Small Business Start-Up Checklist – Marketing Plan

The marketing plan is effectively the roadmap for your start-up journey – it stops you from wandering too far off-course and getting side-tracked. A marketing plan is also used for benchmarking purposes so that you can evaluate your success in achieving various objectives and is an important component of the business plan. Marketing is always closely linked to business objectives and how you plan on achieving them.  

Things to remember:  

  • Your plan needs to revolve around the product or services you will provide
  • It should focus on ways of stressing the benefits they would provide to potential customers
  • It should describe your current situation including the location of the business, any assets you own and the overall business environment
  • Identify the target market you are hoping to reach and provide a complete profile of the key demographics and their buying habits
  • Examine your competition in detail with a competitor analysis – this will help you uncover your competitive advantage and identify the things that your rivals are doing right or wrong
  • All objectives you establish must be clear, measurable and achieved within a set period of time
  • Consider the Marketing Mix – otherwise known as the ‘Four P’s’ – Product, Price, Promotion and Place (distribution)
  • Devise a detailed Action Plan that will examine how the objectives will be met
  • Ensure that all of this is very carefully budgeted
  • Measure how successfully your plan is working at regular intervals (usually every quarter)
  • Completely re-examine your marketing plan annually and update or alter it to reflect changing market conditions

For the previous stages of this checklist look here 

comments powered by Disqus
WinWeb Business Cloud - Creating Financially Sustainable Businesses