing your fans is the key to your success. Know their age, gender, personality, etc. Take a look at monthly marketing plan templates for more details. Step 2: Analyze the Market You have to know where are your fans located and reach out to them through social media. Once you know this, the next thing for you to do would be to analyze the market. Know what is happening in the industry and also, know what is happening globally in your genre. Know the answers to a few questions like whether or not the audience will buy your album, who are the famous musicians from your genre, etc.
This should help you set your path. Step 3: Establish Goals and Objectives Once you have done analyzing the market, the next thing for you to do is to know the purpose of why you are creating a marketing plan in the first place.
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