Business plans help to outline your whole business, but what exactly is a marketing plan? A marketing plan focuses entirely on marketing for your business. If businesses want to go further into their marketing endeavors, they will likely create a marketing plan to help them determine their goals and what needs to be done to help them accomplish these goals.
Different people will have different ideas as to what should be included in their marketing plan. Here are the five steps that you should take when you are creating a marketing plan for your business.
Step One: Look Inwardly
When thinking about your business, consider it to be a person. When you have this in mind, you can create a great list of strengths, weaknesses, and goals. You even want to write down the things that may not seem to be a big deal.
Step Two: Look Outwardly
Next, you will want to look at the threats and opportunities that your business faces. Both of these are external factors that cannot always be controlled, but you can attempt to predict these factors. Your business opportunities may include new markets, products, and other trends that can favor your business endeavors. Threats may include your competition and other technological factors that may give you a disadvantage.
Another thing that you will want to do is make a list of ideal buyers that are a part of your ideal market. You should really think outside the box when you are doing this. You will then want to put yourself in their shoes and think about their habits to see what will be the best way to market to them.
Step Three: Think About Your Strategy
Once you have your list together, you will want to consider what your business has to offer them. If they don’t fit into your target market, then you might want to take them off the list. Narrow down your focus to fit your ideal market. This will help you to create a great strategy.
Step Four: Set Measurable Goals
Start considering details that are measurable. The marketing strategy that you set for your business should include monthly reviews, tracking, measurement, forecasts, budgets, and other factors. You can use your sales leads, business presentations, phone calls, link building, blogs, page views, proposals, and conversion rates to help you.
Step Five: Review and Revise
You likely review and revise your business plan fairly often, and your marketing plan should be the same way. There are definitely some factors that will change from time to time, and the plan should change along with it. Also, you will likely find that some things work better than others. This is something that you will learn as you move forward.