Company Description/Overview
Products/Services Offered
Market Analysis
Marketing and Sales Strategies
Operations and Management
Financial Plan
Appendices
A business plan has eight essential components .
The executive summary opens your business plan, but it’s the section you’ll write last . It summarizes the key points and highlights the most important aspects of your plan. Often investors and lenders will only read the executive summary; if it doesn’t capture their interest they’ll stop reading, so it’s important to make it as compelling as possible.
The components should include:
Remember that if you’re seeking capital, the executive summary could make or break your venture. Take your time and make sure it illustrates how your business is unique in the market and why you’ll succeed.
The executive summary should be no more than two pages long, so it’s important to capture the reader’s interest from the start.
In this section, you’ll detail your full company history, such as how you came up with the idea for your business and any milestones or achievements.
You’ll also include your mission and vision statements. A mission statement explains what you’d like your business to achieve, its driving force, while a vision statement lays out your long-term plan in terms of growth.
A mission statement might be “Our company aims to make life easier for business owners with intuitive payroll software”, while a vision statement could be “Our objective is to become the go-to comprehensive HR software provider for companies around the globe.”
In this section, you’ll want to list your objectives – specific short-term goals. Examples might include “complete initial product development by ‘date’” or “hire two qualified sales people” or “launch the first version of the product”.
It’s best to divide this section into subsections – company history, mission and vision, and objectives.
Here you’ll go into detail about what you’re offering, how it solves a problem in the market, and how it’s unique. Don’t be afraid to share information that is proprietary – investors and lenders are not out to steal your ideas.
Also specify how your product is developed or sourced. Are you manufacturing it or does it require technical development? Are you purchasing a product from a manufacturer or wholesaler?
You’ll also want to specify how you’ll sell your product or service. Will it be a subscription service or a one-time purchase? What is your target pricing? On what channels do you plan to sell your product or service, such as online or by direct sales in a store?
Basically, you’re describing what you’re going to sell and how you’ll make money.
The market analysis is where you’re going to spend most of your time because it involves a lot of research. You should divide it into four sections.
Research and describe exactly what’s happening in your industry, such as growth rate, market size, and current trends. Where is the industry predicted to be in 10 years? Provide links to your sources.
Detail your company’s place in the market. Will your product fit a certain niche? Is there a sub-industry your company will fit into? How will you keep up with industry changes?
Now you’ll dig into your competition. Detail your main competitors and how they differentiate themselves in the market. For example, one competitor may advertise convenience while another touts superior quality. Also highlight your competitors’ weaknesses.
Next, explain how you’ll stand out. Detail your competitive advantages and how you’ll sustain them. This section is extremely important and will be a focus for investors and lenders.
Here you’ll describe your target market and whether it’s different from your competitors’. For example, maybe you have a younger demographic in mind?
You’ll need to know more about your target market than demographics, though. You’ll want to explain the needs and wants of your ideal customers, how your offering solves their problem, and why they will choose your company.
You should also lay out where you’ll find them, where to place your marketing and where to sell your products. Learning this kind of detail requires going to the source – your potential customers. You can do online surveys or even in-person focus groups.
Your goal will be to uncover as much about these people as possible. When you start selling, you’ll want to keep learning about your customers. You may end up selling to a different target market than you originally thought, which could lead to a marketing shift.
SWOT stands for strengths, weaknesses, opportunities, and threats, and it’s one of the more common and helpful business planning tools.
First describe all the specific strengths of your company, such as the quality of your product or some unique feature, such as the experience of your management team. Talk about the elements that will make your company successful.
Next, acknowledge and explore possible weaknesses. You can’t say “none”, because no company is perfect, especially at the start. Maybe you lack funds or face a massive competitor. Whatever it is, detail how you will surmount this hurdle.
Next, talk about the opportunities your company has in the market. Perhaps you’re going to target an underserved segment, or have a technology plan that will help you surge past the competition.
Finally, examine potential threats. It could be a competitor that might try to replicate your product or rapidly advancing technology in your industry. Again, discuss your plans to handle such threats if they come to pass.
Now it’s time to explain how you’re going to find potential customers and convert them into paying customers.
When you did your target market analysis, you should have learned a lot about your potential customers, including where to find them. This should help you determine where to advertise.
