What Is A Marketing Plan? Types And How To Write One

What is a marketing plan?

A marketing plan is a working document that outlines the advertising strategy that an organization will implement to generate leads and reach a target market. The marketing plan describes the information and PR campaigns to be carried out in a certain period of time, including how the company will measure the impact of these initiatives. The characteristics and components of a marketing plan are as follows:

• Market research to support pricing decisions and enter new markets
• Tailored messages targeted at specific demographics and geographies.
• Choosing a platform for promoting goods and services: digital, radio, Internet, trade magazines and a combination of these platforms for each campaign.
• Metrics that measure the results of marketing efforts and the timing of their reporting.

The marketing plan is based on the overall marketing strategy of the company.

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• The marketing plan describes the strategy a company will use to promote its products to customers.
• The plan defines the target market, the brand or product value proposition, the campaigns to be launched, and the criteria that will be used to evaluate the effectiveness of marketing initiatives.
  
• The marketing plan must constantly be adjusted based on metrics showing which efforts are working and which are not.
• Digital marketing shows near real-time results, while TV ads require rotation to reach any level of market penetration.
• The marketing plan is the part of the business plan that outlines all the important aspects of the business such as its goals, values, mission statement, budget, and strategy.

Understanding Marketing Plans

The terms "marketing plan" and "marketing strategy" are often used interchangeably because a marketing plan is developed from an overall strategic framework. In some cases, the strategy and plan may be included in one document, especially for smaller companies that may run one or two large campaigns per year. The plan describes marketing activities on a monthly, quarterly, or yearly basis, while the marketing strategy describes the overall value proposition.

Types of Marketing Plans

There are various marketing programs that suit different businesses and business needs.

Presentation of a new product. It is a marketing plan that describes how a new product will be brought to market, who it will be for, and how it will be promoted.

Social media. The social media marketing plan focuses on advertising strategies on various social media platforms and how to connect with users on those platforms.

Time based. Time-based marketing plans, such as quarterly or yearly, are based on the time of year, the current state of the business, and the best strategies for that time period.

How to write a marketing plan

Mission and value proposition

The marketing plan takes into account the value proposition of the business. A value proposition is a general promise of customer value and a statement that appears in the center of a company's website or in any branding materials.

The value proposition should show how the product or brand solves the customer's problem, the benefits of the product or brand, and why the customer should buy from this particular company and not from another. The marketing plan is based on this customer value proposition.

Set Key Performance Indicators

By defining your key performance indicators (KPIs), you measure the success of your marketing plan in relation to your company's value proposition. For example, if your goal is to interact with a specific demographic in a specific region, you might want to track visits to social media and websites.

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The most effective digital marketing methods in 2020, according to marketers, are content marketing and marketing automation.

Define your target market

The marketing plan defines the target market for a product or brand. Market research is often the basis for making decisions about the target market and marketing channels. For example, does the company advertise on radio, social media, the Internet, or regional television?

Knowing who you want to sell to and why is a very important component of any business plan. This allows you to focus your business and measure your success. Different demographics have different tastes and needs, and knowing who your target market is will help you get ahead in the market.

Strategy and implementation

The marketing plan includes the reasons behind these decisions. The plan should focus on the creation, timing and placement of specific campaigns and should include metrics that will measure the results of marketing efforts. For example, will you advertise on radio or social media? What time would you broadcast the ad if it were on radio or TV?

Set your budget

A marketing plan costs money. Knowing your marketing plan's budget will allow you to create the right plan in that context, stick to it, and avoid unexpected expenses. It will also help you highlight different areas of your marketing plan.

Adjust your plan

The marketing plan can be adjusted at any time based on the results of benchmarking. For example, if digital advertising is performing better than expected, the campaign budget can be adjusted to fund a more effective platform, or the company can start a new budget. The challenge for marketing leaders is to ensure that each platform has enough time to show results.

Without proper measures to measure the impact of advertising and marketing activities, an organization will not know which campaigns to repeat and which to abandon; maintaining ineffective initiatives will unnecessarily increase marketing costs.

Digital marketing shows results in near real time, while TV ads require rotation to achieve any level of market penetration. In the traditional marketing mix model, a marketing plan is categorized as a "promotion"—one of the four terms Neil Borden coined to describe the marketing mix: product, price, promotion, and location.

Marketing Plan Versus Business Plan

The business plan describes how the business as a whole will operate and function. A business plan is a roadmap for a business. It will include the goals, missions, values, finances, and strategies that the company will use in its day-to-day operations and to achieve its goals.

The business plan will include a summary, products and services to be sold, marketing analysis, marketing strategy, financial planning and budgeting, just to name a few.

As mentioned, the business plan will include a marketing plan that focuses on creating a marketing strategy to inform the public about the company's product or service, how to reach the target market and increase sales.

Marketing Plan Example

John came up with a new business idea that he thinks could be sold. He decides to start a business and his first step is to create a business plan outlining all the goals, objectives, values, gaps and finances of his company.

John manages to raise enough capital from friends and family to get started, hires a few employees, and finally builds his product. Now he needs to start selling his products and increase sales in order for his business to grow.

To do this, John creates a marketing plan with the help of a marketing firm. The marketing plan consists of market research that identifies the target market for John's product, i.e., newly retired men.

The marketing plan then describes the best methods to reach that target market. According to the marketing plan, the marketing plan prioritizes radio and television over social media because older retirees use social media less than traditional media, according to marketing research.

The advertisements are tailored to the target market and show how John's product will benefit their lives, especially when compared to alternatives on the market. After completing the marketing plan, the marketing team analyzes whether the efforts are turning into sales.

What is a marketing plan template?

A marketing plan template is a document that a person can use to create a marketing plan. The marketing plan template will contain all the important elements and required language with blank sections. The user can enter information related to their business into the blank sections, eventually creating their marketing plan.

What is a marketing resume?

The marketing plan summary is a summary of the entire marketing plan. The resume will include key market research findings, company goals, marketing objectives, an overview of marketing trends, a description of the product or service being sold, information about the target market, and financial planning. marketing plan

What is a top-down marketing strategy?

A top-down marketing strategy is a traditional marketing strategy. There, the business decides to whom and how to sell, and the customer base is passive and motivated to act upon hearing the advertisement. For example, a top-down marketing strategy includes advertising on radio or television. Top-down marketing strategies are usually determined by company executives. It usually consists of determining what the company wants to do and then deciding how to do it.

What is a bottom up marketing strategy?

A bottom-up marketing strategy involves identifying a viable strategy and then building it to create an effective advertising campaign. Today's consumer wants to interact with a product or service in a meaningful way, which is more suited to a bottom-up marketing strategy. A bottom-up marketing strategy should focus on the target market and the best ways to create value for it.

How much does a marketing plan cost?

The cost of a marketing plan will vary depending on the complexity and length of the company and the overall strategy. The cost can range from $10,000 to $40,000.

Bottom line

A marketing plan is an advertising strategy that a company implements to sell its product or service. A marketing plan will help determine who the target market is, how best to reach it, at what price the product or service should be sold, and how the company will measure its efforts.

Constantly monitoring and adjusting your marketing plan is an important part of running a business as it brings out the best and worst ways to increase sales. Without a successful marketing plan, a business cannot continue for long.

What is a marketing plan? Types and how to write