Marketing Plan 101

Everything you need to know about the marketing plan.

When doing marketing for any company, you will need to create a marketing plan at some point. When working on your marketing plan there are several things that you should know. The main parts of a marketing plan or the executive summary, market research, strategy, execution, and analytics.

Executive Summary

The executive summary is the first part of the marketing plan. In this section, you will give an overview of what the company is, what the company is looking for, and what the company already has. Here, you will state the mission, the vision of the company, and what the value is.

Market Research

The second step of the marketing plan is to do market research. In this section, you must do an industry analysis and see who your company’s competitors are. Additionally, you will have to perform a SWOT analysis where you will list your company’s strengths, weaknesses, opportunities, and threats. You will also have to create a buyer persona where you will show what kind of people are going to be buying from your company so that you can have a better idea of who to target and how.

Strategy

Strategy is the third part of the marketing plan. In this part, you will need to create a budget for your plan. You will do this by seeing how much it costs to run each type of ad, and figuring out how many products or services need to be sold or completed by the company to reach your break even.

Execution

In the fourth part, execution, you must create a schedule as to how your marketing plan will be executed. This will include either quarterly or monthly activities for your marketing team to follow. For example, you can have your first quarter dedicated to creating and doing market research to figure out what kind of ads they should run. In the second quarter, you will run two ads and gather information from A/B testing. In the third quarter, you will look at which ad did best and keep that one. And in the fourth quarter, you will make any changes that may be necessary to increase your engagement if it is not where it is expected to be, yet.

Analytics

In the 5th and final step of the marketing plan, it is important to analyze all the information that will be gathered. Since the marketing plan is simply a plan, you will not be analyzing any data, yet. Instead, you will give the company the ways that they must gather and analyze the data they will be getting from the execution. You will have to show them what tools they can use to see things like engagement, impressions, clicks, etc. You will also explain to them how they can monitor their ads along the way.

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