Basic Features of Marketing Plan
A marketing plan is a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given period. Marketing plans can include different marketing strategies for various marketing teams across the company, all working toward the same business goals.
Goals
You need to set goals for your business marketing plan that relate to your key performance indicators (aka “KPIs”). Create a timeline that links goals, strategies, and tactics to help you stay on track. A budget for your marketing expenses should be based on your revenue goals and also tied to this timeline. Learn more about setting inbound marketing goals here.
Define Your Buyer Personas.
A buyer persona is a description of who you want to attract. This can include age, sex, location, family size, and job title. Each buyer persona should directly reflect your business's current and potential customers. Therefore, all business leaders must agree on your buyer personas.
Competitive Analysis
Part of marketing is knowing whom you're marketing against. Research the key players in your industry and consider profiling each one.
Keep in mind not every competitor will pose the same challenges to your business. For example, while one competitor might be ranking highly on search engines for keywords you want your website to rank for, another competitor might have a heavy footprint on a social network where you plan to launch an account.
Pricing Strategy
Your pricing strategy will rely on a few different things. The starting price depends on the costs of production: material, labor, and overhead. Your brand position, buyer persona, and promotional strategy all play into your pricing strategy. Your buyer persona and brand positioning will help decide whether or not, and to what degree, you should price below or above the competition. Your revenue and business goals, along with your SWOT and competitive analysis and your brand’s positioning will influence the pricing strategy you choose.
Positioning
Your brand’s position is what makes it unique and different about your product versus other products in the same category (or “neighborhood” as we like to call it). The more unique and differentiated your brand’s position — the easier it is for your brand to stand out in your potential customers’ minds (the neighborhood). Your SWOT analysis and the competitive analysis will help you refine your positioning.
Promotional Plans
When you think of marketing, this is probably the part that comes to mind the most, but without the other pieces in place, you may set yourself up for failure. A broad description of promotional activities includes advertising, sales promotion, public relations, and personal selling.
Manisha Rewani [MBA]
Manager Mktg
AirCrews Aviation Pvt. Ltd
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