Marketing plans can get quite granular to reflect your industry, whether you're selling to consumers (B2C) or other businesses (B2B), and how big your digital presence is. Nonetheless, here are a few tips to create an effective marketing plan:
1. Conduct a situation analysis
Before you can get started with your marketing plan, you have to know your current situation.
What are your strengths, weaknesses, opportunities, and threats? Conducting a fundamental SWOT analysis is the first step to creating a marketing plan.
Additionally, you should also have an understanding of the current market. How do you compare to your competitors? Doing a competitor analysis should help you with this step.
Think about how other products are better than yours. Plus, consider the gaps in a competitor's approach. What are they missing? What can you offer that'll give you a competitive advantage? Think about what sets you apart.
Answering questions like this should help you figure out what your customer wants, which brings us to step number two.
2. Define your target audience
Once you better understand the market and your company's situation, make sure you know who your target audience is.
If your company already has buyer personas, this step might just mean you have to refine your current personas.
If you don't have a buyer persona, you should create one. To do this, you might have to conduct market research.
Your buyer persona should include demographic information such as age, gender, and income. However, it will also include psychographic information such as pain points and goals. What drives your audience? What problems do they have that your product or service can fix?
Once you have this information written out, it'll help you define your goals, which brings us to the next step.
3. Write SMART goals
My mother always used to tell me, "You can't go somewhere unless you have a road map." Now, for me, someone who's geographically challenged, that was literal advice.
However, it can also be applied metaphorically to marketing. You can't improve your ROI unless you know what your goals are.
After you've figured out your current situation and know your audience, you can begin to define your SMART goals.
SMART goals are specific, measurable, attainable, relevant, and time-bound. This means that all your goals should be specific and include a time frame for which you want to complete them.
For example, your goal could be to increase your Instagram followers by 15% in three months. Depending on your overall marketing goals, this should be relevant and attainable. Additionally, this goal is specific, measurable, and time-bound.
Before you start any tactic, you should write out your goals. Then, you can begin to analyze which tactics will help you achieve that goal. That brings us to our next step.
4. Analyze your tactics
At this point, you've written down your goals based on your target audience and current situation.
Now, you have to figure out what tactics will help you achieve your goals. Plus, what are the right channels and action items to focus on?
For example, if your goal is to increase your Instagram followers by 15% in three months, your tactics might include hosting a giveaway, responding to every comment, and posting three times on Instagram per week.
Once you know your goals, brainstorming several tactics to achieve those goals should be easy.
However, while writing your tactics, you have to keep your budget in mind, which brings us to our final step.
5. Set your budget
Before you can begin implementing any of the ideas that you've come up with in the steps above, you have to know your budget.
For example, your tactics might include social media advertising. However, if you don't have the budget for that, then you might not be able to achieve your goals.
While you're writing out your tactics, be sure to note an estimated budget. You can include the time it'll take to complete each tactic in addition to the assets you might need to purchase, such as ad space.
Now that you know how to create your marketing plan, is your website helping grow your business?