Updated July 28, 2023
Introduction to Marketing Plan Project
It has been found that most new business setups should pay more heed to a marketing plan. A Marketing Plan is different from a business plan in that while the latter focuses on the overall objectives of your business, the former helps you to consider essential steps required to form a trustworthy association with the customers. This article will show how to build a marketing plan project – Top 13 Strategies.
A Marketing Plan strategy can be formal or informal but must necessarily comprise who the customers are, the sources of their information, and different approaches to them. An effective Marketing Plan strategy defines the tools and techniques to achieve desired sales objectives. It incorporates a complete marketing plan strategy of the business, what exactly I am selling, to whom do I want to sell, and how to go about selling it.
So, if you have, by now, got an idea as to what a Marketing Plan strategy is, it’s time to look at what it contains and how to build it.
Marketing Plan Project Strategies
Following are the strategies.
1. Do a Situation Analysis
As the initial step, tell your potential customers about your products and services and the company as a whole. Then, tell them how you are different from the competition and what sets you apart. As an effective marketer in today’s highly competitive scenario, you must be aware of your niche market and also of your competitors and rivals. Since the target audience is very specialized and segmented nowadays, you have to explain to them how you intend to add value to their purchase. You should make the situation analysis as succinct as possible, embracing your strengths, weaknesses, external opportunities, and threats.
2. Describe your Intended Audience
The best way to do this is to create a concise single-paragraph profile about your potential client base. Base your description on demographic factors such as age, sex, annual income, geographic location, and family composition and also on lifestyle factors as well. You need to ask yourself questions like – Are my potential customers conservative or innovative? Traditional or modern? Introverted or extroverted? and would they really buy what I have to offer and in what quantities? In case you are a B2B marketer, you would then be asking yourself, what is the type of business I want to sell to? What is their job title? Their geographic location? and size of their business? No matter what category your intended audience falls into, all you need to take care of is to describe them concisely so as to formulate your public relations and media campaign.
3. Make a Note of your Marketing Goals
After doing the above steps, it is now time to make a list of all those marketing goals that you wish to achieve. For example, do you expect a 25% increase in your sales turnover? In brief, make notes of some achievable and measurable goals.
4. Devise your Communication Strategy
This is the most important part of your effective marketing plan. In this process, you would outline and ponder upon the different tactics that you would need to reach out to your prospects and achieve the desired goals. An effective Marketing Plan has to address the needs of all types of prospects, whether they are cold or warm prospects.
More precisely, tactics such as various advertising, direct marketing, public relations, and the like are most suited for cold prospects. However, for warm prospects, tactics such as permission-based email, customer appreciation events, and loyalty programs would be more beneficial. It has been observed that interpersonal sales efforts combined with effective marketing usually do the trick when it comes to closing sales.
Every business vowing to formulate a working Marketing Plan must necessarily invest a required sum of money for it. Thus, every business needs to beforehand allocate a budget for its Marketing Plan. The business has many ways of procuring the budget amount for its Marketing Plan – newly acquired funding, self-financing, or borrowing. The only thing to be kept in consideration is that devising a Marketing Plan is almost inevitable for each business. Experts advise all newly set up businesses to adopt a mixed budget strategy, keeping in view the affordability of those tactics.
6. Catalog Accelerators
Recognize the assets that can be used to accelerate success and boost marketing campaigns. Accelerators can be of different categories, such as status, priority, and type. Some of the ways to classify these accelerators include the following:
- Content (ebooks)
- Audience lists (customers, subscribers)
- Digital Marketing properties (apps, websites)
A business can manufacture its entire marketing campaign around these accelerators. For example, a business house can use assets like an ebook to augment the emails as part of its main promotional campaign.
7. Create Milestones
List all the industry and company events that may be relevant to your marketing plan. These may be conferences, industry report releases, and company announcements. Also, keep track of important dates in your marketing plan project calendar. Ask your Marketing Team to formulate milestone-specific promotions with regard to a particular product launch or to enhance an ongoing program.
8. Devise your Campaign Center
A campaign is a sequence of activities aimed at achieving a specific goal. They have targeted audiences, budgets, and timelines. Campaigns are primarily categorized into two – builders and drivers. The Builder campaigns, such as social engagement and blogging, are aimed at creating and expanding assets on a continuous basis. On the other hand, Drivers are those campaigns that make full use of existing assets in order to generate short-term income, and they usually last for 1-3 months.
