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Do you have a foolproof marketing plan for your business? Picture this – You’ve decided on the product or services you want to offer. You jump right in and spend your savings setting up shop and creating a list of services and you’re all set. You drop a post on your favorite social media channel, then…. wait for it… crickets! You’ve spent weeks creating an awesome product that you know is really great so why is no one buying?
Instead of asking why no one is buying, ask yourself – Who is your audience? What problems are they having? What services do they need and when? Do your products and services add value for your audience? How will your ideal customer find out about it and be intrigued enough to make a purchase? How will your ideal customer find your products and services and say yes, that’s exactly what I need to succeed? Your marketing plan provides the answers to all these questions and more and if done correctly provides a fool proof method which would guarantee your success. Read on to find out exactly how to create a foolproof marketing plan for your business.
Before you jump head first into creating your marketing plan, you need to first have an understanding about what Marketing is and what it entails. Marketing is a process involving activities which facilitate exchange of value between two or more entities during the process of the movement on goods and services. In other words it is the series of activities which help to take your audience from being aware of your product or service to actually making a purchase and of course keep coming back for more.
Purpose of Your Marketing Plan
A marketing plan is a detailed document which shows you where you are, where you need to go and maps out exactly how you’re going to get there. It firstly identifies the current situation of a company, product or service in terms of its clients, competitors and both internal and external environments. It then goes on to outline marketing strategies, objectives, action plans and financial requirements aimed at not only increasing exposure, attaining and retaining customers but also ultimately increasing profits.
How to Create a Foolproof Marketing Plan
A marketing plan can be as detailed as required based on the size of an organization, whether you are a solopreneur or a multinational organization, complexity of a product or service or its purpose e.g. to secure investors, management team presentation or a startup). For your foolproof Marketing Plan you need to follow specific steps to ensure you capture the bigger picture as well as break it down to define and flesh each marketing activity for your business. If you want to create a foolproof marketing plan you should follow the following key steps:
- Executive Summary
- Situational Analysis
- Marketing Strategy
- Objectives
- Action Plan
- Financial Estimates
- Contingency & Controls
1. Executive Summary
Begin with the end in mind. Your Executive Summary is a brief summary of your Marketing Plan outlining current situation, objectives, expected outcomes and proposed marketing strategy to achieve goals. Even though this is step 1 it is usually done last as it summarizes your entire plan to give you an overall picture of your marketing strategy. It summarizes all the main aspects of your plan and sets the stage for what is to follow.
2. Situational Analysis
You need to know where you are in order to know where you are going. The Situational Analysis identifies the current situation of your business, product or service both within your business as well as your position in the wider industry. It forms the basis for identifying your objectives, strategies, strengths, weaknesses and exactly what you should be focusing on based on sound marketing research. In order to get started, some key analyses you need to perform include:
- Product Life Cycle
- SWOT Analysis
- PESTLE Analysis
- Competitor Analysis
The results from these will guide you in determining which direction you should pursue and what would be most profitable for your business. They will provide with a foundation to create a foolproof marketing plan.
3. Marketing Strategy
Based on findings from your Situational Analysis and stage of Product/ Business Life Cycle, the Marketing Strategy would be the overarching strategic approach that will be used to achieve and exceed the plan’s objectives. Once you have identified and have a clear picture of your current situation, the next step would be to identify your Marketing Strategy. Are you just starting out and need to focus on awareness and growth? Are you defending your position in the industry or looking to break into new emerging niche market? Whichever point you are at in your business, you need to clearly identify the best marketing strategy for your business which would most likely achieve your desired result.
4. Objectives of your Foolproof Marketing Plan
With your Marketing Strategy clearly identified, your next step would be to determine what specific objectives you would need to achieve to get you where you want to be. Based on your strategic marketing goal you can now identify your objectives which need to be achieved in order for you to be successful. These objectives must of course be SMART, that is:
- Specific
- Measurable
- Attainable
- Realistic
- Time bound
This will help to really zero in on what needs to be done and what your key performance indicators should be.
5. Action Plan
This is the most important section of your marketing plan. It details exactly what steps will be taken to achieve your objectives. It includes:
- Definition of ideal client and customer avatars
- Specific actions are to be taken with respect to Pricing, Product, Place and Promotion
- Identification of required business tools and resources
- Digital Marketing Plans including content plans and calendars, blog and podcast schedules
- Timelines and persons responsible
This is the powerhouse of your plan. This is where testing testing, reviewing and revising takes place. You action plan should be fluid and be able to be quickly adjusted and tweaked should the need arise or based unforeseen circumstances.
6. Financial Estimates
Unless you are a non-profit organization, the ultimate goal of your business should be to create sustainable profits. This section will include an overall budget for the plan so management/investors can see at a glance what is required. It will also include a projected Profit and Loss Statement – this is where management/investors can clearly see the expected ROI on the Marketing strategies. In order to create Financial Estimates be sure identify a budget for every single action item identified in your Action Plan. For solopreneurs this will include your advertising and training budget and should of course be taken into consideration when creating your yearly budget for your overall business.
7. Contingency and Controls
Things don’t always go as planned or forecasted. Should any of the threats identified in your SWOT Analysis materialize strategies to mitigate loss should be catered for. Conversely should an unexpected opportunity arise the business should be prepared to capitalize and you should update your action plan and act on it.
Other resource requirements and implications as well as specific measures and KPIs for monitoring and evaluation should also be identified.
Conclusion
In order for your business to succeed you need to spend the time, at least on a yearly basis to carefully plan out your marketing strategy and activities. While nothing is guaranteed, having a foolproof Marketing Plan which includes your Executive Summary, Situational Analysis, Marketing Strategy, Objectives, Action Plan, Financial Estimates and Contingency & Controls greatly reduces the risk of your marketing efforts falling flat and affecting your bottom line. Once you create a foolproof Marketing Plan, however, it makes it less stressful and 100% easier to really create or grow your profitable business.
Are you crystal clear on how to create your plan or do you need further guidance to get rid of that lost or overwhelmed feeling? Let’s have a free clarity chat to discuss your marketing efforts and strategies to best suit your business.
Be sure to book a free call to find out more about the Marketing Services I offer. Subscribe to receive my marketing tidbits delivered straight to your inbox. Be sure to contact me at hello@trudyblackmanmoore.com for a FREE Marketing Plan Guide to get you started!
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