The rise of social media and influencers has empowered many aspiring entrepreneurs to launch their brands and businesses, thinking that marketing is as simple as advertising on Facebook or Instagram or direct messaging your whole network. However, when it comes to marketing, achieving business success demands a clear plan and a strategy.
The reality is that while you may have an innovative product or service, no one will buy it if no one knows about it. And the best way to get your business in front of the right audience and gain customers is by following a detailed marketing plan. A marketing plan gives you focus, enables better resource management, and provides transparency. Here are the key elements to an effective marketing plan:
1. Business Goals
Business goal-setting should start with a SWOT analysis to evaluate your strengths, weaknesses, opportunities, and threats. For long-term success, ensure your business goals are descriptive and align with your mission and vision. Most importantly, the goals should be realistic.
2. Target Market and Audience
Determining your target audience follows a target market analysis. Compared to the target market, your target audience is more specific. Narrowing down your target demographics enables you to refine your branding and messaging so that the language and tone speak directly to your ideal customers.
3. Marketing Strategy
Your business’s marketing strategy describes its overall game plan for reaching your target audience and converting them into paying customers of your products or services. It is not to be confused with a marketing plan. The marketing plan includes your company’s value proposition and states how your product intends to solve your customers’ problems in a way that the competition cannot. On the other hand, the strategy describes how you relay the message of your value proposition to your target audience. This strategy will likely evolve as you follow marketing trends or decide to focus on specific channels.
4. Marketing Goals
Marketing goals, like business goals, should be specific, descriptive, and realistic. The most effective marketing goals are measurable, detailing key performance indicators and other bench-based benchmarks. Without clear marketing goals, you won’t know if you’ve achieved marketing success or should be re-analyzing your efforts.
5. Budget
Defining your marketing budget keeps you on track financially and helps prevent overspending. Your organization should know how much it wants to invest in its marketing efforts and allocate funds in the right places. When setting up your marketing budget, establish your sales funnel, consider external costs, align business goals, and analyze the competition. Most importantly, understand how much your marketing strategies will cost and if you have the resources to execute them.
6. Roles
Not all companies, especially smaller ones, have in-house marketing teams. Some organizations may outsource their marketing efforts to an agency or hire the services of a consultant. Therefore, before any marketing plan can be implemented and executed, you need to define who does what. Clarifying marketing roles early on prevents miscommunication and duplication of efforts.
For a profitable 2021, explore more business opportunities, recognize potential, and make valuable connections. Let’s talk more about developing an effective marketing plan for your business. Contact us today!
