Marketing is important for every company. But a marketing campaign that’s poorly put together is bound to fail and is a waste of money. A proper plan is vital, but it can be hard to know how to plan properly.
We are here to help. Read on for the 7 essential elements of a marketing plan.
1. Do Your Research
Thorough market research is going to be the backbone of any marketing plan. You want to identify your target consumer buying habits and market size.
Also look for market decline and growth, along with any current trends and patterns. Having this information helps you tailor better, more achievable long term and short term marketing goals.
2. Know Your Target Market
Having a thought out target market description helps you identify your consumers. You want to consider at least two to three levels of segmentation.
For example, a language school business could target students. They could also target foreign-born employees looking to improve their desired language.
3. Clear Positioning
What is your brand known for in your marketplace? For example, if you’re a restaurant are you known for vegetarian options or your generous servings? The difference in how your target market views your business is your positioning.
You want to develop clear, compelling brand marketing messages. This will allow you to communicate to your market how you want to them to perceive your business.
4. Competitive Analysis
Knowing who your competitors are, and how your products differ is important. Find out what price point your competitors are selling similar products at.
Also, look at what segment of the market they are targeting. If you know the ins and outs of the competition, it will help you stand out and strive to be better.
5. Market Strategy
Having a marketing strategy is how you’re going to achieve your sales goals. You want to ask how you are going to target and attract your most likely buyers. This is what your strategy should aim to explain.
It should look at the information you gathered on the marketplace and detail tactics. Will you focus on social media, email campaigns, conversational marketing, partnerships or webinars? It should detail what you’re going to do to get access to your target market.
Whether you’re a big or small company, or somewhere in the middle, budgeting is key. Develop monthly schedules on how much you’re allocated for marketing.
Put a ‘red line’ stopper amount in place too. For each activity, put a metric in place that tells you to stop if the return on investment (ROI) isn’t enough.
7. Measure Metrics
Make sure you’re tracking your marketing successes and your failures. Also, keep a record to compare your budget against actual ROI figures. Set test periods of 30-60 days and then review the results.
This will show what marketing campaigns are working and which aren’t. Repeat the ones that are meeting goals and delivering and cut anything that isn’t generating the results you want.
The Elements of a Marketing Plan
If you include these 7 elements of a marketing plan, you are setting yourself up for success. Your marketing efforts will be well informed with a clear purpose, and you will be able to learn from the results.
If you found this article useful, check out our other articles on digital marketing. We have tips and tricks to help you get the most out of your marketing budget.