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Business Plan On Promotion
Navigating unknown areas without a compass is impossible. The same is true for businesses trying to overcome market challenges without a marketing plan. And yet: 50% of small and medium-sized business owners don’t have one, according to Search Engine Journal.
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We get it – creating a marketing plan can be a real challenge, especially if you’re starting from scratch. What should go in? What doesn’t matter?
What your marketing plan looks like will depend on the size and type of your business. Looking at examples of companies in the same industry as the same size and status should be your North Star.
That said, you can always find great frameworks that you can apply to your marketing plan, regardless of the industry. You need to adapt the approach to suit your business and build from there.
A marketing plan can range from a few pages to a detailed roadmap that covers every aspect of the business. To decide on the scope, you need to ask yourself: What is the purpose of my marketing plan?
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For some companies, it is the outline of a specific marketing strategy with concrete actions. For others, it is setting benchmarks to assess results. There are also companies trying to attract investors, so they need a comprehensive marketing plan to outline the future of the company.
Having the goal in mind is the best way to determine what should be included in your marketing plan.
The marketing plan you create must answer the questions: Who are my target customers? How do I reach them? How do I keep them? And that is only the tip of the iceberg.
Every business is unique, so consider what resonates with your goals and your target customers rather than blindly following some template.
Developing The Strategy Within A Business Plan
To help you absorb the essential aspects, we’ve dissected the core elements of a marketing plan, highlighting the key takeaways and best practices with plenty of examples. Think of these elements as stepping stones to your goal.
First things first: you need to start with a synopsis of the marketing plan. This section includes the basic business information and an overview of what you have done, what you plan to do, and how you plan to get there.
The purpose of an executive summary is not to provide detailed information, but to set the stage and pique readers’ interest. All of the sections in the executive summary are a top-level view of the information you will later elaborate on in your marketing plan. Although this is the first section in a marketing plan, it is usually written last.
Here is a great example from Palo Alto Software. The executive summary in this sample marketing plan for an organic bakery is short and simple. At this point, you want to give readers context and set expectations.
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A mission statement is a sentence that describes your business goals and philosophies. This action-oriented statement lets customers know your company’s purpose.
The modern customer values more than price alone. According to Stackla, 86% of consumers say authenticity is important when deciding which brands to like and support.
The outdoor clothing and gear brand Patagonia is committed to protecting the environment. And it’s more than words. In addition to the sustainable products that can be recycled, the brand donates 1% of sales to the preservation and restoration of the environment.
When writing a mission statement, spotlight your company’s ethos. This is not an illusory sentence. It is the core belief of your company. The best way to approach it is to ask yourself, why are you in business, and what problems are you solving?
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You cannot have an effective marketing plan without clear goals. They show the direction in which your business is moving. When deciding on your marketing goals, you should follow the SMART framework – define specific, measurable, achievable, relevant and time-based goals.
Setting marketing goals involves specifying expected results so you can measure performance and take action as needed. By defining the objectives, you must answer the following questions:
In this example from MPlans, the event planning company sets SMART goals that can be easily measured and tracked.
To understand the full potential of your business requires a clear picture of the strengths, weaknesses, opportunities and threats you may face. With SWOT analysis, you can identify all the internal and external factors that affect the success of your company.
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The strengths and weaknesses are internal factors that you can control to some extent, while the opportunities and threats are external factors that come from the environment surrounding your company.
However, being aware of the conditions in which your business operates gives you the insight to make informed decisions about your marketing plan and your business in general.
Here is an example of a SWOT analysis for a perennial farm that grows a variety of botanical medicinal plants. While it produces high quality plants and has business development and horticulture experience, it faces a lack of funding and threats from farms of similar size. However, the opportunity lies in the growing market and the need of customers for a long-term relationship with one botanical vendor.
Based on the information from the SWOT matrix, you can identify the next steps and the best way to achieve your goals.
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The next step is thorough market research. This section should provide an overview of the industry, define your buyer persona, prepare a competitive analysis, and conduct customer surveys and interviews.
Start by analyzing your market. Keeping a finger on the pulse of the sector will help you understand the needs and the potential.
After that you have to decide on the target audience. If your product is good for everyone, it means it is good for no one. Having a target audience leads to targeted marketing effort and higher conversion.
Even though each customer is unique, you can create buyer persona profiles with characteristics common to your target audience. Here you need to define information such as demographics, location, interests, purchase intent, and anything else relevant to your target audience.
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In this example of Cyberclick, you can see all the essential information, goals, pain points, research methods and tools used during research, but also how the company can address the needs of customers.
Competitive analysis is an important part of market research. Keeping an eye on your competitors gives you an overview of their strategy and allows you to prepare accordingly.
Not sure what competitive analysis looks like? Here is an example of the elements you should include and differentiate yourself from your competitors.
Another important segment for market research is mapping your customers’ journey from first contact to making a purchase. The best way to gather information is by conducting customer surveys or interviews.
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Explore the sources and channels your target audience uses during research, analyze their steps at each stage of the buyer journey, and understand what motivates them to make a purchase.
Now that you’ve laid the foundation, it’s time to dive deeper into defining the strategy. If you sell products, you must define the marketing mix through the 4Ps: product, price, place and promotion.
Service-oriented companies must define the 8Ps of marketing: product, price, place, promotion, people, process, physical evidence and performance.
Let’s take a look at Warby Parker’s marketing strategy. The direct-to-consumer eyewear company started with a simple goal in mind: to solve the problem of expensive glasses.
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From custom designed cellulose acetate to ultra-lightweight titanium, Warby Parker uses premium materials for its frames. The glasses and lenses range from about $95 to $295, which is generally lower than the competition.
While it started as an online-first company in 2010, Warby Parker opened its first store in 2013. Today, it has more than a hundred brick-and-mortar stores.
The strategy is heavily based on PR, user-generated content, and a mobile app full of user-friendly features, such as hands-on try-on frames with augmented reality.
Setting up a marketing budget can seem challenging – especially for small businesses. However, to implement the projects described in your marketing plan, you must allocate sufficient resources.
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The marketing budget should include all the different facets of marketing – from brand and creative to product marketing, digital, content, events and much more.
While you may have separate plans for each segment, with this Master Marketing Budget template from HubSpot, you can compile individual budgets and determine total marketing costs.
To give you an idea of what a complete marketing plan looks like, we’re sharing seven more examples and templates that give you a step-by-step explanation of the essential elements of an effective marketing plan.
Baton Rouge positions itself as “An Authentic Louisiana Experience” by promoting a rebirth of local passion and enthusiasm. From a detailed SWOT analysis to a well-defined target audience, there are plenty of takeaways you can apply to your marketing plan.
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In this high-level overview of the marketing strategy for the Office of Undergraduate Admissions and its 2021 recruiting cycle, the University of Illinois maps out a detailed marketing plan. One thing that stands out in this marketing plan is the approach to defining objectives, tactics and success metrics for each segment.
HubSpot’s template includes sections for business summary, business initiatives, target market, marketing strategy, budget, marketing channels, and all other important aspects of a marketing plan.
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