skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus

Article | 3-minute read

Marketing plans and effective marketing strategy for your business

Business development

 

With so many changes happening all around us, developing a marketing plan is critical to defining the road ahead and understanding your customers, competition and how you’ll stand out. A marketing plan will also help you to define your messaging and instil confidence that your investment is directed at the right audience.

Creating a marketing plan for your business

Know your market

  • What is the history, current size and projected growth rate of the market?
  • What stage of the business lifecycle is the market in – starting, growing, maturing or declining?
  • What trends, legislation or wider factors (social, political, environmental) might influence the market?
  • What are the key factors for success in this market – price, product range, credibility?
  • What are the barriers to your business’s success in this market?
  • What’s your current and target percentage market share?

Whether you’re a tradie who needs to purchase building supply materials, a retailer who needs to purchase stock, or a café owner who needs to increase their supply of coffee beans, an interest-free credit card gives you the ability to manage your in-and-outgoings without an immediate reduction in cash.

Think about your market – what are the key factors you’ll need to know?

 

Identify your target customers

The clearer your understanding of your customers the more successful your marketing will be. This is important to consider during uncertain times as your customers’ demands may have changed or still be changing. Consider questions like: who has a need for your product? Out of this group who has capacity to buy it? Make sure you validate your decisions on potential market share and likely demand, with solid research.

It is also important to understand how your customers behave. For example, do they prefer to buy online, and are they engaging with social media more than traditional forms of media?

If your customers are other businesses, you can define them by turnover, market share, longevity in the market and number of employees – factors that may have been affected in the current environment. If your customers are the general public, define your target by factors such as gender, age, income, location.

Outline the parameters you can use to define your target customers.

 

Research your competition

Understand what your competitors offer and who they are targeting, as well as how your product compares. Try the Australian Bureau of Statistics, industry bodies, your local Business Enterprise Centre or council to understand the competition. For free benchmarking data, try ANZ’s Business Insights to find out about your competitors.

Use this research and knowledge to help make your business stand out. 

 

Define your competitive advantage 

With customers being more conscious of how they spend their money, your competitive advantage is the reason why a customer would buy from you instead of someone else. Ask your staff and customers what they see as yours. It may be a better product, location or website, faster delivery or superior guarantees. Make your advantages the cornerstone of your marketing strategy.

Think about what makes your business unique in the market?

 

Develop an action plan 

Start with important dates like the times of the year or week when your customers are more likely to be looking for your product or service. Also look to understand advertising deadlines so you can schedule enough time to develop items well in advance.

Consider:

  • Targets: who is your target audience and how many sales do you need to make?
  • Channels: how are you going to reach your audience?
  • Message: what message will catch the attention of your audience?
  • Budgets: what is your budget to achieve your business’ targets?
  • Suppliers’ help: which suppliers will you use and at what cost?

You might not want to commit too far in advance, so you can flex as you go.

Set out the steps you’ll take to realise your marketing plan.

 

Revisiting, evaluating and updating your plan

Measure your results to learn what’s effective. As well as sales, look at indicators like Facebook likes, re-tweets, blog comments and website page views.

It’s normal for some marketing efforts to be less effective, especially to start with. Compare results with spend to measure marketing efficiency, and schedule regular times to evaluate progress and fine-tune your calendar based on what you’ve learnt.

 

 

 

Related articles

How to forecast your business’ profit and loss

Different events can change your idea of how much money your business will make over the next year. Likewise, your view of the business expenses you will incur during the coming 12 months may have varied. Use our profit and loss template to help forecast for the year ahead.

Keep reading

 

 

Forecasting your business’ balance sheet 

By forecasting your business’ balance sheet, you will be able to more clearly understand what you’re likely to own or owe at a certain date, allowing you to plan for future business decisions

Keep reading

 

 

Developing a risk assessment management plan for your business 

It is important to consider all possible risks and scenarios that may exist both within your business and your external operating environment.

Keep reading

 

 

Get in touch

Request a call back

Have us call you back to discuss your business needs

Leave your details

   

Talk to someone local

Chat with one of our local business bankers

Find your local business banker

   

Any advice does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you.

ANZ recommends you read the applicable Terms and Conditions and the ANZ Financial Services Guide (PDF 104kB) before acquiring the product.

This page contains only general information which is subject to change and is not a substitute for commercial judgement or professional advice. This information does not take into account your personal and financial needs, particular objectives and/or circumstances, and you should seek appropriate independent advice (which may include property, legal, financial, taxation and accounting advice) before making any decisions, investing, or acting on it.

Tools, templates, checklists, and calculators (“ANZ Tools”) linked or referred to on this page, are only some of many ways to analyse a business or industry, or to assist your planning and business decision making. You should seek the assistance of your accountant, business or other advisor when either planning for or analysing your business.

To the extent permitted by law, all members of the ANZ group of companies, their employees, officers and contractors (“ANZ“), offer no warranty and disclaim liability or responsibility to any person for any actions, claims, costs, demands, liability, or direct or indirect losses or damage that may result from using or relying on the information set out in the anz.com pages or the ANZ Tools, and / or any act, omission or error, by any person in relation to them.  To the extent permitted by law, ANZ makes no warranty and has no liability in respect of your use and reliance. ANZ Tools are also subject in many cases to further specific cautionary wording and disclaimers which you should read.

ANZ tools, templates and checklists are only some of many ways to analyse a business or industry to assist your planning and business decision making. You should seek the assistance of your business advisor or accountant when either planning for or analysing your business' performance. To the extent permitted by law, ANZ makes no warranty and has no liability, in respect of your use of and reliance on these tools.