9. Improve the Marketing Plan Project Center
Marketing plan project is defined as the collection of those efforts that constitute the campaigns. A marketing plan project has certain goals, tasks, and hours or any measure of effort. An effective marketing plan is one that not just includes the relevant marketing ideas but must also suffice some important tasks that are talked about below:
- Devise a clear and intensive vision as to why a probable customer should go for your business
In essence, this task involves what is going to be the core need that my product or service will fulfill. Does it involve your customers passing their day more comfortably? Perform their duties more efficiently? Or does it add to them being more respected and appreciated by fellows? Simply put, the offering must be such that is designed to suffice the customer’s wants in a better way.
- Classify your target customers.
Any business, whether big or small, must initially recognize its potential customers and segment them according to different parameters. Actually, to prosper, a small business ought to investigate the market to ascertain the features of its most relevant potential customers. Your description of the target customer should be in detail. In this process, a business also draws a richer picture of the expected revenues and financials from the sales.
- Detect competitors who would make an impact on target customers.
As a piece of personal advice, remember that a competitor is almost an inevitable aspect of any business, and one should also never commit the error of underestimating him. Small businesses, it has been observed, seldom try to investigate or follow their competitors extensively. However, as told earlier, as an effective marketer, you ought to understand your competitors and their strengths and weaknesses, their main competitive advantage, and finally, how they could make an impact on you as a business by means of increased communication, price cuts, and the like.
10. Project Management System
After you have prepared your marketing plan project centers and campaigns and are also ready for activation, you should then shift them into a Project Management System. Sometimes, it may require manual shifting of approved campaign efforts, and other times the ability to import spreadsheets and populate marketing plan projects, campaigns, and tasks on their own.
11. Campaign Tracking
It would be beneficial for your business to establish a process to make the campaign names consistent with analytics, marketing automation, project management, and marketing planning systems. This enables better tracking and reporting of results.
12. Develop Content
Build a digital marketing team and make some content for your website. In your content, remember to write creative and engaging content. Write short paragraphs and also vary your sentence length. The usage of vernacular is more suitable, and grammar doesn’t need to be perfect. Your tone should be a conversational one and must capture the interest of the audience at all times.
Step#13 – Market your Content
Only writing correct content won’t do any good unless it is promoted for a cause. You can take the help of several free online tools such as Google Analytics and Google Adwords to track the traffic to your site and if the content is able to generate leads or not.
Apart from following these steps, a business organization must also make use of a few of the marketing channels to promote its business effectively. These channels and their utility in an effective marketing plan are as follows:
Social Media Marketing
Social media is now a significant tool of any business’s marketing campaign. Those organizations that have not as yet made optimum use of Facebook, Twitter, LinkedIn, Google+, etc., do not even know what they’re missing out on. Sometimes, the entire phenomenon of social media marketing can sound a bit challenging, especially for small businesses. In reality, they really shouldn’t be afraid of it as more and more services and platforms are appearing each new day.
E-Mail Marketing Plan Project
Although e-mail marketing is not as recent a phenomenon as social media marketing is, it’s still a potent method of getting to your customers. Small businesses usually prefer this mode of marketing. Some of the ways adopted to communicate with customers under this style of marketing are promotional campaigns, newsletters, and transaction statements. Some companies assist e-mail marketers in reaching out to their customers, such as MailChimp and Constant Contact. According to Brett Farmiloe of Markitors, companies that wish to utilize e-mail marketing as an effort must first segment their target market.
With the advent of smartphones and tablets and their ever-increasing usage, there is now a kind of revolution in the marketing techniques adopted by companies. Thus, more and more companies are devising ways to effectively market their products/services through mobile phones and tablets. However, mobile marketing must not be considered as an extension of e-mail/online marketing. This is so because customers are likely to see the message much quicker than any other form of online marketing.
An effective marketing plan is an inseparable part of any effective business strategy and should be sustained on a yearly basis, to say the least. In case of any new launching of a product or service, the effective marketing plan needs re-evaluation and must be revisited in accordance with an original marketing plan or to develop a fresh campaign plan that can be added to your marketing plan project as a supplement.
We hope that this EDUCBA information on “Marketing Plan Project” was beneficial to you. You can view EDUCBA’s recommended articles for more information,