What are the 7 Steps of marketing Plan?
1) Executive Summary
The summary that leads off the marketing plan establishes a consistent tone while setting important annual goals. If marketing is the brand’s story, then the executive summary is the introduction. When writing the summary, it may help to make a list of the major goals for the year and then elaborate on those goals.
The goals set for the next year can be challenging, but they should also be realistic. The business owner should clearly state these goals in the plan, with enough detail for customers to understand the company’s aims and how attainable they are.
An Example
By 2021, Mark realized that his used car business was not reaching enough clients on social media. In his marketing plan, he set concrete goals for Mark’s Used Machines:
- Increase social media traffic by 40% over the next year
However, the marketing plan must also address how the business plans to do this. In the plan, Mark elaborates. The business will:
- Establish a presence on not only Facebook but Twitter and Instagram
- Create 4-5 posts per week that are interesting, informative, consistent in tone, and meant to increase engagement.
2) Target Market
Before writing a marketing plan, small business owners should be confident about their companies’ specific categories or niches. If the owner is unsure about the space the business fills, they should ask themselves: who is the specific demographic they hope to appeal to? What market does it make sense to cater to, and what demographics should the business focus on less?
An Example
Sara’s business focuses on tasty but inexpensive pizza and soft drinks. Especially considering the business’s proximity to multiple universities, Sara’s Slices focuses on college and graduate students in the local area. Sara uses focus groups and other types of research to study this demographic, and she learns that students love to feel like they are getting a deal. Sara introduces different meal deals, such as “Slice and a Soda” and “Two Slices and a Salad,” and her target market brings in even more business.
Intentionally targeting a specific group can help businesses market themselves efficiently while avoiding wasting resources. For example, Sara realized that the older demographic in the town, professionals with higher incomes, already had a wealth of healthy and traditional pizza places to choose from and didn’t mind paying extra. Yet, by focusing on students, Sara learned to monopolize that slice of the market.
3) Use Inbound Marketing to Make the Brand Stand Out
Inbound marketing relies on internal tools to attract customers’ attention and is quickly becoming a staple of marketing plans.
Different businesses find success with unique tools, but most inbound marketing relies on these methods of online communication:
- Social media posts, content, and activity
- Search engine optimization (SEO)
- Content marketing such as blog posts, interviews, podcasts, and more
Each strategy can be powerful in its own right, and businesses can quickly extend their reach when used together. For example, when a business offers a wide range of interesting content, its search engine ranking climbs. As a result, more people visit the company’s website and social media platforms, and the number of clients increased.
An Example
Chris sells cocktail mixers, sets, and other drink-making accessories under Christopher Cocktails. During each holiday, he begins posting cocktail recipes and links to his products. A few months later, there is a buzz around Chris’ recipes, and Chris is ready. He has been working on producing funny, hip videos of professional bartenders making cocktails from his recipes. His business recorded its best sales quarter when he began posting the videos during the holiday shopping period.
4) Identify the Competition
Every successful business owner knows that competition is a fact of life, but how we deal with competition is most important. Unfortunately, while many large corporations devote hours to studying their rivals, most small businesses forget to do so.
However, a strong marketing plan should discuss the evident competition for the target demographic. The marketing plan’s section on competition should include:
- Who the competitors are, and where they are located
- The competition’s advantages and disadvantages
- The competition’s strategy, as far as you know
- How they have responded or are predicted to respond to your business’s strategies
By identifying the competition instead of ignoring it, business owners can figure out how to make their businesses stand out. For example: what can the business offer that its competitors cannot?
An Example
Sara’s pizza business was going well until Pete’s Pizza moved in a few blocks away. Pete also focused on the college and university audience, and he seemed to have studied Sara’s pricing scale and offerings. By loosely imitating Sara’s ideas and prices, Pete captured a part of the market: the students that live close to him. Meanwhile, the students say that Sara’s Slices and Pete’s Pizza are both great but taste the same.
However, Sara continues to study her audience and analyze Pete’s business. Finally, she realizes that Pete closes at 8 pm every day, which is early for students. Sara decides to stay open until midnight Thursday-Sunday, and her business quickly rises to the top.
5) Identify the Company’s Brand
Some small businesses do not completely understand the importance of branding. A strong, recognizable brand can quickly become a company’s most vital advantage over the competition. When business owners are unsure of their brand, it shows, and it weakens their sense of identity as well as the customers’ sense of trust in the business.
Companies should settle on a brand identity early on and maintain it consistently. What does the small business stand for? What makes it different than its competitors? What should local clients associate with the business?
Then, the business owner should write a simple sentence or series of sentences that encapsulate how the business provides customers with what they need and stands out from the competition.
Two Examples
Sara’s Slices sells quality pizza at a price college kids find fresh and tasty and is the only shop in town open until midnight.
Christopher’s Cocktails can help anyone become an expert bartender and is the only store in town catering to professional mixologists and at-home bartenders.
The key to branding is to fuse the main purpose of the business with the evident demand, after committing to the brand, design a clean, simple logo that is interesting, eye-catching, and consistent with the brand.
6) Declare Brand Position to Target Audience
A small business’s brand is what sets them apart. Therefore, in the marketing plan, small business owners should be able to capture the essence of their brand in a simple, clear sentence or two.
This short declaration should show:
- How the business will best meet client needs
- How the business plans to beat the competition
Think of this short piece of writing as a chance to show prospective customers how the business will solve a problem for them and do so in a valuable and affordable way.
7) Budget Wisely
Even the best marketing plan will not work if the business cannot afford it. It is fine for business owners to be optimistic in their marketing plans, but it is also important that they are honest about the company’s current financial position.
Marketing Budget
A marketing budget is one of the final pieces of the marketing plan. Successfully marketing a business can be expensive, and some of the common costs include:
- Paid promotions (Ads on Facebook, for example)
- Marketing software
- Marketing events
- Outsourced costs
- Marketing department or employees (optional)
Marketing Finances
All marketing tactics cost money, so the marketing plan should allow business owners to decide what to focus their time and spending on. In addition, researching what other similar, successful companies have done can help focus efforts on realistic campaigns.
When calculating the marketing budget, focus on:
- Estimated costs
- Funding the business already has
- Estimated time required
- Goals for the marketing campaign
Remember to stay realistic with both the budget and marketing goal. Small businesses that set achievable benchmarks and meet them tend to strive higher and higher as time passes.
Does a Business Need a Marketing Plan?
The short answer to the question above is: yes. A marketing plan shows that the business has put careful thought and consideration not only into the value of the company’s products and services but also what the customer expects. Business owners should be able to readily identify why customers would try their product, how their brand stands out, and what the brand’s message is.
How Does a Business Know What Type of Marketing to Use?
From email to social media to mobile marketing, there are various marketing options to choose from today. We suggest researching each marketing option and developing an original strategy to reach customers.
The key is to select what type of marketing will best suit your small business. Then, calculate a budget and write an excellent marketing plan for your business. If questions arise, contact an experienced business attorney; they should be able to help.
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