Each company, whether small or large, has a marketing arm. Marketing is beyond market research, market intelligence, advertising, and promotions. Most of us know the 4Ps of marketing, product, price, place, and promotion. A 5th P now has also found a significant relevance—People.
Based on different strategic initiatives, a roadmap is prepared to organize, track, and execute the marketing strategies. This roadmap is known as the marketing plan, which may include different strategies for different marketing teams. It’s a document that outlines various marketing strategies and other promotional activities. Let us understand more about the marketing plan.
Marketing Strategy vs. Marketing Plans
Simply put, marketing strategy is how a business will achieve a specific goal or mission. A marketing plan, on the other hand, will contain one or more marketing strategies. A marketing plan is a broad framework from which the different marketing strategies originate. A marketing plan is the actual execution of the marketing strategies. A plan is how you will do it, where you will do it, and when you will implement it.
Before writing a marketing plan, it is essential to define the target market.
Writing a Marketing Plan
A marketing plan should be prepared following this step-by-step process:
State Your Business Mission
The marketing plan must align with the broad business mission. The business mission states the purpose of the business and is like a blueprint on which a further roadmap is developed. As you grow further, the marketing mission has to become fluid to accommodate further strategies to accommodate the changing scenario.
Determine the KPI
When a mission statement is prepared, it is also required to measure the performance of the actions. Key Performance Indicators (KPIs) are the elements that are used to measure the elements of a marketing campaign. These indicators help measure the impact of various elements of a marketing campaign.
Identify Buyer Profiles
Identifying the profile of the buyer is crucial to know how to serve the customers appropriately. A buyer persona will include age, gender, demographics, location, family, and occupation. This is important to satisfy the customer and design the marketing strategies accordingly.
Describe Content Initiatives and Strategies
A well-planned content strategy is extremely important. Since there are a variety of platforms available, you must decide judiciously which mix of content you will be using. A good content strategy will have a consistent message across the platforms, even if the content varies in the form of blogs, videos, podcasts, infographics, etc.
Define Marketing Budget
A marketing plan needs to allocate a budget for the different activities planned. There may be free campaigns, too, due to several available channels, but most activities will be running at a cost. The budgetary allocation is essential to plan the marketing initiatives according to the plan.
Identifying the Competitors
The marketing team needs to map each competitor according to its size and market share. Identifying competitors will also involve identifying their strengths, weaknesses, and strategies. Different competitors within your industry may be approaching different challenges differently, and you may also find some inspiration to overcome your own challenges.
Keep Your Marketing Plan Up to date
Information and environment change over time. It is advisable to change the marketing plan regularly. Depending on the type of business, different variants may often change, demanding a change in the marketing plan.
No business can propel further without a marketing plan. Write a clear plan which includes all the aspects related to marketing. Well-defined strategies can be implemented only if a detailed marketing plan is prepared.