How Do I Write A Marketing Plan?

Knowing how to write a marketing plan is the first step in creating a successful advertising campaign. It allows you to test your strength against the competition and advertise your products or services to the people who are most likely to become your customers.

Here are the steps you need to follow to write your first marketing plan efficiently!

1.    Know Your Industry

A sure way to win a fight is to know as much as possible about your opponent. Depending on the type and seniority of your business, you occupy a position in a particular niche. In there, you have to face the competition of at least one similar business. Try to find everything you can about them, including their influence, their profit, and their journey to success.

After dissecting your niche, you should do the same for the industry that comprises it. Identify the hierarchy of successful brands in it. Find out if the industry is shrinking or expanding. Try to determine its size and whether it will still be profitable in the coming years.

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2.    Conduct Market Research

Now that you know where your place in the industry lies, it is time to find out who your potential customers could be. You will need to find out what their needs and desires are and if they have any problems. Then, find out what those problems are and how you could solve them.

You can do market research by conducting surveys and interviews with your potential customers. Alternatively, you can look through research reports, government statistics, and trade publications.

3.    Define Your Potential Customer’s Profile

The next step in writing a marketing plan is narrowing the market of potential clients to the most probable customer profile. In this regard, you will have to decide upon characteristics such as gender, location, income, family size, favourite media channels, likes, and dislikes.

4.    Run a SWOT Analysis

A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis will help you understand better the possibility of your campaign appealing to the ideal customer target.

Write down your company’s strengths and advantages over the competition. Next, write down the weaknesses, such as the things at which your competitor is superior and the aspects that your business can improve.

For opportunities, write down the potential market trends that you can use to increase sales. For example, if you are writing a marketing plan in late November, you can use Christmas sales as a potential opportunity and theme for your campaign.

Lastly, consider the threats to your campaign, such as the competition’s advantages of creating a better campaign than yours.

5.    Set Your Marketing Plan Goals

Establish the long-term goal of your marketing plan. Then, break it into smaller, achievable goals that will set your trajectory towards your final objective. This way, you will have a map of every road you need to take to reach a successful outcome.

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6.    Set Up Your Marketing Budget

Some young entrepreneurs start their marketing plans with budgeting. While this technique might help them put things into perspective, that perspective could be full of flaws.

By following the steps in the order above, you get to find out more about the industry in which you activate, about your competition, your strengths, and weaknesses. In the end, you get to know your customers better and how much you need to spend to make sure that they will also spend on your products and services.

At this point, you should decide how much you will spend on social media advertising and offline advertising. Once your marketing budget is ready, you should start commissioning ads, content, and other marketing instruments to transfer your marketing plan from paper to palpable commercial success.