How to Create a Fool-Proof Marketing Plan
Do you know how to create a successful marketing plan? With so many facets to keep track of, things can quickly get messy without one. Find out what is necessary when it comes to creating a successful marketing plan for your business in our latest blog.
1. Summarize the Business
To begin, outline your business. Summarize the organization in its entirety to set the basis for what lies ahead. This should include items such as, the company name, where it is located, the mission statement, and values.
2. Set Marketing Goals
Goal setting is arguably the most important part of a marketing plan. Setting marketing initiatives helps you segment and focus on what results the marketing department should strive toward. Make sure to include goals that are measurable by utilizing key performance indicators such as sales revenue, cost per lead, customer value, traffic-to-lead radio, lead-to-customer ratio, landing page conversion rates, and more.
3. Define Your Target Market
Undergo general market research if you have yet to do this. This section should include a thorough competitor analysis, industry competitiveness, and buyer personas. Buyer personas are a description of the ideal customer that includes both demographics and psychographics of each segment of your target market.
4. Develop a Market Strategy
Once you define your target market, it is time to figure out how you can reach them. What sort of competitive advantage does your product or service have over other alternatives? The market strategy should include the “5 P’s” of marketing: product, price, place, promotion, and people.
5. Set a Budget
While price should be included with your market strategy, you still need to itemize individual expenses. Your marketing budget should highlight and describe what your marketing budget will be spent on. This section of your marketing plan should include software expenses, paid promotions, paid influencers, event marketing, and more.
Execute a Fool-Proof Marketing Plan
Now that you know how to generally approach a marketing plan, it is time to execute! Put your newly found knowledge into play. We encourage revisiting past marketing plans to compare and see what worked well, and how you adapted (or failed to adapt) marketing objectives.
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