Marketing Strategies For Starting Small Business – A marketing plan is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market. A marketing plan details the outreach and public relations campaigns to be carried out over a period, including how the company will measure the effect of these initiatives. The functions and components of a marketing plan include the following:
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 can be incorporated into a single document, especially for smaller companies that may only run one or two major campaigns in a year. The plan describes the marketing activities on a monthly, quarterly, or annual basis, while the marketing strategy describes the overall value proposition.
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New Product Launch: This is a marketing plan that describes how a new product will enter the market, who it will target and how it will be advertised.
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Social Media: A social media marketing plan focuses on advertising strategies on different social media platforms and how to engage with users on those platforms.
Time-based: Time-based marketing plans, such as those that run quarterly or annually, focus on the time of year, the current state of the business, and the best strategies in that period.
A marketing plan considers a company’s value proposition. The value proposition is the overall promise of value that will be delivered to the customer and is a statement that appears front and center on the company’s website or any brand materials.
The value proposition should state how a product or brand solves the customer’s problem, the benefits of the product or brand, and why the customer should buy from this company and not another. The marketing plan is based on this customer value proposition.
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Establishing your key performance indicators (KPIs) will allow you to measure the success of your marketing plan in relation to your company’s value proposition. For example, if your goal is to engage with a certain demographic in a certain region, you can track social media and website visits.
The marketing plan identifies the target market for a product or brand. Market research is often the basis for target market and marketing channel decisions. For example, whether the company will advertise on the radio, on social media, through online ads or on regional television.
Knowing who you want to sell to and why is an extremely critical component of any business plan. It allows you to focus your business and measure its success. Different demographics have different tastes and needs, knowing who your target market is will help you market to them.
The marketing plan includes the rationale for these decisions. The plan should focus on the creation, timing and placement of specific campaigns and include the metrics that will measure the results of the marketing efforts. For example, will you advertise on radio or social media? What time will you air ads if they are on radio or TV?
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A marketing plan costs money. Knowing your budget for a marketing plan will allow you to create an appropriate plan within that context, stick to it, and avoid runaway costs. It will also help you allocate to different areas of your marketing plan.
A marketing plan can be adjusted at any time based on the results of the metrics. If digital ads are performing better than expected, for example, a campaign’s budget can be adjusted to fund a higher-performing 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 the right metrics to gauge the impact of outreach and marketing efforts, an organization won’t 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 would fall under the category of “promotion,” which is one of the four P’s, a term coined by Neil Borden to describe the marketing mix of product, price, promotion, and place.
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A business plan details how a business will operate and function as a whole. A business plan is a road map for a business. It will cover the goals, missions, values, finances and strategies that the company will use in day-to-day operations and in achieving its goals.
A business plan will include an executive summary, the products and services sold, a marketing analysis, a marketing strategy, financial planning, and a budget, to name just a few items.
As mentioned, a business plan will include a marketing plan, which focuses on creating a marketing strategy on how to make the company’s product or service known to the public, how to reach the target market and generate sales.
John came up with a new business idea that he believes is a niche offering in the market. You decide to start a business, and your first step is to create a business plan that outlines all of your company’s goals, objectives, values, pitfalls, and finances.
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John is able to raise enough capital from friends and family to get started, hires a few employees, and eventually builds his product. Now you need to start selling your product and generate sales to keep your business going.
To achieve this, John, with the help of a marketing firm, creates a marketing plan. The marketing plan consists of market research that details the target market for John’s product, which are recently retired men.
The marketing plan then suggests the best methods to reach that target market. The marketing plan emphasizes radio and television rather than social media, as older retired men use social media less than traditional media, according to market research that was conducted.
The ads are tailored to the target market, showing how John’s product will benefit their lives, especially when compared to alternatives on the market. After the marketing plan is executed, the marketing team analyzes how the efforts translate into sales.
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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 the various necessary languages with blank sections. A user can insert their own information related to their business in the blank sections to create their own marketing plan.
The executive summary of a marketing plan provides a brief overview of the entire marketing plan. The executive summary will contain key findings from the market research, company goals, marketing objectives, an overview of marketing trends, a description of the product or service being marketed, target market information, and how to financially plan the Marketing Plan.
A top-down marketing strategy is a traditional marketing strategy. This is where a company determines who to sell to and how, and the customer base is largely passive and stimulated to take action once they hear the ad. For example, a top-down marketing strategy would include advertisements on radio or television. Top-down marketing strategies are usually determined by a company’s executives. It usually consists of what a company wants to do and then determining a way to do it.
A bottom-up marketing strategy focuses on discovering a workable strategy and then building on it to create an impactful advertising campaign. Today’s consumer wants to engage with a product or service in a meaningful way, and a bottom-up marketing strategy is best suited for this. A bottom-up marketing strategy must focus on the target market and how best to create value for it.
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The cost of a marketing plan will vary depending on the company, the complexity and length of the overall strategy. The cost can range from $10,000 to $40,000.
A marketing plan is the advertising strategy that a company will implement to sell its product or service. The marketing plan will help determine who the target market is, how best to reach them, at what price the product or service should be sold, and how the company will measure its efforts.
Constantly monitoring and adjusting a marketing plan is an important part of running a business because it shows the best and worst ways to generate sales. Without a successful marketing plan, a business may not be able to continue operating for very long.
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