Image by Piti Petdum

If you haven’t completed a strong marketing plan to complement your business plan, you’re missing some salient benefits. An effective marketing plan generates revenue and alleviates uncertainty for your business.

Typically, a marketing plan is a one-year schedule. It outlines how you’ll connect with your target customers, promote your products or services, and achieve your goals.

Components include your definition of your target audience, marketing goals, strategies, budget and key performance indicators (KPIs) to track your return on your marketing investment.

Four tangible values from the return on your marketing investment:

  1. When employees are apprised of your marketing vision, you’ll benefit from more teamwork and employee loyalty. Provide them with an abridged copy of your marketing vision for growth.
  2. Development of a marketing plan means you are up-to-date on your company’s situation. You thoroughly know your company. You’re more aware of your dynamic marketplace.
  3. A malleable marketing plan is an action to-do list. At the minimum, it’s a roadmap to success in the coming year.
  4. Marketing details won’t be forgotten. It keeps the focus on the long-term objectives.

Develop your marketing plan

1. Executive summary

Keep in mind your preferred end results from the specific actions you’ll take. Include your resourceful ideas and voluminous research, but specificity in measurable plans is vital.

2. Situational analyses 

A market analysis should include prospective customer data, segmentation, market-needs analysis and market forecast; a SWOT analysis of your strengths, weaknesses, opportunities and threats; brand’s personality appeal; and competitive analysis.

2. USP

Develop your unique selling proposition — what makes your products or services better than your competitors.

2. Strategies

A mission statement, goals, branding, product positioning and pricing.

In other words, remember the five Ps of marketing – product, price, promotion, place, and people.

Plan your smart goals as in the acronym, SMART:

  • Specific  – who, what, when, where, and how
  • Measurable – determine how you’ll attain your goals
  • Agreed upon – make sure there’s a consensus or agreement
  • Realistic – Make certain you’re being pragmatic
  • Target date – a feasible timeline is best

Marketing plans are also helpful for better time management — once you have determined the annual big picture for your goals — then determine the intermediate steps for each month.

3. Marketing channels

Decide how you’ll reach prospects such as Press releases, TV, radio, social media, Internet, email and/or attending community events.

4. Sales forecasts

Product and market segment, sales channels, responsible departments and managers – all are designed to be tracked.

5. Investment budget

Details about sales programs, management and strategies to track expenses each month.

Additional thoughts

You’ll need input from virtually everywhere in your firm – consider finance, human resources, manufacturing, and marketing. You’ll learn unforeseen insights on problems and opportunities.

Oh, and in this age, consider whether your business would benefit from two options:

  1. Branding and selling your business as green.
  2. Cause-related marketing can increase sales by double digits.

Even after you’ve written your marketing plan, remember you’re not done.

You must be relentless in continuously monitoring your progress. Fine-tune your plan as needed. Figure out what’s wrong and what needs to be done to remedy any undesirable situation.

From the Coach’s Corner, additional resources:

Marketing Solutions for Entrepreneurial Success — Trending: nine powerful marketing strategies — they include new and traditional, plus five solutions to implement.

The Future of Marketing — Choosing AI Tools — Five tips so you can choose the right AI marketing tools.

How You Can Best Profit from Word-of-Mouth Advertising, Customer Service — Ten tips to Increase your sales revenue with word-of-mouth advertising.

9 Tips to Evaluate Online Advertising Options — Are you at a point at which you want to advertise your company on the Internet? But you’re unsure which sites are the best for you?

Best Practices to Manage Your Global Brand, Web Reputation — As you no doubt know, the digital age has brought new challenges and opportunities. Best practices are critical in order to maximize your Web presence and to manage your online reputation.

“Marketing is the distinguishing, unique function of the business.”

-Dr. Peter Drucker

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.