What is a marketing plan?
A marketing plan is a functional document that outlines the promotional strategy that a business will implement to attract potential customers and reach a target market. The marketing plan describes the information, education and publicity campaigns to be carried out over a period of time, including how the company will measure the impact of these initiatives. The functions and elements of a marketing plan are as follows:
- Market research to support pricing decisions and new entrants
- Personalized messages targeting specific demographics and geographic areas.
- Choosing a platform to promote products and services: digital, radio, internet, trade magazines and a combination of these platforms for each company.
- Metrics that measure the results of marketing efforts and the associated reporting time.
The marketing plan is based on the company's overall marketing strategy.
original research
- A marketing plan describes the strategy the company will use to market its products to customers.
- The plan defines the target market, the brand or product value proposition, the campaign to be launched, and the metrics that will be used to evaluate the effectiveness of the marketing initiative.
- Marketing plans should be constantly adjusted based on the results of metrics that show which efforts are working and which aren't.
- Digital marketing shows results in near real time, while TV advertising requires rotation to achieve market penetration.
- A marketing plan is part of a business plan that describes all the important aspects of the company such as goals, values, mission, budget and strategy.
Understand the marketing plan
The terms "marketing plan" and "marketing strategy" are often used interchangeably because a marketing plan is based on an overall strategic framework. In some cases, strategy and planning can be rolled into one document, especially for smaller businesses that may only run one or two large campaigns a year. The plan describes marketing activities on a monthly, quarterly or yearly basis, while the marketing strategy describes the overall value proposition.
Types of Marketing Plans
There are different marketing plans for different companies and different business needs.
New Product Launch: This is a marketing plan that describes how the new product will be launched, who it will be aimed at, and how it will be promoted.
Social Media: A social media marketing plan focuses on promotional strategies on different social media platforms and ways to engage with users on those platforms.
Time-based: Time-based marketing plans, such as those that run quarterly or annually, focus on the time of year, the current state of the business, and the best strategies for that time.
How to write a marketing plan
Mission and Value Proposition
A marketing plan addresses the company's value proposition. A value proposition is a general value proposition delivered to the customer and a statement that appears in the middle of a company's website or any branding material.
The value proposition should show how the product or brand solves the customer's problem, the benefits of the product or brand, and why the customer should buy from this company and not another. The marketing plan is based on this value proposition to the customer.
Establish key performance indicators
By establishing Key Performance Indicators (KPIs), you can measure the success of your marketing plan against your company's value proposition. For example, if your goal is to connect with a specific demographic in a specific region, you can track social media and website visits.
brief info
According to marketers, the most effective digital marketing methods in 2020 are content marketing and marketing automation.
Define your target market
A marketing plan defines the target market for a product or brand. Market research is often the basis for choosing a target market and marketing channel. For example, will the company advertise on radio, social media, online advertising, or local television?
Knowing who you want to sell to and why is a very important part of any business plan. It allows you to focus your business and measure its success. Different demographics have different preferences and needs, and knowing your target market will help you sell to them.
strategy and execution
The marketing plan contains the rationale for this decision. The plan should focus on the creation, timing, and placement of specific campaigns and include metrics that measure the results of your marketing efforts. For example, will you advertise on radio or social media? When will you publish the ad if it's on radio or TV?
Set your budget
A marketing plan costs money. In this context, if you know your budget for a marketing plan, you can create a suitable plan, stick to it and prevent uncontrolled spending. It will also help you highlight different areas of your marketing plan.
Change your plan
The marketing plan can be changed at any time based on the results of the metrics. For example, if digital advertising performs better than expected, the company's budget can be adjusted to fund a more effective platform, or the company can start a new budget. The challenge for marketers is to ensure each platform has enough time to demonstrate results.
Without the right metrics to measure marketing reach and impact, a business doesn't know which campaigns to repeat and which to abandon. Retaining ineffective leads leads to unnecessary increases in marketing costs.
Digital marketing shows results in near real time, while TV advertising requires rotation to achieve market penetration. In the traditional marketing mix model, the marketing plan falls under the category of advertising, one of four terms introduced by Neil Borden to describe the marketing mix of product, price, advertising and location.
Marketing plan versus business plan
A business plan describes how the business as a whole should operate and be operated. A business plan is a roadmap for a company. It will cover the goals, mission, values, meaning and strategies that the company will use in its daily operations and in achieving its goals.
A business plan includes an executive summary, product and service sales, marketing analysis, marketing strategy, financial planning, and budgeting to name a few.
As mentioned, the business plan includes a marketing plan that focuses on creating a marketing strategy that describes how to make the public aware of the company's product or service, reach the target market, and increase sales.
Marketing plan example
John has developed a new business idea that he believes is unique in the market. He decides to start a business, and his first step is to create a business plan that outlines all of his company's goals, objectives, values, shortcomings, and finances.
John was able to raise enough funds from friends and family to get started, hire a few people, and eventually develop his product. Now he needs to start selling his products and increase sales to keep his business going.
To do this, John creates a marketing plan with the help of a marketing company. The marketing plan consists of market research detailing the target market for John's product, recently retired men.
The marketing plan then suggests the best way to reach that target market. The marketing plan emphasizes radio and television rather than social media because, according to market research, older retirees use social media less than traditional forms of media.
The ads are created for the target market and show how John's product benefits their lives, especially when compared to market alternatives. Once the marketing plan is executed, the marketing team analyzes how efforts translate into sales.
What is a marketing plan template?
A marketing plan template is a document that a person can use to create a marketing plan. A marketing plan template contains all the important elements and various essential words with empty sections. Users can fill in their information about their company in the blank section to finally create their marketing plan.
What is a Marketing Plan Summary?
A marketing plan summary is a summary of your entire marketing plan. The executive summary includes key market research findings, business objectives, marketing goals, an overview of marketing trends, a description of the product or service being sold, information about the target market, and financial planning tools for the marketing plan.
What is a downstream marketing strategy?
A top-down marketing strategy is a traditional marketing strategy. Here, the company decides who to sell to and how, and the customer base is largely passive, taking action as soon as they hear an ad. For example, a downward marketing strategy would include advertising on radio or television. Downstream marketing strategies are usually set by the company's managers. It usually consists of a definition of what the company wants to do and then how it should do it.
What is the Uplink Marketing Strategy?
A bottom-up marketing strategy focuses on finding an effective strategy and building on it to create an effective advertising campaign. Today's consumer wants to make a meaningful connection with a product or service, and a bottom-up marketing strategy is best suited for this purpose. A bottom-up marketing strategy should focus on the target market and how to create value for them.
How much does a marketing plan cost?
The cost of a marketing plan varies depending on campaign length, complexity, and overall strategy. Prices can range from $10,000 to $40,000.
last line
A marketing plan is an advertising strategy that a company will implement to sell its products or services. A marketing plan helps determine who the target market is, how to reach them, at what price the product or service will be sold, and how the company will measure its efforts.
Constantly monitoring and adjusting your marketing plan is an important part of running a business as it reveals the best and worst ways to increase sales. A business will not last long without a successful marketing plan.
