An important part of successful marketing is to create a marketing plan each year. An exceptional marketing plan includes analyzing the strengths and weaknesses of your business along with data about your customers and competitors. With this information, you can create a marketing strategy, set your budget, and decide what technology and marketing channels you’ll use.
What should be included in a marketing plan? Your marketing plan may be a long document that contains extremely detailed information. It’s a good idea to also have a short version that contains an overview that can be used for quick reference.
Business Summary
Start with an overview of your business that describes what type of business it is and where it’s located. If you have multiple locations, list these. Include your mission statement and identify your marketing leaders. Listing your marketing leaders is especially helpful if your marketing team is large.
Analyzing Your Strengths and Weaknesses
To know what your marketing plan should focus on, you need to look at the strengths and weaknesses of your business. This is known as a SWOT analysis and it summarizes your:
- Strengths
- Weaknesses
- Opportunities
- Threats
Plan to work on improving areas where the company is weak while leveraging your strengths. Consider opportunities that may lie ahead and how you can best capitalize on them. What threats may get in the way of your growth and progress?
Initiatives
What are the business initiatives you plan to focus on in the coming year? Outline marketing projects and how you can measure the results of these initiatives. The goals you set should be specific and measurable and clear target dates should be set for things you plan to do.
Analyzing Customers and Competitors
Do you have a clear picture of your target customer? Consider their age group, income level, where they live, and what their pain points and triggers are. Create a buyer persona to represent the type of customer you’re trying to reach.
Your ideal customer has multiple choices of who they can do business with, so it’s important to take a close look at your competitors. Look at what they’re doing well and where there might be gaps that you may be able to fill. Evaluate their prices, market share, offerings, and positioning.
Your Marketing Strategy
Once you’ve done the above, it’s time to think about the best way for your business to approach the market. Detail how your product or service can solve the challenges faced by your buyer persona. What’s your price point, and is it competitive and realistic? How do you plan to promote your business?
Think about different social media platforms and where you’re most likely to find and engage with your target audience and make a plan to get started. Plan your marketing budget and the best way to allocate your money. Is there marketing software that can help to improve the ROI of your business?
Reach out to Softline Solutions for help with your marketing plan or help identifying the best social media channels for your business. We can help you grow your business and your online presence.
