Creating the best market plan deals with planning a marketing strategy designed for a certain period of time and its implementation in a certain market. Planning is actually about the strategy and guidelines that management applies to sell its products on the market and achieve sales targets within a given timeframe. The company’s management or marketing team must anticipate market trends and try to achieve the goals set within the said deadline.
The marketing planning process describes how a company can make its product successful and an overview of the target market and market segmentation. The process deals with the selection of a target market and how to enter the market with the product. Today, it is necessary for a company to successfully pursue its marketing strategy to reach its target market. In order to give the company an idea of where it would like to see its business in the future, a marketing plan is introduced. Your product’s survival depends on the implementation of the marketing strategies with strict compliance.
- 1 What Is a Marketing Plan and Why Do I Need One in 2023?
- 2 Tips to Create the Best Marketing Plan in 2023
- 2.1 Define Your Marketing Goals
- 2.2 Set a Goal and a Budget
- 2.3 Evaluate Your Current Situation
- 2.4 Conduct A SWOT Analysis
- 2.5 Build Your Influence
- 2.6 Research Your Market
- 2.7 Define Your Target Audience
- 2.8 Leveraging Employees as Thought Leaders
- 2.9 Develop an Activity Plan
- 2.10 Champion One Social Channel
- 2.11 Develop a Good Strategy
- 2.12 Build Rapport through Email
- 2.13 Measure Your Performance
- 2.14 Blog Strategically
- 2.15 Research That Impacts Your SEO
- 2.16 Survey, Listen, and Learn
- 2.17 Leverage Social Media Advertising
- 2.18 Leverage Google’s Local Offerings
- 3 Developing a Strategic Marketing Plan
What Is a Marketing Plan and Why Do I Need One in 2023?
A marketing plan is a document that companies use to outline their marketing strategy and determine how they want to spread the word about their products and services. It typically covers all steps a company takes to successfully implement a marketing campaign. You can create a marketing plan that gives you an overview of your company’s overall marketing strategy or simply focus on a few key areas such as sales, customer service, and marketing tactics. Targets should be clear and concise, as they should be based on your company’s business goals for the next few months.
Tips to Create the Best Marketing Plan in 2023
Most marketing plans include several key elements that help you determine which strategies you want to implement. Note that there may be variations in the marketing plan you need depending on your industry and the goals of the marketing team. There are some fundamental steps that are essential in creating your marketing plan. With these guidelines, you can create a marketing plan that works specifically for your business. Following this guide will set the stage for everything that is to come.
Define Your Marketing Goals
The first phase of the marketing planning process is to define the goals you want to achieve. Before setting business goals, you should also plan a marketing budget for the year. Remember that the vision of the company describes what the company stands for and where it wants to go, and you should be aware of this ultimate goal while staying within the budget. Implementing the right plan can also avoid the risk of failure and satisfy the target market without any problems. It also drives and influences your team to invest their time in achieving the goals of the company by using the resources productively.
When you develop goals, you are responsible for monitoring and executing what is needed to achieve them. A good strategy to do so is to write them down in a SMART format to ensure accountability. The goals can be internal, externally focused, or both, and they should be written in a format consistent with the business goals they represent. The SMART format implies the following approach: “Specific, Measurable, Attainable, Realistic and Time-bound.” It represents your company’s goals in terms of time, scope, and feasibility.
Set a Goal and a Budget
Every business needs a direction. Every marketing campaign needs to start with a goal and a budget.
This is perhaps the only free marketing strategy in the world.
Without a goal and a budget, it becomes exceptionally difficult to determine whether or not your campaign was successful.
Plus, according to Stips.io roundup of 2022 marketing statistics, marketers that set goals for their campaigns are 429% more likely to report success.
As Forbes contributor Jayson DeMers says, this makes sense because:
Let’s take a look at a few tips for setting your marketing campaign goal and budget:
- Choose 1-5 KPIs to measure. The most popular KPIs to measure include qualified leads, traffic, and direct revenue.
- Set a realistic budget. The U.S. Small Business Administration recommends that you spend 7-8% of total revenue on your marketing campaigns.
- Focus on the process, not the goal. Once your goal is set, create a process for achieving it and use your KPIs to measure and continually improve that process.
Evaluate Your Current Situation
The second step is to monitor the current situation for long-term strategic planning – the direction in which the company is moving. Monitoring this development is the first step in the marketing planning process and the most important part of your marketing strategy.
Conduct A SWOT Analysis
You need to know the risks and benefits associated with the launch of your product. Create the layout of resources and conduct a thorough analysis of various internal and external aspects of the business. Monitor the current situation by taking into account certain external aspects that are directly related to your company’s internal capabilities and performance. Such external aspects are directly related to internal facets at all levels of the company, such as the quality of products and services. Ultimately, you want your marketing efforts to result in high-quality leads and pipelines that open up new sales opportunities.
Build Your Influence
The most successful marketing campaigns help you achieve the highest ROI. Once you build your influence, you can use many more powerful marketing strategies.
With influencer marketing delivering ROI as high as $6.50 for every $1 spent, it’s quickly become one of the most effective marketing strategies for a small business.
