A marketing plan maps out how to best achieve your strategic objectives and get the desired outcome from your resources.
Whilst a business plan helps define the direction and goals you set out for your company; a marketing plan will help you understand how to achieve this. It also maps out how to put your marketing strategy into practice.
The New York Times describes marketing as ‘the art of telling stories so enthralling that people lose track of their wallets’ and for this reason a planned approach is essential.
A marketing plan will help you and your business understand your customers, your competitors, and your market. It is a written document to help you develop a marketing mix that your customers will find attractive and is also an opportunity to plan your promotional activities.
The marketing plan details the strategy that a company will use to market its products to customers. The plan identifies the target market, the value proposition of the brand or the product, the campaigns to be initiated, and the metrics to be used to assess the effectiveness of marketing initiatives. It will consider the 7 elements required to make any marketing strategy successful: product, price, promotion, place, physical evidence, positioning, and people.
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