Many guides on writing a marketing plan are filled with marketing jargon that may sound impressive but lack substance. This guide offers practical advice on creating a marketing plan using simple language.
Reasons to Write a Marketing Plan
The purpose of developing a marketing plan is to strategize how to attract more customers to your business, determine which strategies are suitable, and decide when and how to implement them.
A marketing plan should outline your target audience, how you plan to reach them, and how you will promote your business.
It can be part of your overall business plan for investor presentations, or it can be a separate document.
The main focus should be on acquiring new customers, encouraging current customers to make repeat purchases, and re-engaging inactive customers. It also helps identify your business’s strengths and weaknesses, key competitors, and their marketing campaigns.
This guide will cover what you need to do before writing your marketing plan, how to write one, and common elements found in marketing plans.
Preparation Before Writing a Marketing Plan
Identify your target audience or determine if there is one for your product or service.
Many small businesses fail due to inadequate market research. Avoid relying solely on feedback from friends and family, as they may not be objective observers.
A profitable market consists of people who either need your product or perceive a need for it and are willing to pay for it. Understanding your customers helps you identify the best way to sell to them.
Consider your product or service and who is likely to purchase it. Targeting everyone is less effective than focusing on a specific market. A product or service for everyone is essentially for no one.
Conducting Face-to-Face Interviews
If appropriate, conduct face-to-face market research. Ask people in the community if they see a need for your business and how much they would be willing to pay.
Market Surveys
Identify your competitors and assess their strategies for weaknesses you can capitalize on. Determine if there is heavy competition in the area or if there is an opportunity to fill a gap elsewhere.
Reddit is a valuable digital tool for market surveys. You can gather insights by participating in relevant subreddits or simply reading through discussions.
Writing a Marketing Plan
A marketing plan typically consists of two parts: the brand proposition and the communication plan. The brand proposition defines your business’s purpose and why it meets a need, while the communication plan outlines how you will promote your message.
Understanding Your Brand Proposition
Define the rationale behind the brand you want to establish. Why should people care? A clear brand proposition should include:
Purpose of the brand: Define what your business does and its unique selling points. For example, “We are a locally produced soap product that only uses vegan ingredients not tested on animals.”
Target Customer: Identify who should notice and care about what you offer. Focus on values rather than demographics, such as “Environmentally aware women supportive of local independent businesses.”
Uniqueness: Highlight what sets your business apart from competitors and why consumers should choose you.
Brand Story: Share the story behind your company name if it’s not self-explanatory.
Tone of Voice: Define the language and style you will use to communicate with customers.
Communication Plan
The communication plan is how you convey your brand proposition to your target audience through various marketing channels:
- Direct Marketing: Utilize mail or hand-delivered flyers.
- Social Media: Choose platforms where your target audience is active.
- Out of Home Advertising: Consider digital billboards as a cost-effective option.
- Events and Trade Shows: Ideal for B2B businesses to connect with potential customers.
Creating a Clear and Concise Plan
Make your marketing plan easy to understand for everyone in your team. It should be clear and accessible for anyone to grasp the direction of your business.
Rachael Dines, founder of Shake it Up Creative, emphasizes the importance of having a marketing plan that is easily comprehensible even to those without marketing expertise.
Dines suggests creating a template that is visually appealing and clearly organized, allowing for easy updates as needed.
