Selling retail goods is one of the most profitable businesses for any entrepreneur or business-minded person. Retail products are also easy to sell, as you only need to contact the supplier or wholesaler for the products to be delivered to your store or warehouse. Aside from that, you just need to process the business requirements and you are now good to go.
Retail goods can be classified into different products or categories. They can be clothing apparel (i.e. shirts, pants, underwear, shoes, etc.), gadgets and other tech products (i.e. smartphones, laptops, watches, wrist gear, etc.), furniture and appliance sets (i.e. cabinets, tables, chairs, electric stoves, air conditioners, refrigerators, washing machines, vacuum cleaners, television sets, speakers, etc.) or food and other items sold in supermarkets and small food shops (i.e. pork, beef, fish, vegetables, fruits, soft drinks, juices and other alcoholic drinks, kitchen condiments, and other kitchen and bathroom tools).
If entrepreneurs want to go into the retail business, one of the first steps they need to do is to create a marketing plan. This type of plan is similar to a business plan which is created by entrepreneurs want to go into business, but marketing plans all focus on marketing. Creating a marketing plan not only prepares the business owner to create marketing strategies when he will commence his retail business but also gives him a short and long-term plan on how to deal with sudden business shocks and changes.
If you are involved in marketing for your company, here are some marketing and other multipurpose plan templates you can use for your retail business.
Marketing plans are not limited to advertising and promotion strategies. They involve multiple studies and analysis on both the internal and external business environment. The internal business environment studies what is actually happening inside the company. Other factors also being studied in the internal environment include company policies and company culture (level of standards practiced within the company, professional and personal relationships of employees within the company, brand awareness instilled by management into all employees of the company, etc.).
The external business environment, meanwhile, involves numerous factors. These factors include competitors, government and tax policies, technological advancements, and demographics. If the internal environment focuses on the dealings within the company, the external environment involves the outside forces which, in one way or another, affect the company’s daily operations and eventually its long-term sustainability. Competitors are probably the most important aspect when making studies regarding the external environment. Although you want to focus on your own efforts in making the most advanced and most profitable product as possible, you should never ignore the movements of your competitors. At the end of the day, you may be releasing the same product with the same features and the competitor will have the lower price compared to your own which will cause customers to switch to the competitor’s product instead. Keep an eye out for your competitors every now and then, and if there are significant changes in their products compared to yours, make sure you do not get left out and apply the same changes, if not create a better version as long as it does not affect the expenses and manpower involved that was initially planned for your original product or service.
Government and tax policies also affect the operations of each company. Fortunately, business owners and CEOs do not make and regulate their own taxes as it falls to the government’s responsibility with taxes being centralized throughout the countries in which the companies are based from. Regarding countries which fall under one economic region like the European Union, they have a centralized tax and currency system where the employers pay the same amount of tax depending on the tax bracket they belong to (the bracket will depend on the income and size of assets and liabilities). Companies need to be very aware of government policies being implemented in their respective countries as some policies might favor certain types of industries. Business owners should analyze government policies and should also ask for assistance if necessary. Government policies, especially taxes and labor laws, are very tricky and will definitely cripple the financial status of a company if the said company failed to make necessary adjustments.
One section of the marketing plan, and probably the most entertaining and fun section to accomplish, is creating advertising and promotional strategies. This involves the creation of digital and traditional promotional materials. Advertising and promotion are expenses for the company but if they are done right, they can translate to sales and more income for the company. There are numerous digital and traditional promotional strategies which companies can utilize to full effect. Traditional promotional strategies include posters, flyers, tarpaulins, and even radio commercials. Digital promotional strategies, meanwhile, include social media, websites, television and Internet commercials, and email newsletters.
Companies use marketing strategies to create better short term and long term decisions. Companies should have a blueprint on how to adjust to certain business shocks, especially for external business shocks such as rapid changes in technology. Companies can also continually update their marketing strategies to better fit the current business environment.
If you are going to partner with an external firm or third party for your marketing plan expenses (i.e. applying for a loan in), you need to list it down in the marketing plan. This will provide clarity and make sure each party is aware of their liabilities. The marketing plan also acts as a form of agreement so that each party will abide by the conditions written in the marketing plan, and if any issue arises, it can become as a basis for future legal action.
Payment terms are important especially when it comes to marketing. Every company follows marketing trends and wants to incorporate each trend into their respective business. The last thing companies want to have is be indebted to a third party for the payment of an advertising tool which no other companies are currently using.
We hope you enjoyed browsing through our collection of retail marketing plan templates you can use for your own retail business. As previously stated, retail is one of the most profitable businesses today and you can earn money by simply selling any form of a retail product. Before you get started on your business, get started first on your retail marketing plan.