A marketing plan can be considered as the blueprint to a business’ sales strategy. In a business’ marketing plan, every detail is laid out, details of what’s to come for the business over the next few years, plans which may be subjected to an alteration because of various factors that affect the market.
A business’ marketing plan needs to be concise about everything that a business owner expects their business to do for the next years to come for the business. Even small businesses need a working and properly laid out business plan in order for it to grow and prosper.
While some business owners would usually already know how to differentiate and create a good business plan for a starting one, not everyone can easily do as such. If you’re still unsure of your own Business Marketing plan, here are 8 ways to help you evaluate it!
TIP #1: Reread the executive summary of the business plan
Chances are you haven’t read your business plan again after starting to manage and focus on your business, so what you do is to reread and understand the executive summary of the business plan. This is not a summary of the business plan, but rather, holds the concise elevator pitch that the business has. Upon rereading, decide if the executive summary excites you as a business person and make you want to turn to the next page and continue on reading. If it somehow doesn’t then that means the idea may not stick to any potential investor and you might need to tweak a few changes.
TIP #2: Analyze the present opportunities in the market
Market opportunities may vary from time to time. Make sure that the market your business is or will be in is a market that increases at least 10% a year. Remember that the bigger the market is, then there will be more opportunities for your business to expand on.
TIP #3: Evaluate your business marketing strategy
The next thing you’d need to focus on is your business’ marketing strategy to capture the market. This is the most important part of any business marketing plan that a business must have and the most important tip to remember in your evaluation of your business marketing plan.
Make sure that there is an alignment between the business’ problem and solution. Is the business actually addressing that need? You must take into account what the business offers in terms of product or service offered, the capacity of the business and its efficiency percentage and finally the quality of the marketing efforts that are already done, continuing and proposed to do.
TIP #4: Examine the competitive landscape
Any business plan must have in it the business environment which the actual business is competing in. See if there are detailed breakdowns and analysis of direct competitors and the advantages and disadvantages of those competitors .
TIP #5: Check the Leadership Team
The executive team should have experience, passion, and integrity in order to execute the business plan. An executive team doesn’t necessarily mean a big team, a small business may even have their employees as the executive team as well! It is important there the business marketing plan is well conveyed in order for the team to have faith in the business plan and execute it well themselves.
TIP #6: Calculate and make sure that numbers are realistic and promising
It may be easy to place in a business plan big numbers because let’s face it, isn’t that what anyone would want? But remember that your business plan must be realistic, else, the business won’t be able to check any boxes at all.
TIP #7: The Business plan is a living document
As the times change, remember that your business plan must adapt. Treat it as a living and breathing document where it needs to run with the tide of the ever changing marketing world.
Tip #8: Execute your business plan well
Remember that your business plan is the backbone of your business. It is there for a reason. After evaluating, always make sure that your decisions mirror those that are in your business plan. This way, you can ensure that your business is headed in the right direction.
