Writing a marketing plan | Victoria Enterprise
Why do you need a marketing plan
A good marketing plan will help you:
- answer key questions about your business
- serve as a reference document to help you execute your marketing strategy
- develop a structured approach to creating services and products that meet the needs of your customers
When writing a marketing plan, you need to be clear about your marketing goals and how you are going to achieve them.
What to include in your marketing plan
Your marketing plan should show that you have thought carefully about how to produce an innovative, unique and marketable product or service.
Marketing plan templates may vary, but a good marketing plan essentially captures the same information. The content of your plan should include:
- a background analysis
- your marketing goals
- a marketing strategy and a marketing mix
- action plans and budgets
- the effects on the organization
- an evaluation and monitoring plan
- a summary of your plan and supporting documents
Background analysis
Provide some information about your business.
Detail the opportunities and challenges your business has encountered along the way. It helps to define your business capabilities and identify opportunities in the market. It will also play a key role in helping you meet your customers’ needs.
Marketing objectives
What do you want your marketing plan to accomplish? Be specific. Your goals can be financial, with the goal of increasing sales, or marketing-focused to build your brand and increase awareness of your product.
The most effective way to define your marketing goals is to follow the acronym “SMART”:
- Specific – What are your goals ?
- Measurable – what will you use as a measure of success?
- Feasible – are the objectives achievable for the company?
- Realistic – do you have the knowledge and resources to achieve your goals?
- Timely – How quickly do you want to achieve your goals?
Marketing strategy and marketing mix
An effective strategy will help you set the overall direction of your marketing program. It will also detail how you will market your products and services in a way that will satisfy your customers.
The elements that make up your marketing strategy are often referred to as the marketing mix. In this case, your mix will include the 7 Ps of marketing:
- product (or service)
- the price
- position
- promotion
- people
- to treat
- physical environment
Action plans and budgets
Marketing strategies and objectives are theoretical objectives. Your action plans and your budgets will be the tools you will use to make them happen.
To ensure the success of your actions, they must be detailed and definitive. Revisit them regularly to track your progress.
Business implications
Many business owners overlook the ripple effects that their goals and actions will have on their business.
For example, if your goal is to increase your customer base by 15% and your staff by 10%:
- Will you be able to accommodate your staff in your current offices?
- Could you outsource some tasks instead?
It is important to consider these decisions and document them in your plan.
Evaluation and monitoring plan
You need to test and measure the results of your marketing activities to ensure continuous improvement.
Whatever method or technology you choose to use, regular analysis will help you understand if your marketing is effective and worth your investment.
Summary of your plan and supporting documents
Summarize the key elements of your marketing plan. Think of it as a quick reference tool you can refer to anytime to keep your goals on track.
Use this section of the marketing plan to reference and attach supporting documentation for assertions or assumptions made in the marketing plan.
