For SMEs and entrepreneurs who start a Singapore company, there are multiple ways to write a marketing plan.
Most marketing plans vary in style, voice, and strategy. However, good marketing plans have one common denominator – i.e. they are well-organized.
In gist, your marketing plan should be easily understood, providing an incisive view of your firm’s direction within the inclusive period.
According to Singapore company incorporation specialist Rikvin, your marketing plan should include, at a minimum, the following details:
Executive Summary
In general, a marketing plan must begin with a compelling executive summary. In a single page, sum up all the major points outlined in your overall document. Use bullet points, brief sentences, and straightforward language. Focus on the major issues, and convey briefly what your company plans to do.
Most marketing plans vary in style, voice, and strategy. However, good marketing plans have one common denominator – i.e. they are well-organized.
Company Information
Your company information is an integral part of your marketing plan. Tell the reader who and what you are. Enumerate your products and/or services, include descriptions of each, and specify their target markets. When applicable, include your latest financial reports, operating budgets, and other relevant figures. Also attach an organizational table of your employees, or a brief profile of your core team members, to demonstrate your firm’s capabilities.
Market Conditions
Describe the marketplace and give a concise view of its current scenario. For example, enumerate the dominant products/services offered in your line of business. Similarly, write about your market size, your sales and distribution setup, the demographics of your target market segments, and major competitors, among other related factors. In addition, you must also identify existing and potential threats, as well as your growth opportunities.
Business Objectives
Clearly define your short-term and long-term business objectives. Remember to set quantifiable and realistic goals by first reviewing your sales history, the size of potential markets, and your profitability over the years. By evaluating your firm’s historical performance against pervading market conditions, you will get a keen sense of your growth prospects. As a rule of thumb, keep your objectives challenging yet achievable. Examples of sound business goals are as follows: introducing new products; entering into long-term contracts with desirable clients; increasing product/service prices; or enhancing manufacturing standards.
Marketing Goals and Strategies
After identifying your business objectives, you must then define your marketing goals. Think of your marketing goals as a subset of your business goals. For example, if your business objective is to increase the price of a specific product, your subset of goals might be to bundle the product with more value added services, or improve its packaging, or perhaps budget resources for advertising, etc. One simple tool that you can use is an activity matrix in which you enumerate your business goals, followed by your subset of marketing goals, which in turn define your marketing strategies. In essence, a marketing plan should detail the actions that are necessary to achieve your specific marketing objectives.
Budget Allocation
Lastly, your marketing plan must include a budget for each of the activities outlined under your business and marketing goals. Any business activity costs money, and it is imperative that you allocate resources for your planned strategies. Ultimately, when implementing your marketing plan, you should have a clear perspective of the funds that are available to you.
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