How To Write A Marketing Plan

A Marketing Plan is an important part of the Business Plan of a business. It covers marketing and promotions, selling strategies, pricing, distribution channels and results. In addition to the steps shown below, you can access this Marketing Checklist (Market Research and Marketing Plan).

The link between your marketing plan and the resulting business plan is vital. When writing a business plan, you need to include a market analysis and a marketing plan. Below, you will discover how to write a proper marketing plan for your business.

MARKET ANALYSIS

Here you need to create a ‘picture’ of your chosen market for the reader (investors, employees, etc.).

Cover products, clients, services, competitors, distribution channels – where you fit in and what you know. You want the reader to conclude that you know your prospective market thoroughly and that you have carried out the corresponding research.

WRITING THE MARKETING PLAN:

Your marketing plan will help your business attract and retain customers and ultimately drive the performance of the business.

You can use the ‘Five Ps of marketing’ as a structure to discuss your marketing plans:

• The right Product
• The right Price
• The right Place (location)
• The right People
• The right Promotional Strategy

KEY ELEMENTS OF A MARKETING PLAN

Executive summary: This provides a high-level overview of the entire marketing plan.

Market analysis: This section includes information about the target market, including demographics, preferences, and buying habits.

Marketing goals: These are the specific, measurable, achievable, relevant, and time-bound (SMART) goals that the marketing plan aims to achieve.

Marketing strategies: These are the broad approaches that the company will use to reach its marketing goals.

Your marketing strategy involves selecting a target market, developing a suitable mix for each and allocating the resources necessary to achieve its goals.

Note that the practicality of your business plan is determined to a large degree by how realistic the sales forecast and the supporting marketing strategy are.

Four variables shape your marketing strategies for meeting customer needs:

• Product features
• Quality of product
• Level of service to the customer
• Price – and this must be profitable to the business

Tactics: These are the specific actions that the company will take to implement its marketing strategies.

Budgets and resources: This section outlines the financial resources required to implement the marketing plan and the expected return on investment.

Evaluation and measurement: This section outlines the metrics that will be used to track the success of the marketing plan and make any necessary adjustments.

Further reading… Marketing Checklist (Market Research and Marketing Plan)