A marketing plan is an operational document or report that lays out the marketing efforts of a business to organize, execute, and track their marketing strategy in an upcoming period as marketing plan details the outreach and PR campaigns to be undertaken over a period in simple words, it helps you get a clearer view of the marketing activities as it can help you better understand your company’s marketing goals and how to achieve them.
The marketing plan should be adjusted on an ongoing basis based on the findings from the metrics, a well-researched marketing plan can help you:
- 1- Understand your business
- 2- Align marketing goals
- 3- Assists in the growth of the business
- 4- Make better decisions
- 5- State and review the marketing mix
- 6- Ensure everyone is on the same page
- 7- Stay focused on what’s important
- 8- Increase market share
Types of Marketing Plans
- 1- Quarterly or Annual Marketing Plans
- 2- Content Marketing Plans
- 3- Paid Marketing Plans
- 4- Social Media Marketing Plans
Step one: Write a simple Business summary.
When we start creating a marketing plan we should know and write your business summary and this includes: the organization’s name, its mission statement, where it's headquartered, describes the nature of the business, services offered, and markets served, its vision, its mission and at which situation the business is now. Business summary while describing your business it should describe the problem that it solves, your target market, and financial highlights as it helps you start and grow your business by refining and tightening your concept, determining your priorities, and making the rest of the process easy.
Step two: Business Initiatives
It’s an important element of a marketing plan that helps the business segment the various goals of your department, what you’re hoping to achieve and how, capturing customer insights, comprehensive review or audit of the business, highlighting market values that seek to improve an organization's work environment, company culture or overall business strategy.
Business initiatives are the map route to your destination and it can comprise multiple projects, and several strategic initiatives can function together to achieve a larger, more visionary goal.
Step three: Customer Analysis
In this step you need to do some basic market researches and study will help you describe the industry you're selling to and your buyer persona which is a description of your targeted customer by finding these customers who may encourage your business to look at product development from:
- • Age
- • Location
- • Title
- • Marital Status
- • Goals
- • Personal challenges
Customer analysis can be broken down into a behavioral profile and a demographic profile as it is simply a tool that can help your business better understand current and potential customers, so they can increase sales, engagement, and grow your business.
Step four: Competitive Analysis
Competitive analysis in marketing and strategic management that it’s the process for identifying competitors in your industry, researching their different marketing strategies involves researching major competitors to gain insight that can help you learn the ins and outs of how your competition works, your business in which level of competition in the market and it helps you identify your product's unique value proposition, what makes your product different from the competitors and your businesses’ opportunities in the marketplace.
You can do this analysis at a high level, or you can dive into one specific aspect of your competitors’ businesses, you need this step to know how you will face and defend your business from this competition and not be affected negatively by your competitors.
Step five: SWOT Analysis
SWOT Analysis stands for the business's strengths, weaknesses, opportunities, and threats by Identifying these parts, reviewing or auditing the business which highlights market values, market potential, and opportunities.
This technique is designed for use in the preliminary stages of decision-making processes and can be used as an evaluation of the strategic position of organizations, often answer the questions you may have to generate meaningful information for each category to make the tool useful and identify their competitive advantage, with all these valuable information and analysis can be a framework used to evaluate a company's competitive position, to develop strategic planning and it’s important to keep the analysis accurate.
Step six: Marketing strategy
In this step you use the information you collected to describe how your company should approach the market as it refers to a business's overall plan to reach prospective consumers and turning them into customers of your products or services as it is a document that details the specific types of marketing activities and it’s important in this section you should identify the "four Ps of marketing":
- • Product
- • Price
- • Place
- • Promotion
The marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements as business executives draw a successful marketing strategy from market research. They also focus on the right product mix so that they can get the most profit.
Step seven: Marketing Budget
In this part, you can’t mistake the budget element which describes how much money the business has allotted the marketing team that can include expenses such as paid advertising, sponsored web content, freelancers, and new marketing staff, a registered blog domain, and marketing automation software.
Marketing budgets can range from small to astronomical amounts depending on the scale of the business and the importance of marketing on sales within the company’s industry, among other factors.
Step Eight: Marketing Channels.
A marketing channel is a system that ensures the distribution of the merchandise from the producer to the consumers by passing it through multiple levels known as middlemen, this includes a list of your marketing channels where you'll publish the content that educates your buyers, generates leads, and spreads awareness of your brand as the roles of marketing channel in marketing strategies as it links producers to buyers, customizes profits, install, maintain, offer credit.
Tiye Solutions focuses on each step of the marketing process as marketing is an important part of every successful business that plays a huge role in starting, sustaining, and ultimately expanding a business.