Maybe you found that your target customers favor TikTok over Instagram and decided to spend more marketing dollars on TikTok. Detail all the marketing channels you plan to use and why.
Your target market analysis should also have given you information about what kind of message will resonate with your target customers. You should understand their needs and wants and how your product solves their problem, then convey that in your marketing.
Start by creating a value proposition, which should be no more than two sentences long and answer the following questions:
An example might be “Payroll software that will handle all the payroll needs of small business owners, making life easier for less.”
Whatever your value proposition, it should be at the heart of all of your marketing.
Your sales strategy is a vision to persuade customers to buy, including where you’ll sell and how. For example, you may plan to sell only on your own website, or you may sell from both a physical location and online.
On the other hand, you may have a sales team that will make direct sales calls to potential customers, which is more common in business-to-business sales. Sales tactics are more about how you’re going to get them to buy after they reach your sales channel.
Even when selling online, you need something on your site that’s going to get them to go from a site visitor to a paying customer. By the same token, if you’re going to have a sales team making direct sales, what message are they going to deliver that will entice a sale?
It’s best for sales tactics to focus on the customer’s pain point and what value you’re bringing to the table, rather than being aggressively promotional about the greatness of your product.
Pricing is not an exact science and should depend on several factors. First, consider how you want your product or service to be perceived in the market. If your differentiator is to be the lowest price, position your company as the “discount” option.
Think Walmart, and price your products lower than the competition. If, on the other hand, you want to be the Mercedes of the market, then you’ll position your product as the luxury option.
Of course you’ll have to back this up with superior quality, but being the luxury option allows you to command higher prices. You can, of course, fall somewhere in the middle, but the point is that pricing is a matter of perception.
How you position your product in the market compared to the competition is a big factor in determining your price. Of course, you’ll have to consider your costs, as well as competitor prices. Obviously, your prices must cover your costs and allow you to make a good profit.
Whatever pricing strategy you choose, you’ll justify it in this section of your plan.
This section is the real nuts and bolts of your business – how it operates on a day-to-day basis and who is operating it. Again, this section should be divided into subsections.
Your plan of operations should be specific , detailed and mainly logistical. Who will be doing what on a daily, weekly, and monthly basis? How will the business be managed and how will quality be assured? Be sure to detail your suppliers and how and when you’ll order raw materials.
This should also include the roles that will be filled and the various processes that will be part of everyday business operations. Just consider all the critical functions that must be handled for your business to be able to operate on an ongoing basis.
If your product involves technical development, you’ll describe your tech development plan with specific goals and milestones. The plan will also include how many people will be working on this development, and what needs to be done for goals to be met.
If your company is not a technology company, you’ll describe what technologies you plan to use to run your business or make your business more efficient. It could be process automation software, payroll software, or just laptops and tablets for your staff.
Now you’ll describe who’s running the show. It may be just you when you’re starting out, so you’ll detail what your role will be and summarize your background. You’ll also go into detail about any managers that you plan to hire and when that will occur.
Essentially, you’re explaining your management structure and detailing why your strategy will enable smooth and efficient operations.
Ideally, at some point, you’ll have an organizational structure that is a hierarchy of your staff. Describe what you envision your organizational structure to be.
Detail who you’ve hired or plan to hire and for which roles. For example, you might have a developer, two sales people, and one customer service representative.
Describe each role and what qualifications are needed to perform those roles.
Now, you’ll enter the dreaded world of finance. Many entrepreneurs struggle with this part, so you might want to engage a financial professional to help. A financial plan has five key elements.
Detail in a spreadsheet every cost you’ll incur before you open your doors. This should determine how much capital you’ll need to launch your business.
Creating financial projections, like many facets of business, is not an exact science. If your company has no history, financial projections can only be an educated guess.
First, come up with realistic sales projections. How much do you expect to sell each month? Lay out at least three years of sales projections, detailing monthly sales growth for the first year, then annually thereafter.
Calculate your monthly costs, keeping in mind that some costs will grow along with sales. Once you have your numbers projected and calculated, use them to create these three key financial statements:
You’ll need monthly projected versions of each statement for the first year, then annual projections for the following two years.
The break-even point for your business is when costs and revenue are equal. Most startups operate at a loss for a period of time before they break even and start to make a profit. Your break-even analysis will project when your break-even point will occur, and will be informed by your profit and loss statement.
