Writing a marketing plan doesn’t have to be a nightmare, but it can feel like one if you don’t know where to start. However, with the right framework, you can create an effective marketing plan that will stand up to scrutiny and help your business thrive! In this article, we’ll be diving into 7 critical steps to create an outstanding marketing plan for your business. This should help you have an edge against your competitors and reach success.
1. Start with an executive summary
Start with an executive summary. The executive summary is a one-page document that explains your business and its goals in the simplest possible terms. It’s an intro, but also a mission statement, elevator pitch, and cheat sheet all rolled into one.
Start with a summary of your business: What kind of product or service do you offer? Who are you selling it to? How does your company differ from competitors? Why should customers want to use or buy from you instead of someone else?
For example:
- “Our online store sells products from local artisans from around the world at affordable prices by offering free shipping on all orders over $25.”
- “We’re perfect for shoppers who love unique finds but don’t have time for long trips across town or overseas.”
2. State your company’s mission and vision and values
You can start by writing down your company’s mission statement and vision statement. By now, you have a good idea of what your business does, and how it operates. Think about how your organization will look in the future — what kind of company do you want to be? What would that company look like? What are some words that describe it?
This is where a lot of people get confused. Values aren’t just a list of words that sound good together — they’re principles that guide your company’s behavior. For example, if one of Disney’s core values was “fun” (which it is), then fun isn’t just something they do. It’s an underlying principle guiding everything they do — from how employees interact with each other and their customers, to the design details on their souvenirs and attractions.
3. Identify the market and competition
The first thing to do when creating a marketing plan is to identify the market and competition. This will help you decide how to best target your audience, and what direction you should take with your marketing strategy.
- Who are we targeting?
- What do they need?
- How much disposable income do they have (how much does the average person spend on our product)?
- What products or services are already available for this audience?
This information will help you define who your competitors are and give you insight into how big of a piece of their pie they have in comparison to yours.
4. Define your target customer
The first step in creating an effective marketing plan is defining your target customer. Who are you trying to sell to? What do they need and want, and how much are they willing to spend on it?
The more detailed this information is, the better—you’ll be able to make informed decisions about where and how best to reach your audience with your products or services. You’ll also be better equipped if you decide that there’s a market for other types of products or services.
5. Outline your marketing goals
If you’re creating a marketing plan, it’s a safe bet that you want to see results. That’s why the first step in creating your plan is to clearly define what those results look like. Your goals should be SMART—specific, measurable, achievable, realistic, and time-bound. For example: “Increase sales by 20% by the end of the year.”
6. Present your marketing strategy
After you’ve thoroughly researched your target audience, it’s time to present your marketing strategy. This is an important step because it will give your company direction and allow everyone on the team to understand why they are doing what they do.
The first thing you will want to do is define your target audience. This should include answering questions like – who are these potential customers? What do they care about? How can we reach them? What channels or mediums should we use to reach this group of people?
Next, determine how many people are in each segment (i.e., age groups).
You can then divide that number by a specific timeframe (monthly/yearly) so that you have an estimated size for each segment at any given moment in time (or over a period of time). That way, if one segment begins growing faster than another, you know where most of your growth will be coming from and can adjust accordingly when necessary!
7. Define your marketing budget
A marketing budget is the amount of money you have set aside to spend on all aspects of your marketing, including:
- The research and planning stage (marketing audit, SWOT analysis)
- The content creation process (produce white papers, articles, blogs, etc.)
- The launch phase (purchase ad space)
Once you’ve defined your budget for each stage in the process and for each channel you want to use for marketing efforts—social media advertising, search engine optimization (SEO), email marketing campaigns—you can move on to creating a detailed plan for how all of this will work together over time.
Conclusion
So you can see that creating a marketing plan involves more than just compiling lists of information. It’s also a process of developing ideas, assessing risks and opportunities, and ultimately finding ways to share your brand with the world. A good plan is a foundation for success in any business venture, including yours! And if your business is already up and running?
Well, then you need to be reviewing and updating it regularly so that when growth is needed – or crisis strikes – you’re ready with all hands on deck! You may want to go back over this guide once again before getting started on your own marketing plan, but don’t hesitate any longer. It’s time now to get out there and get organized! Good luck!
