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Seven in 10 businesses report bigger sales budgets, but money can only take you so far in increasing your revenue through marketing channels. You also need a smart marketing plan that drives customer spending and grows your business.
Learn how to create a marketing plan that provides a step-by-step strategy for improving sales and brand awareness.
Key Points
• A marketing plan defines your target audience, marketing channel priorities, and metrics.
• It’s different from a business plan, but should be designed to support the company’s goals.
• Many businesses budget 15% of revenue for their marketing campaigns.
• Measure and adjust your marketing plan on a regular basis to focus on what’s working and maximize success.
What Is a Marketing Plan?
A marketing plan differs from a business plan in that it focuses solely on your company’s marketing efforts. It outlines relevant goals and provides a blueprint for how to get there. Those goals, of course, should fall under the broader umbrella of your business’s overall goals.
Instead of focusing on the products or services you sell, the marketing plan includes things like brand awareness, market research, and advertising strategies. It should also outline the metrics you’ll use to define success and assign the timeframe and budget you want to stick to.
Why should you learn how to write a marketing plan? Benefits include having a strategic direction, articulating your competitive advantage, and ensuring consistency across marketing channels so you don’t confuse your customers and potential buyers. Plus, having a solid marketing plan keeps your eye on your business’s long-term goals, which contributes to better sustainability in the market.
Marketing Plan vs. Marketing Strategy
A marketing plan is more detailed than a marketing strategy. The strategy is a long-term initiative that directly relates to your overall business goals. The marketing plan lays out the steps it will take to achieve those overall goals.
You can assign timelines, budgets, staffing needs, and other resources needed to execute the strategy. The marketing plan should also include the campaigns and marketing channels the company will focus on.
Key Components of a Marketing Plan
Your marketing plan should include four core sections:
• Timeline and budget
• Specific strategies and tactics
• Marketing channels
• Marketing metrics
However, you can adjust these sections based on the type of marketing plan you need. Some common examples include a go-to-market or product launch plan, a social media plan, an annual marketing plan, an SEO marketing plan, and a content marketing plan.
How to Write a Marketing Plan
Here’s how to make a marketing plan in just five steps.
Define Your Target Audience
Identify the characteristics of your ideal client by listing out common traits such as:
• Age
• Gender
• Income
• Location
• Interests
You can also define their purchase intentions (like what kind of product or service they’re shopping for), lifestyle, or values. This information helps you tailor your marketing campaigns to the right type of buyer.
A good starting point is your customer base to see what kind of person already buys from your company. New businesses can look at competitors and the type of audience they target in their marketing efforts.
Set Your Marketing Goals
Your marketing plan also needs a set of goals, so you know what success looks like. These can include both financial and non-financial targets. Your goals depend on your chosen marketing channels and should be measurable over time.
Examples include things like search visibility, social reach, lead volume, cost per lead, email conversions, customer retention rates, and website traffic. While these don’t directly include revenue goals, your marketing goals can support those financial efforts. If you want to increase revenue by 20%, for instance, an aligned marketing goal would be to increase leads by 20%.
Choose Your Marketing Channels
It’s easier to choose your marketing channels after you’ve identified your target audience, since different buyers tend to be active on different platforms. Some of the most effective types of marketing channels include:
• Email marketing: You can create customized campaigns based on audience behaviors.
• Social media: Create content and develop ads for platforms like Facebook, Instagram, and TikTok.
• Content marketing: Digital content like blogs, videos, and guides can educate your audience and encourage them to buy.
• Search engine optimization: Building an online presence to rank on search engines like Google can build brand awareness over time.
Set Your Budget
Marketing budgets can vary, but on average, small businesses spend about 15% of revenue on marketing expenses. Look at your financial projections and use that percentage as a starting point.
Within that figure, you’ll need to cover everything it takes to achieve your marketing objectives. Remember to include staff, technology, advertising, research, and content production. It’s smart to audit your current marketing expenses and see if there are areas you can cut back on, especially if your budget is tight.
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Measure and Adjust
Once you begin to execute your marketing plan, set regular check-ins to measure and analyze your progress. If you’re managing multiple marketing channels, use analytics tools to track performance for each one. This data can help inform potential adjustments to make to your strategies.
For instance, after doing some A/B testing on two different social media aids, you may realize one version is outperforming the other. You can then pull back on the unsuccessful version and reallocate the campaign funds to the better-performing option. Alternatively, you may realize that your audience responds much better on one platform, which could also impact where your marketing dollars go.
The Takeaway
Once you learn how to develop a marketing plan, you’ll be well-positioned to achieve your business goals using an aligned strategy that appeals to your target audience. But you need a healthy budget to execute the objectives in your plan.
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FAQ
What should a marketing plan include?
A marketing plan should include your target audience, goals, channels, budget, and timeline.
How long should a marketing plan be?
The length of your marketing plan depends on the size and complexity of your business. A small business may just need a few pages to outline the goals, audience, and budget. Larger companies may need 10 or more pages to include all the necessary objectives.
What is the difference between a marketing plan and a business plan?
A marketing plan sets out goals and objectives for the business’s marketing efforts. A business plan, on the other hand, outlines the goals of the business as a whole. The marketing plan supports the business plan, but is less comprehensive.
How often should a marketing plan be updated?
A marketing plan should be updated at least annually, with reviews built in each quarter. You can also schedule an update when a major campaign ends or other business change occurs.
What are common mistakes to avoid when writing a marketing plan?
Common mistakes to avoid when writing a marketing plan include not being realistic with your budget and timeline, not aligning priorities with business goals, and creating objectives without defining your target audience. Completing all of these steps can lead to a successful marketing plan.
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