Lay out the funding you’ll need, when, and where you’ll get it. You’ll also explain what those funds will be used for at various points. If you’re in a high-growth industry that can attract investors, you’ll likely need various rounds of funding to launch and grow.
KPIs measure your company’s performance and can determine success. Many entrepreneurs only focus on the bottom line, but measuring specific KPIs helps find areas of improvement. Every business has certain crucial metrics.
If you sell only online, one of your key metrics might be your visitor conversion rate. You might do an analysis to learn why just one out of ten site visitors makes a purchase. Perhaps the purchase process is too complicated or your product descriptions are vague.
Learning why your conversion rate is low gives you a chance to improve it and boost sales.
In the appendices you can attach documents such as manager resumes or other documents that support your business plan.
A marketing plan, as mentioned above, is a more detailed version of the marketing strategy section of your business plan. It includes six components.
Start by detailing your short-term marketing goals. This could be “Reach 10,000 monthly site visitors by next year’” or “Acquire 500 new customers by May”. Be sure to set clear and attainable goals so your marketing team understands its targets.
You’ll want to document exactly who you’re trying to reach with your marketing. You should’ve already done a target market analysis for your business plan, and you’ll use it here.
Whatever your product or service, it needs to solve a problem in the market. So, ask yourself, what problem does my business solve? Next, consider who faces that problem.
A plumbing company, for instance, solves the problem of broken pipes. Who deals with that problem? Homeowners and property owners and managers.
Depending on your business, it may not be obvious who has the problem you’re solving. If it’s not clear, do more research. Either way, knowing who faces the problem you’re solving is just the beginning. You need to know much more about your target customers.
Now, dig into your market with some online research. Do some Google and Bing searches about your target demographic, where they shop and live, what appeals to them and so on.
Next, check out your competition to see who they’re marketing to. It may help to study their marketing through the eyes of a consumer.
What need do they fill? Who would find their marketing appealing? Where do they advertise? If their ads appear on TikTok, they’re looking to attract a younger market.
This market research should give you a general profile of your target market – but that’s not enough.
To learn more about your target market, go straight to the source. The best way to learn their needs and wants, why they’d buy your product and how they’ll use it, is to ask them via a phone or email survey.
If you’ve yet to make any sales, it’s probably best to post your survey online then promote it on social media by offering a small reward, such as a gift certificate. Just make sure you ask the right questions to get the information you’re looking for.
You can also hold in-person focus groups and offer your goods at a discount for participants.
Now it’s time to build detailed profiles of your target customers. You may have found that your product will appeal to more than one group of people. These are called customer segments, and all your segments together make up your target market.
Create descriptions of each group with all the information you’re learned. These profiles should include:
Now you can use these profiles to craft a value proposition that will serve as the foundation of all your marketing. You may need to devise more than one value proposition to target different segments.
Your value propositions should be no more than two sentences long and answer the following questions:
An example might be “Payroll software that handles all the payroll needs of small business owners, making life easier for less.”
Remember that you need to align your value proposition with the wishes of your target market.
Now you’ll layout the specific marketing activities that you plan to conduct. Your target market analysis should have told you where you’re most likely to find potential customers, so if you found out that your potential customers use TikTok, you can post and run ads there.
You’ll want to only perform the marketing activities that are most likely to reach your potential customers so that you’re not wasting marketing dollars. If getting found online is important to you, focus on search engine optimization (SEO) and social media ads.
Make the activities as specific as possible, such as “Run a TikTok ad promoting ____ for three months.”
Now, determine what these activities will cost and set a budget. When you go through this process, you may find that you need to adjust your marketing to stick to the budget you can afford.
Your marketing budget needs to align with your goals. If one of your goals is to obtain 500 new customers, which will generate $10,000 in revenue, you can’t spend more than that on marketing. You have to make sure you’re getting a good return on your investment, or at least breaking even.
Now you’ll determine your key performance indicators (KPIs) to gauge the success of your marketing.
If you sell only online, one of your key marketing metrics might be your visitor conversion rate. You might do an analysis to learn why just one out of ten site visitors makes a purchase.
Perhaps the purchase process is too complicated or your product descriptions are vague. The point is, learning why your conversion rate is low gives you a chance to improve it and boost sales.
