Tips for Creating a Great Business Marketing Plan
What is a Marketing Plan?
A business marketing plan is a report that outlines your marketing strategy for your products or services, which could be applicable for the coming year, quarter or month.
Typically, a marketing plan includes:
- An overview of your business’s marketing and advertising goals
- A description of your business’s current marketing position
- A timeline of when tasks within your strategy will be completed
- Key performance indicators (KPIs) you will be tracking
- A description of your business’s target market and customer needs
- A description of how you will measure the performance of the strategy
Marketing plan vs. marketing strategy
Although often used interchangeably, the terms “marketing plan” and “marketing strategy” do have some differences.
Simply speaking, a marketing strategy presents what the business will do in order to reach a certain goal. A marketing plan outlines the specific daily, weekly, monthly or yearly activities that the marketing strategy calls for.
How to develop a business marketing plan
Create an executive summary.
Marketing campaigns should not be considered individual functions. Marketing is the story of your brand as told to customers; like any narrative, its tone and characters should remain consistent. An executive summary details your marketing goals for the next year and helps tie each digital campaign together.
When establishing your marketing goals, they should be specific, measurable, attainable, relevant and time-bound – or SMART. These goals should work together to achieve both internal and external harmony, telling a consistent story that informs customers of your exact message while building on its previous chapters.
Identify your target market.
Before you write a marketing plan, you need to find and understand your niche. Ask yourself who the specific demographic is that you’re targeting. For example, if your business sells 30-minute meals, then those who work traditional 9-to-5 jobs are likely in your market. Study that group of individuals to understand their struggles and learn how your business can solve the problem.
Differentiate your brand with inbound marketing.
Inbound marketing utilizes internal tools – such as content marketing, social media activity and search engine optimization (SEO) – to attract a customer’s attention primarily through online communication. Content marketing can include informative blog posts, interviews, podcasts with relevant industry figures or supplementary guides on how to best use your product. For example, if you sell cooking supplies, consider posting several fun recipes around the holidays that your tools can help prepare.
Identify competitors that also target your customers.
No matter how original your product or marketing service may be, there is always competition for your target customer’s dollar. Small business personnel seldom take the time to study their competitors in depth or pinpoint companies outside their industry that are just as capable of luring customers away. Knowing who your competitors are, their core competitive advantages, and how they might respond to your offerings – like price cuts or increased communication – helps you devise strategies to combat such losses.
State your brand position for your target customers.
Ultimately, your brand – and what it symbolizes for customers – is your strongest advantage. You should be able to write a simple declarative sentence of how you will meet customer needs and beat the competition. The best positioning statements focus on solving a problem for the customer in a way that promotes the best value.
Budget the plan.
When implementing a marketing strategy, consider the marketing budget you will allot. Marketing requires money for various reasons, including paid promotions, marketing software, events and outsourced costs. Consider your budget when creating the plan so that there is money available to spend on marketing tactics to achieve your goals.