What is a Marketing Plan and How Do You Create One?

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What is a Marketing Plan? Getting Started in 6 Steps

by | Nov 11, 2022 | Marketing

what-is-a-marketing-plan-and-how-do-you-make-one

You want to grow your business, but you have no idea where to focus your attention and budget. With so many different options for getting your message out there, it can be difficult and overwhelming to navigate. Sounds like it’s time for a marketing plan

To put it simply, a marketing plan is an advertising strategy. It’s a plan of action that details how a business intends to reach its target market and generate leads. 

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What a Marketing Plan Does for Your Business

Marketing plans provide a company with strategies to sell its products or services. Using these strategies, a company can better learn about its target market and how best to reach them with its message. A marketing plan also outlines the parameters used to measure how effective these plans perform. Using this information, companies can learn what works and what doesn’t, and develop even more effective marketing strategies. 

Types of Marketing Plans

There are several types of marketing plans. These are not one-size-fits-all, and some businesses may have success with a certain type of plan whereas other companies may have better results with a different plan. The key is to examine the data and learn what is really working in your marketing strategy. Some examples of marketing plans are:

  • New Product Launch: Details the plan to introduce new products to a certain market. This type of plan also outlines who the target audience is and the method of advertising being used.
  • Time-Based Marketing Plan: These plans are centered around a certain time of year, and are often deployed monthly or quarterly. They focus on the current status of the business and the best strategies the company could execute during that period of time.
  • Social Media Marketing Plan: This method centers on social media platforms and how best to leverage them for a company’s marketing strategy. It also focuses on how to most effectively engage the audience on each unique platform. 

How to Create a Marketing Plan 

Writing a marketing plan doesn’t have to be a daunting task. Start with these key components: 

  1. State your business’s mission and value proposition. This is the promise of value presented to the customer and tells the customer how the product or service solves their specific problem. It also details the product or service’s benefits and why your company has the best customer service and is the best place to make the purchase. This value proposition is displayed prominently on branding materials and the company’s website. 
  2. Set up your key performance indicators (KPIs). This involves measuring the success of your marketing plan and determining if your investment paid off with the desired results. 
  3. Find your target market. Conducting market research to determine who is most likely to respond to and ultimately purchase your product or service is a crucial step in developing your marketing plan. 
  4. Build your strategy. Determining the best venue to deliver results is a crucial step in reaching your marketing goals. The choice between radio or television, a billboard or postcard mailers doesn’t sound like a huge decision, it is. Timing is also important – when will your ad be shown to your target market? These may seem like small details but they’re important considerations when it comes to maximizing your marketing efforts.
  5. Figure out your budget and stick to it. Keeping control of your spending is not only responsible but allows for sustainability throughout the breadth of your marketing efforts. Going over budget can eat into other parts of your marketing plan, rendering them less effective. 
  6. Be flexible. Nothing is set in stone. Marketing plans can be adjusted based on the data and metrics revealed throughout your campaign. If something isn’t yielding the results you’d hoped, tweak your strategy!

 

Design Squid Can Help

Creating a marketing plan is essential to making the most out of your marketing dollars. The Design Squid marketing team will work with you to develop marketing objectives that suit your company and your budget. 

Contact our marketing experts today to get started!

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