4 Key Benefits of the Market Planning Process
The market planning process is a crucial part of the journey to success for any firm. The absence of a marketing plan makes it very difficult for any organization to have a systematic approach to promote itself among its potential customers. So, it is very important to learn what and how an effective market planning […]
The market planning process is a crucial part of the journey to success for any firm. The absence of a marketing plan makes it very difficult for any organization to have a systematic approach to promote itself among its potential customers. So, it is very important to learn what and how an effective market planning process can be built. It is also critical to follow a specific process that tables a plan which is custom tailored to the needs of your firm; after all, “a vision without a proper strategy remains an illusion.” But before we get into that process, let’s clarify some of the concepts involved in a market planning process.
What is the Market Planning Process?
The market planning process can be defined as a systematic approach to achieving the marketing goals. There are a few steps involved in the process, which include:
- Analysis of situation
- Defining objectives
- Formulation of strategy
- Action programs development
- Implementation of the plan
- Evaluation and review
Helps reexamine old ideas and assumptions
Market trends keep on changing every day. Consequently, it becomes important to revisit and examine if your old idea is working in the current scenario. A proper plan for marketing enables the firm to come out of its comfort zone and question its own strategies and modify them as per the needs.
Helps minimize the risk
A focused, research-oriented market planning process that involves reexamining older marketplaces, competitors, potential audience, and prospects helps minimize the risk. It helps reevaluate the business model and marketing programs.
Helps in accountability
The market planning process makes marketing and business development teams set specific objectives and assess their progress towards them. The management of an organization is accountable for facilitating sufficient resources to ensure that there is a reasonable chance of the process of market planning to succeed.
Helps gain a competitive edge
Successful firms use their market planning process as a differentiator. If proper thought is given to what makes your firm unique, it becomes easy for your target audience to select your firm over your competitors.
Market Plan Example
Are you truly lost when it comes to how and where to start your market planning process? Here is a simple guide or a market plan example to help you reach your target audience and ensure that your audience becomes your loyal customers:
- Summary of executives
- Target audience
- Unique Selling Proposition (USP)
- Strategy for Positioning & Pricing
- Plan of Distribution
- Offers for your customers
- Strategy for Promotions
- Strategy for Online Marketing
- Strategy for Conversion
- Strategy for Referral
- Transaction Prices Strategy
- Strategy for Retention
- Strategy for projecting your finances
This is a simple market plan example that can serve as an initial resource to start your process of marketing and effectively deliver what your customer wants.
To Know more about the process of market planning