This explains why influencers are finding their way into many social media promotional strategies used by small businesses.
To create a successful influencer marketing campaign, Entrepreneur contributor Stips.io recommends the following steps:
- Select your KPIs
- Focus on the social media channels where your target market is most present
- Find a credible influencer
- Plan your publishing schedule
- Consistently improve and measure your outcomes
Research Your Market
In addition to evaluating internal or external factors, evaluate your resources and target the right market. Check the market and divide it into different segments so that you can penetrate the product more clearly in each of these markets. Do market research to understand your competitors, know who you are addressing, and understand your customer’s needs. Design the internal process of how your company perceives and meets these needs and understand the needs of consumers, the depreciation associated with their fulfillment, the changing demand over time, and the impact on your business. This allows you to analyze and improve the current situation and plan for the future in order to ensure the long-term success of your company.
Define Your Target Audience
Once you know the market inside out, you will get accustomed to the sales processes of your business to turn your leads into opportunities for customers. The leads you have are those prospects that are essential for you and the business you are about to launch.
As your business grows, you won’t know every unique situation of each individual interested party, and a single message won’t work for everyone. You want your technical audience and customers to like to hear from you and not be afraid, especially if you have a limited budget and bandwidth. The way to achieve this is through an intelligent marketing approach that sets a marketing strategy and execution plan that match your business goals and begin with the excerpt from your current marketing program. To adopt a marketing approach, you need to create a buyer persona and a shopper persona. A persona is a fictitious representation of an exemplary customer which is based on well-researched knowledge about the personality, interests, and preferences of an ideal customer.
For example, a business manager can be defined as someone who tries to flourish the business by handling the cost and expenses. They would also make sure that the support invested in the business is based on a long-term relationship between the two parties.
The second person could be a technical engineer or senior engineer who excels at what they do. They want to get a better understanding of how you can provide your service. This helps you to focus on the market segments you want to reach, understand their pain points, and also helps you reach the desired market by selecting the right marketing strategies to position your product, such as advertising, social media campaigns, etc. Another step will be to select different strategies that will be helpful in getting closer to your target market.
Leveraging Employees as Thought Leaders
Alternatively, you could always create influencers from your own employees. Often referred to as thought leadership, social selling and employee advocacy are becoming more popular with companies who want to amplify their brand message.
Going beyond simply resharing corporate posts, employee advocacy allows each one of your employees to become brand ambassadors and social sellers, sharing the content that makes the most sense for their individual industries while promoting your company.
In fact, according to LinkedIn, Salespeople who are using social media to sell are 51% more likely to hit their sales quotas over their less social savvy peers—and they would know. LinkedIn was responsible for nearly 95% of conversions coming from employee advocacy posts in 2022
Develop an Activity Plan
Once you have set your goals and formulated a proper budget to cater to your needs, it is now time to come up with an activity plan so that you can put your plan into action. You can make numerous strategies but executing them is a whole different story. Many strategies fail because they do not have a proper channel for execution. If you want to successfully put your strategy forward, come up with a campaign structure.
A campaign structure is one of the most efficient ways to execute a plan because it revolves only one goal. It is a series of different activities that focus on a common premise that can be focused internally or externally. However, all activities within the campaign focus on the company’s main goal. Campaigns can extend your reach, brand awareness, or increase demand generation. On the other hand, your strategy approach presents an opportunity to promote a particular product or service if you have the time and resources.
Champion One Social Channel
With the undeniable potential of social media marketing as a small business marketing strategy, it can be tempting to try and find success on as many social platforms as possible.
But, as marketing guru Stips.io’s tells us, it’s best to focus on one social channel at a time:
“Jumping in head first and attempting to manage, say, four or five different channels can be overwhelming, and you’re unlikely to kill it at any strategy. Even if you’re a savvy marketer, you simply can’t devote the necessary time to extract the full potential of any single channel.”
To become a champion of one social channel, the team at Stips.io’s recommends a 12-step process:
Develop a Good Strategy
The most important part of the process is the proper documentation of your strategy. If competition in your market has become so fierce, you cannot survive without good planning. The marketing strategy is designed to give the company a competitive advantage, not only in terms of market size but also in terms of overall success. Based on your company’s core competencies, decide whether you want to act as a first-mover advantage strategy and how to implement your marketing efforts to reach the desired customers. Developing your marketing strategy and objectives to achieve the overall goals of the company should also include marketing tactics that best suit your business promotion, such as advertising, promotions, campaigns, social media, etc.
If the direction you are headed in is clear, a coherent marketing plan is ensured. Not only does it target your customer persona for each campaign, but it is also time and budget-oriented. This can be as easy and simple as building a pioneering role in a particular segment or as difficult and complex as increasing web traffic and leads.
Build Rapport through Email
With 59% of marketers claiming that email is their most effective marketing channel for revenue generation, this is one strategy that you don’t want to ignore.
If you haven’t started building your email list, Stips.io founder Derek Halpern recommends a few tips for getting started:
- Create a long-term content strategy to drive organic traffic to your website
- Create multiple opt-in offers
- Utilize an email list popup form
- Add a banner with an invitation to subscribe to your email list to your business signature.
