basics of a marketing plan
this article provides a basic overview of what a marketing plan is and some simple tips on how to build an effective marketing plan from the start. A marketing plan is essentially the overview document as to how a company intends to implement its marketing strategy in line with its company objectives. The marketing plan outlines how a company will achieve its business goals using marketing effort to support sales activities.
what is in a marketing plan?
Marketing plans needs to be adaptable to external factors and consistent to internal business objectives. Marketing plans are typically built upon a few core components, which include SWOT analysis, industry research, business summary, brand awareness, key performance indicators, competitor analysis, target audience, customer personas, budget management and activity planning.
different types of marketing plans include
Company-wide marketing plan
New product marketing plan
Content marketing plan
Email newsletter marketing plan
Social media marketing plan
ppc (paid search advertising) marketing plan
The size and depth of a marketing plan depends on its overall purpose and general scope of the project. Some marketing plans are created simply for a specific product, or for an entire company strategy. Other marketing plans are designed for a new sales channel, such as a new social media opportunity, or for the entire digital marketing strategy as a whole. A marketing plan should be focused on the key objectives of its project scope.
importance of a marketing plan
Without a good marketing plan it can be easy for a business to misplace efforts, activity and budgets. A good marketing plan helps align focus and mindset towards a common understanding and concentration of efforts.
basic steps how to build a marketing plan
The most simple way to understand how to build a marketing plan is to structure the plan in a practical and logical manner, that includes setting goals, researching the industry, analysing competition, profiling and targeting audience, understanding risks, planning approach, forecasting performance, structuring activities, and finally refine and review.
Once a marketing plan has been created, check it is still suitable to the original objectives, and review the marketing plan to ensure it can be delivered practically within timescales, and that the marketing plan is realistic to its potential achievements.
a realistic marketing plan
It is important to be realistic when creating a marketing plan. Budgets are essential and it must be clear how much can be spent on what marketing campaigns across different types of marketing to ensure a successful balance of effort and return. The marketing plan is only the first steps in the delivery of the overall marketing effort. Each step within the marketing plan must then be explored further to ensure it is satisfactorily and accurately delivered. Marketing efforts must be regularly monitored and refined to provide competitive advantage and stay current with market trends.
Market research is often overlooked and mistaken for general understanding. There can be miscommunications between business and customer in terms of language, understanding and relevance. Whilst a marketing plan does not necessarily cover these elements in detail, it should start to set the framework for the deeper effort involved in providing a high value and successful marketing function to a business.
We hope this article explaining the basics of a marketing plan is helpful. Find out more about that marketing company and our marketing support services.