So do I need a business plan or a marketing plan?

What’s the Difference?

In fact you need both and here’s why…

The business plan takes a wide overview of the business including the viability of the business from a financial standpoint, capitalisation and lines of credit. It also covers the resources employees and staffing, location of premises, procurement of materials and production, vehicles, storage and distribution, plus processes and systems to manage your business and accept payments.

The business plan needs to include the reason why you are in business, what you have to offer that is different to competitors and a marketing plan is really an essential subset of a complete business plan

 

But what is a marketing plan?

The most visible form of marketing is advertising and unfortunately many people think that is where marketing starts and finishes. They think by creating a good advertisement for their local paper or the radio that the people will come flocking to their business.

However, there are many key questions that need to be answered before you get to this point or you will very likely be wasting your money.

Questions like:

  • How is my product or service different?
  • Who will it appeal to? Who are my potential customers?
  • Who will it not appeal to? So who do we not target?
  • What value does my product provide to customers?
  • How much would they pay for my product or service?
  • Who are my competitors?
  • How big is the market?
  • What are the features and benefits of my product or service?
  • What are the key messages?
  • Do I go local or national? Or even international?
  • How are customers going to obtain my product or service? On-line, from a bricks and mortar store, or through a large retail chain?
  • How do I communicate with potential customers, what channels do I use?
  • How much can I afford to spend? How much do I need to spend?

All these questions need to be answered before considering the branding, logos, designs and developing the advertising and promotional plan.

By developing a marketing plan you go through a process that will answer all these questions and many more.

Another great thing about developing a good marketing plan is that the questions that get answered will also inform the overall business plan.

Help is at hand

This may all seem a bit daunting but there is help at hand. At Max Marketing we have a range of different packages and marketing plans for you to choose from. These will be developed, tailored to your business and presented to you by experienced marketing strategists who have many years if successful marketing experience behind them.

To get some help with the marketing of our business please give us a call on 09 476 1921 or go to our website www.maxmarketing.co.nz