Measure Your Performance
When you learn to write a marketing plan, you need to think about the important steps that lead to an effective marketing strategy. A well-defined plan will help you focus on your high-level marketing goals. Set goals that you can measure before, during, and at the end of your campaign, and let those goals help you plan a realistic schedule for your marketing plans. If you have difficulty getting involved in certain activities, reading the marketing plan can help you put the pieces together, especially if you have different marketing strategies in place for different segments of your business. You will also have to consider your current operations. Operational activities are integrated into the planning process: they draw up an action plan, allocate resources, design a budget for the implementation of the processes discussed and monitor the plan on the basis of customer feedback. Therefore, make regular reviews of your advertising plans and monitor your process consistently.
When done correctly, starting a blog is one of the absolute best ways to drive targeted traffic to your website.
In fact, marketers that effectively utilize blogs tend to get 67% more leads than those that do not. But that’s only if you’re doing it right.
To succeed with blogging, you should:
- Find your niche. Choosing a niche is one of the hardest, but most important, considerations before you start a blog.
- Focus on quality over quantity. One long-form, comprehensive post (1,500+ words) is worth 5x a brief, non-informative post.
- Develop a promotion strategy before writing. Many expert content marketers recommend spending 20% of your time on content creation and 80% on promotion.
- Create evergreen content. When you create evergreen content (and update that content when necessary), your content assets compound their impact over time.
- Use photo editing tools like Photoshop to curate your content.
- Promote your blog. Create a list of influencers that resonate with your product and start an outreach campaign using powerful outreach tools requesting them directly or indirectly link back or speak about your blog.
- Design is everything. The way your blog looks can either pull in or push away potential readers, so consider using professionally made templates to create your blog.
Research That Impacts Your SEO
With 70-80% of modern-day consumers ignoring ads altogether, ranking for targeted keywords has never been more important.
To rank in SERPs for keywords that can drive high-quality leads, there are a few simple tips that you should follow:
- Focus on low-competition, long-tail keywords. If you own a wedding business, you’re not going to compete with David’s Bridal for the keyword “wedding dress.” Instead, you should focus your efforts on low-competition, long-tail keywords that are relevant to your audience.
- Utilize tools like SEMRush. While it may be tempting to use Google’s Keyword Planner, it’s been proven that they hide many low-competition keywords in an effort to increase ad spend. Tools like SEMRush make it incredibly easy to find high-ROI keywords that can drive high-quality leads to your website.
Survey, Listen, and Learn
Marketing research plays a crucial role in the success of your small business marketing strategies.
After all, if you don’t know the audience you’re marketing to, it’s going to be difficult to communicate with them effectively.
One of the best ways to perform market research is through the use of surveys. To get the most out of this strategy, Stips.io‘s recommends that you:
- Define your objective for the research
- Set timelines
- Segment your audience to determine who receives which survey
- Use proven tools that allow you to collect and analyze data
Leverage Social Media Advertising
Social media has certainly changed the game as far as how modern-day marketing works.
But while many small businesses focus their efforts on the free and low-cost marketing opportunities that social media platforms offer, ads have also proven effective to drive ROI.
Unsurprisingly, Facebook dominates in the world of social media advertising, as over 93% of marketers use some form of Facebook ads.
To get the most out of your Facebook ad campaign, there are a few things you’ll want to focus on:
- Ensure that you’re creating an attractive offer
- Track the right KPIs
- Utilize attractive images and/or videos
- Set clear, measurable goals
Leverage Google’s Local Offerings
As a small business, local SEO can make or break your business.
And while determining the driving forces behind which local businesses rank highest in Google is still somewhat of a mystery, the below graphic from Moz breaks it down in an easy-to-understand way:
By focusing on optimizing local SEO for the above factors, you can quickly position yourself for success in the SERPs.
If you need a free marketing software, remember that Stips.io’s is designed for novice marketers and small businesses. This all-in-one email marketing, landing page builder, and customer support software is free to use for a small number of contacts, and super affordable when you scale.
Developing a Strategic Marketing Plan
As soon as you have aligned your goals with your marketing activities, narrowed your focus, and defined your overall marketing strategy, you can now focus on your marketing plan that describes your product, your consumer group, and how you will implement your marketing strategy to achieve your goals. The content of your marketing plan typically covers the goals and actions that the marketing team will take. These goals are crucial for the orientation of your team and of narrowing the focus of your employees. Documenting these goals ensures that you align the team with what you want to achieve in your marketing efforts. This part of your marketing plan is of utmost importance, as marketing tactics determine the amount of time and money you will spend implementing your plan. If your business is small and does not have the personnel needed to implement the plan, you may need to hire a marketing agency to implement the plan effectively.
Stips.io Social Media Marketing can help you determine the tools and resources you need to achieve your marketing goals, develop a strategic marketing plan that works for your business, and implement it effectively to achieve long-term success. By developing a strategic marketing plan, you can ensure that you are aiming for the right goals each year and doing so within your budget.