How To Write A Marketing Plan
You'll find that many guides to writing a marketing plan are full of marketing jargon; Buzzwords can be catchy, but on closer inspection they mean very little. This guide provides practical advice on how to write a marketing plan in plain language.
Why write a marketing plan?
Simply put, the purpose of creating a marketing plan is to determine how you can win more customers for your business, what tactics or strategies are right for your business, and how and when you will use them.
You need to decide who you want to sell to, how you will sell to them, and how you will tell them about your business.
A marketing plan can be part of your overall business plan to complement the investor presentation, or you can write a marketing plan in a separate document.
The focus should be on acquiring new customers, persuading existing customers to buy more often and returning inactive customers.
The key to writing your marketing plan is to keep it short, concise and easy for the rest of your team to understand.
Before writing the marketing plan
You need to determine the target audience for your product or service and determine if there is an audience.
Many small businesses fail because they don't do enough market research. Don't rely on what your friends and family say, as they may not be the most objective observers.
> See also: Guide to Conducting Market Research for Small Businesses
Your target market is the people who need your product, or at least the people who have a perceived need and are willing to pay. Understanding your customers will help you determine the best way to sell to them.
Think about your product or service and who will spend the money? Remember that if you aim to sell to absolutely everyone, you will be less successful than if you target your market. A product or service for everyone is a product for no one.
Conduct face-to-face interviews
If appropriate, conduct face-to-face market research. Ask people on the street if they see a need for your type of business in the area and how much they are willing to pay.
Market study
Determine who your competitors are and try to identify weaknesses in their strategy. Can you take advantage of this? Is there a lot of competition in this field or do you fill a void? If not, can you find another more suitable site?
How to write a marketing plan
Your marketing plan should have two parts: your brand image and your communication plan. A brand proposition defines your purpose and why you fill a need, while a communication plan defines how you will convey the message.
Brand proposition
You need to identify the thinking behind the brand you want to establish. Why should people care? A clear brand proposition will have several types:
Brand Purpose: Purpose should define what you do - why we exist....? If you find this difficult, try to identify what you are not doing; This sometimes sets companies apart from the competition. For example, "We are a homemade soap manufacturer that uses only plant ingredients that are not tested on animals."
The goal doesn't have to be a fancy logo or something for the public to see, but it should reflect what your business is about.
Who is your target customer: Who do you think should care about what you have to offer and why? The bigger the target, the better. If you have multiple target customer groups, there should be a sense of priority, perhaps differentiating their value and the order in which you pursue them; It is not always the same.
When considering your target customer, try to think less in terms of demographics, such as "young mothers aged 25-34," and more in terms of values, such as "green women who support local independent businesses."
Pro tip: Visualize your ideal customer and explain how they spend their day to tap into their mindset, attitude and behavior. Are they aware of the cost? Then explain why an expensive bar of vegetable soap is cheaper than a cheap shower gel. Creating this pin image will help you know the best time of day to contact them
What makes you special? What makes your business better than the competition? Some people use the term unique selling point (USP), but in reality it is what separates you from the crowd. You need to articulate how your product, service or business model will give customers a reason to trust you.
What's Behind the Name: If it's not entirely clear (this is usually a good place to put a name), what's the story behind your business name? Have a story you can use in your marketing or press release?
> See also: Funny UK Company Names
Voice: This is important. The way you want to present yourself to your potential customers, the kind of language you use and the style of your home should be consistent. For example, if you set up a financial advisor, you want to get insurance and be an elite. A new baby product can be confusing. Ben & Jerry's ice cream still has that '60s counterculture vibe, even though it's owned by Unilever.
Pro tip: Create a mood board to showcase Voice or other brands or services that share the same philosophy as you.
Communication board
If the brand proposition wants to impress everyone, the communication plan is how to get the message across. Again, this will be determined by your target audience. Marketing channels to consider include:
- Direct marketing - by mail or flyers
- Social Media - Where do you want your target audience to go? Instagram, TikTok or Facebook if it's an older demographic
- Outdoor Advertising – The cost of renting space in a digital ad can be less than you think. Digital screens, even in central London's busy Soho, for example, cost £700 per screen for two weeks.
- Events and Fairs – Ideal for B2B companies where they can meet potential customers
Set a budget
You also need to consider the cost. Budgeting is important and will help you control your advertising spend. Consider which of these marketing strategies will provide the best return on investment.
You can ask similar companies in other fields how they do when it comes to advertising. You'd be surprised how generous people are with their time. Talk to people in a similar position, but not to companies that compete directly with you.
Spread the message
Clearly defined goals will allow you to monitor your progress over a period of time.
Does your message need to be short and to the point, or will your customers be willing to spend more time learning what you have to offer? Regardless, there are some key points to consider that you should include in your marketing materials to make them more persuasive:
- Explain the problem your customer is facing and identify the need for your product or service
- Emphasize the importance of resolving this issue as soon as possible
- Explain what makes your business different and why people will benefit from buying from you
- If you have, provide examples of satisfied customers and their feedback
- Clear and precise explanation of prices and how to pay
- If you can, offer some sort of guarantee about the quality of your work or product, or offer an incentive or discount if you respond within a certain time frame.
Set goals and evaluate progress
Clearly defined goals will allow you to monitor your progress over a period of time. Use SMART goals as a helpful way to reach these areas. SMART means that your goals should be specific, measurable, achievable, realistic and time-bound. You can include sales goals, how much you want to earn, demand level goals, and more.
You should do a brief progress once a month to see where you are and if those goals need to be adjusted. However, if you're not hitting goals, don't jump into adjusting goals right away. Other changes can be made to your marketing strategy that will allow you to do more.
Reviewing the plan will help you learn from your mistakes and adapt. Always keep your desired outcome in mind when writing your marketing plan. Planning is therefore an important tool to help shape the future of your business.
Top tips for writing a marketing plan
- Keep it short, concise and simple for the rest of your team to understand
- Conduct initial market research – on the road if necessary
- Create a brand proposition and a communication plan
- Know your budget
- Set goals and evaluate progress
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