Have you ever thought of how to write an effective marketing plan for your new business? The basic thing people think about when it comes to starting a business is writing a business plan.
While that is highly essential for kick-off, an effective marketing plan for your new business is very important for sustainability and growth.
It is important to note at this point that a marketing plan is one area of business sustainability that the most successful businesses never joke with.
Trackback to all the sustainable business models and even businesses, they all have a root tracing back to a clear, definite, and effective marketing plan that is yielding amazing returns.
What then is a marketing plan and why is it this important for my new business?
This expository article goes deep to bring new light to how you can grow and sustain your new and budding business by teaching you one step after another, how to write a clear and effective marketing plan for your new business.
What is a Marketing Plan?
A marketing plan is a detailed business document that defines the current financial state of a company, where they want to be in terms of finances, and how to get there.
Just as a business plan takes you through several stages of a company’s executive summary through SWOT analysis, down to organizational structure, a marketing plan goes even deeper but focuses mainly on marketing.
Let us take a moment and look at the common differences between a business plan and a marketing plan.
What is The Difference between a Marketing Plan and a Business Plan?
A business plan covers the total business strategy which includes financial plans, target markets, products and services, organizational structure, etc. while a marketing plan pays very clear attention to the marketing dynamics of the company which involves marketing strategy, target markets, audience, messaging, etc.
Basically, the business plan identifies the goals and mission of the entire business while the marketing plan details exactly how those goals would be achieved and possibly exceeded in record time.
Why Do I Need a Marketing Plan for My business?
If your major focus is to grow your business to a stage where it would sustain itself, then you need an effective marketing plan tailored for your unique marketing journey.
A marketing plan is essentially a guide that helps you promote and strategically grow your business as the “bottom line” of your business is dependent on how much your business pulls in and records as profit after every expenditure per time.
An effective plan would end up being the very force that drives the growth and sustainability of your new business and so, to make the best out of your marketing efforts, you need a plan that details a strategic approach to make every marketing dollar count and return a good ROI.
How Do You Write a Simple Marketing Plan?
To write an effective marketing plan, a few things must be in place to write an actionable marketing plan for your new business; they are a few step-by-step procedures and they are explained better below.
1. Define Your Company’s Current Situation
There is never going to be an effective growth strategy without first understanding where your new company or business is in financial terms.
Is your business new and taking off from the scratch? Has it been in existence but needs a different marketing approach?
Understanding the current state of your business is a better way to clearly define what things have not been working fine so far and what things must work.
For instance, if you would like to make $5,000 per month in your coaching or consultancy business but are not doing it at the moment, it makes sense to find out how much you are making currently.
With that in mind, you can take it a step further to find out what things you are doing to make such a figure and what “scalable” part of the things you are doing now that can be scaled to increase your income as a coach or consultant.
It is a simple thing to do at this point because you’d not be looking for an alternative strategy if you are satisfied with the results you are getting now.
Understand where you are at now and you can easily find out what next steps to take to turn your business income around.
2. To Write an Effective Marketing Plan, You Must Clearly Define Your Marketing Goal
Having found out your current state, it is important to create a (daring) marketing goal that agrees with where you would like to be.
Let us look at that consultancy business again.
You are currently making $5,000 and you’d like to make $12,000 per month; this is the single most important goal.
Goals can be further subdivided into smaller chunks of actions backed by time but the core of it is to find out what marketing goal you want to achieve.
Some goals may be to have 3,000 email subscribers in 2 weeks or to have 50 people subscribe to your premium coaching program in 2 months.
Have “that one clear marketing goal” and your marketing efforts would have their shape built around it.
3. You Must Define Who Your Ideal Audience Is You Want To Write an Effective Marketing Plan
We will stick with your coaching program as we work our way through the easy, practical steps to write an effective marketing plan for your new business.
In simple terms, there is no need to aimlessly spread your marketing message to anyone who cares to listen.
Aimlessly spreading your marketing message is the chief reason why so many marketing campaigns never work out.
There is always going to be an audience section for every business or product.
A Detailed Customer Avatar Is Important
Say your coaching program is for women who are not very comfortable with their gained weight, this detail is not enough to pass such a message to the right audience.
Creating a customer avatar for your “one ideal client” the best way to ensure that your marketing efforts would yield the best results possible.
If your premium coaching program is sold at $500, then you should watch out for people who would comfortably shell out $500 and not even feel it; that is who a premium client is (among other definitions).
An effective marketing plan should clearly define who an ideal client is (down to how much they weigh at the moment and how much weight they want to shed off) so that the message targeting them would get to them at the best possible time.
Check the headline below
“35 Year Old Michigan Lady, Annalisa Sheds off 10 Pounds in 2 Weeks. Here is How She Did It without Stress and Spending Much”
It is a rough sketch but it captures specific details that would loudly call out your audience in a second!
4. Study Your Competitors
Having defined your ideal customer in your marketing plan, it must clearly state who your competition is.
Thorough research should be carried out to find out who your fiercest competition is and what area of their marketing effort makes them stand as a competition for you.
It is important to have this in your marketing plan because marketing effort revolves around beating competition to the market share while maintaining your company culture and identity.
5. The Place of Budget Utilization
In marketing, budget is everything!
Big corporations have huge budgets and that is why they can afford to run PR advert campaigns seamlessly without having any measurable results recorded.
You must write an effective and actionable marketing plan If you must succeed in your marketing campaign. You must also clearly state your budget in your marketing plan and how best to utilize such a budget to get the most out of the campaign.
A small budget cannot yield the same result that a huge budget would yield but with the best strategies in place and effective budget utilization, your campaign would hit your goals and go beyond.
Let your marketing plan clearly define your budget and how your marketing team should utilize such a budget optimally to get the best ROI possible.
6. Define Your Strategies & Tactics
A good marketing plan seeks to target prospects at all stages of the marketing cycle.
Some marketing tactics are suitable for cold traffic while some are suitable for warm traffic or audience.
Whichever audience your marketing campaign is looking to attend to, clearly state the tactics that would be employed to target a particular audience section.
An effective marketing plan should include a variety of tactics to be used to reach proposed clients at all points in the sales cycle.
For instance, you can combine email marketing with traditional billboard advertising to reach even people who would not ordinarily check their emails as often
7. Tracking & Measuring Success
Clearly define which metric to measure and which not to measure.
Every marketing campaign has a goal and that goal defines which Key Performance Index (KPI) to measure.
For instance, if your goal is to have 3,000 people sign up to your email list, it gives a clear metric to measure and if the number doesn’t hit 3,000, you would easily figure out which part of your funnel resisted your prospects from signing up.
Say, you want 50 premium clients in the next 2 months, you can easily measure everything around how many signups you got over a specified time and not just measuring every available index.
To write an effective marketing plan, you must understand that it is very crucial to the growth of any new business.
If your marketing campaign is to return a great ROI, then you must strategically follow your marketing plan.
There is every need to go further than creating a business plan and create a marketing plan that would lay in clear details, what must be done and how they must be done to get to a desired financial destination for your new business.
Every business has a great potential f breaking into the market and dislodging the giants already existing in the industry but that would not happen if you do not strategically plan every marketing campaign with an effective marketing plan for your new business.