A marketing plan is normally a typical business plan document which is created for the business to explain the existing marketing situation and describe the marketing strategy for the short-term and/or long-term future.
Based on the planning time period a typical marketing plan will be an annual plan.
However, the time period can range anywhere from one month to five years.
The purpose of developing a marketing plan is always to undoubtedly demonstrate exactly what actions and initiatives are going to be carried out to accomplish the marketing goals, objectives and targets.
A major reason for creating and updating the marketing plan is always to establish the business organization on the right road map for achieving business success.
The main objectives of your marketing must always line up with your wider organization goals and objectives.
The marketing plan is typically the key guide you will use continuously to implement your marketing strategy and tactics and evaluate your progress and identify and fix important gaps on time.
Your marketing budget
Within a detailed marketing plan, you’ll formulate the required budget as well as the resources required to carry out the particular tactics explained in your plan.
The marketing plan enables you to display everything you plan to achieve using the specific marketing budget, allowing for management to evaluate the most likely ROI on your annual marketing budget.
The marketing plan is often as detailed as a full 40 pages document and as short and equally effective one-page plan. Actually, beginning with a single page that will explain the main marketing strategy is always a good idea.
By starting with a one-page marketing plan you will be able to maintain your strategy concentrated on the main issues, focused on results and you’ll be able to determine the real key elements for the success of your business.
A great one-page marketing plan will cover these 10 critical for success elements (use 2-3 sentences for each component):
- Marketing Goals and Objective: What is the particular marketing plan meant to achieve?
- Competitive Advantages: How can your current assets, capabilities, services and products fulfill the demands of the customers?
- Customers: Who will be your ideal customer and what are the means for creating long lasting and profitable relationships?
- Competitors: In addition to identifying and analyzing your main competitors you need to describe how your company is unique and different in the marketplace.
- Company and Brand Identity: How can the customer identify your business?
- Specific niche market: What is the particular niche market that the organization has identified and definitely will serve?
- Marketing Channels: What specific channels your business will use to reach and deliver to the specific target market?
- Marketing Techniques and Tools: Exactly what particular marketing and advertising methods are you going to rely on to reach clients?
- Marketing Budget: Simply how much of your respective marketing budget are you going to designate to specific set of marketing and advertising initiatives (budget allocation for maximum ROI)?
- Marketing KPIs and key marketing metrics:
Just as it is important to create your plan it is equally important to implement it which requires ongoing reporting and measuring your progress against your marketing KPIs. Create a basic layout for your marketing dashboard report.