What is a Marketing Plan? – Explainer
What is a Marketing Plan?
A marketing plan is a document that outlines how you will coordinate your marketing activities to achieve business objectives. Your marketing plan can be as short or as long as you like but there are a number of key areas which it definitely should cover (listed below).
Is a Marketing Plan Important?
Absolutely! Marketing has the power to transform your business and can have a major impact on your growth. By planning your marketing in advance you will greatly increase your chances of success. You will also use your limited resources more efficiently.
How Long is a Marketing Plan Normally Created For?
Marketing plans can be written for any duration, however the most common type of marketing plan is an annual marketing plan. This plan covers a 12 month period and often coincides with the calendar or financial year (when budgets are set).
What Elements is a Marketing Plan Usually Made of?
A marketing plan is usually made up of several distinct sections. A basic version of a marketing plan should at the very least outline your marketing objectives, determine what resources you have available for marketing, state the actions that you plan on taking, who will be responsible and when the actions will take place.
Basic marketing plan elements:
- Set marketing plan objectives
- Identify marketing leader / team members
- Provide an analysis of current business and marketplace
- Create a calendar of key events and dates throughout the year (holidays that can be used for marketing campaigns etc)
- Your planned marketing activities (and the details of what each activity is to achieve)
- Details of how many marketing campaigns you would like to run during the year
- Projected costs
- Evaluation of results (how you will measure success)
- Review dates (dates on which you will review your marketing progress)
What is The Difference Between a Marketing Plan and a Marketing Campaign?
A marketing plan is generally for a medium to long-term duration, and will include multiple objectives. For example a marketing plan for the full year of 2020.
A marketing campaign is a usually for a shorter time period and has a smaller number of objectives. For example you might run a marketing campaign for 8 weeks with the goal of increasing sales by $50,000 during that time.