What Goes Into a Fantastic Marketing Plan?

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market
Marketing strategy concept - many uses for company.

Creating a marketing plan that stands out takes a lot of work. However, some key factors help you draft the ideal marketing plan, such as the level of teamwork in your organization and the execution of the plan. 

An excellent marketing template can help your company create a great marketing plan that will cover every facet of your organization if tailored properly. By that, it means every department should be a significant voice in creating your marketing plan. 

Although the execution of a marketing plan makes it effective, proper strategy organization is equally important. You can’t properly execute a poorly put-together marketing strategy. In addition, the performance of your organization influences your multi-channel integration, brand positioning, and delivery techniques. 

Aside from involving every part of your company in creating a marketing plan, laying out your plan from scratch to conclusion is key to its success. 

Elements of A Marketing Plan

This involves two aspects: what questions to ask before creating a marketing plan and what should make up your marketing plan. 

Questions to Consider Before Drafting a Marketing Plan

The following questions can assess the effectiveness and completeness of any marketing plan:

  1. What are your marketing goals?
  2. What is the cost comparison between your marketing activities and product/service price?
  3. Who does make up your teams, and who leads them in the execution of your marketing plan?
  4. What is your detailed marketing technique?

What Should a Marketing Plan Contain?

A marketing plan is typically a part of a business plan that entails:

  • The strength of demand for certain products or services
  • Description of competitors: strengths and weaknesses
  • Product or service description (product or service features)
  • Pricing strategy
  • Description of your company’s location
  • Marketing (promotions and advertising) budget
  • Market segmentation
  • Execution strategy

Tips for Creating a Fantastic Marketing Plan

Below are certain things your organization can apply to achieve the creation of a great marketing plan:

  1. Stand Out from your Competition 

Like your organization, other companies aim to come out on top in the market, so the industry is naturally competitive. The first step to standing out in the industry is to study your competitors. By studying them, your organization has to evaluate its strengths and weaknesses. 

Next, define your strengths and opportunities against the weaknesses of your rivals. Critically assess your products or services. How do they stand out from others in the market? What can you do to make them unique or distinct? What is the strength of your brand image? Does it compare favorably against your competitors, or is it weaker?

Also, ponder how you can enhance the value of your brand and the diversity of mediums generating traffic for your products or services. 

  1. Clearly Define your Objectives/Goals

Having goals and objectives helps you efficiently assess the performance or effectiveness of your marketing plan. It’s also a blueprint for the success of your marketing campaigns. Goals vary depending on what you want to achieve. For example, your goals can be to increase staff strength, boost production output, improve distribution methods or optimize customer support. 

Whatever the goal of your organization is, outlining them before you draft a marketing plan is essential. It means you’re not charting unknown waters without a map. It also means you have a direction, and you’ll know when the execution of your marketing plan has reached its conclusive stages or needs fine-tuning. 

  1. Utilizing Market Segmentation to Know your Niche Market

Market segmentation is a great way to determine your target market. This way, your marketing campaign or plan is tailored to a particular kind of audience. Having a marketing plan without a defined audience can waste time and resources. For example, a company that manufactures baby food should tailor its marketing plan to parents and intending parents.

It’s imperative that your organization carry out market segmentation before drafting a marketing plan. It would help to use factors such as needs, lifestyle, personality, attitudes, social status, geo-location, and hobbies to segment the market and pick out your audience. 

Various types of market segmentation can be utilized. They include:

  • Geographic market segmentation (tailoring your marketing plan to target residents of a specific location)
  • Psychographic market segmentation (targeting people with a specific or similar psychological profile)
  • Behavioral market segmentation (tailoring your marketing plan to target people with similar hobbies, needs, and lifestyles)
  • Demographic market segmentation (targeting people using factors such as educational level, social status, age, and so on). 
  1. Budgeting

Just like a business plan, a marketing plan should have a budget. How much goes into advertising campaigns? What will be the cost of using certain mediums to advertise? How long can your company keep the advertisement running? One of the perks of an adequately drafted budget is drawing investors. 

While planning a budget for your marketing plan, also include the possibility of setbacks during the execution. There should be reserve funding to tackle setbacks that may arise. 

  1. Build your Strategy to Incorporate Multiple Marketing Channels

The saying, “do not put all your eggs in one basket,” applies here. Your marketing plan shouldn’t rely on one marketing medium to reach your niche market effectively. One of the perks of using multiple marketing mediums is that each comes with its unique advantage. Therefore, combining a number of them for maximum effectiveness is a no-brainer. 

Also, utilize digital marketing mediums to better connect with your customers or target market. There are various options like email marketing, social media marketing, bulk SMS, search engine marketing, etc. Finally and most importantly, pick what works best for your company and budget. 

Conclusion

You can conduct online polls or surveys using emails or social media to collect customers’ feedback from time to time. This data can help you define your goals for the month, quarter, or year. To achieve a fantastic marketing plan, one should apply all the above tips appropriately.