Similarly, if you’re not getting enough site visitors, you may need to revisit your SEO strategies.
A business plan outlines the overall mission, objectives, and strategies of a business, encompassing aspects like operations, finances, and organizational structure.
In contrast, a marketing plan focuses specifically on strategies and tactics to promote products or services, detailing target audiences, promotional methods, and market positioning.
While the business plan provides a comprehensive view of the entire business, the marketing plan hones in on attracting and retaining customers.
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For business owners, nonprofit directors, and community group leaders, the process of writing a business plan or creating a marketing plan can seem intimidating. They may know the ins and outs of what they do every day and have fantastic ideas on how to grow and market their organizations, but the act of putting it on paper often feels like stepping into a world with opaque rules and confusing jargon.
Fortunately, the reality of both business and marketing plans is that they aren’t nearly as complicated as many people think. In fact, most business owners have written both without realizing it, even if only in an informal manner.
Creating a formal business or marketing plan uses a lot of the same steps business owners already take when sketching out new marketing ideas on a napkin or doing some quick back-of-the-envelope math to figure out how to expand into a new city.
But before moving forward with the process, it’s important to know which one you need. In other words, what’s the difference between a marketing plan and a business plan?
Create a marketing plan that works for your business with Jotform’s easy-to-use marketing form templates .
The biggest difference between a business plan and a marketing plan is the scope of what they cover. While both documents can be quite lengthy and thorough, they don’t address the exact same information.
A business plan is typically a much broader document that covers every aspect of your business: operations, supply chains, human resources, materials costs, and — yes — marketing. In fact, a marketing plan will usually be a section of a business plan.
Marketing plans tend to focus much more narrowly on the specifics of making customers aware of and likely to buy a product or service. A marketing plan may touch on some of the same things a business plan does, like the cost of goods sold, but only as they relate to being able to sell those goods to consumers.
Another key difference between the two is how far into the future they look. Business plans, for example, tend to cover a much longer period than marketing plans. A typical window for a business plan, for example, is about five years. A typical window for a marketing plan, on the other hand, will be a year to three years.
The two are updated differently as well. Business plans rarely need to be replaced or updated unless there’s a significant change in the business — a completely new product category, a new business model, or some global event that changes the way a company performs its core function.
Marketing plans are often updated every year. They tend to be part of the yearly budgeting activities that help business owners plan how they will allocate resources to various departments.
This makes sense when you think about it. Companies change their marketing much more often than they change their business model.
The reasons for creating a marketing plan and a business plan are often similar but not identical. Most often, business owners create both to secure financing. Banks and investors frequently ask for business and marketing plans before agreeing to loan money or invest in the company.
But external demands aren’t the only or even the most important reasons to write both kinds of plans. A business plan is a great way to formalize the ideas behind how and why a company works the way it does. It’s a fantastic way for business owners to put down on paper many of the things they’ve been intuitively doing, and cement processes and procedures for running a company.
Business plans are also great at helping you to prepare for future needs. By going through the exercise of writing a full business plan, business owners get an idea of where they are and what kinds of initiatives and resources they need to meet their goals.
Marketing plans are also incredibly useful internally. As we mentioned above, they are an important part of the annual budgeting process. Sitting down and thinking through all of the marketing needs can help both validate a company’s marketing initiatives as well as determine the ideal amount of money to allocate toward marketing.
A marketing plan is a part of a business plan. That’s the easiest way to remember the difference between the two. The business plan shapes everything about the way a company works, and lays out big-picture goals and ideas.
The marketing plan paints a more detailed picture of how the company will use marketing to achieve the goals laid out in the business plan. The marketing plan is department level and has to coexist with plans for other departments — HR, operations, legal and regulatory, and others.
Both plans are important in successfully running a company, but the business plan is more important because it will at least outline some marketing initiatives. For business owners who only have time to create one, the business plan is the logical choice.
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244 days ago
dear as far as i read your passage about marketing and business plan i would like to request that you send me some samples of business and marketing plan in FMCG scope thank you
Table of contents.
They say that ‘if you fail to plan, you plan to fail.’ This is a major factor in why 9 out of 10 businesses never make it past the 5-year mark. So if planning is on your mind, you are already ahead of the game.
But when you start to look at possible plans for your new enterprise, it gets confusing very quickly. You may have heard people talking about both business plans and marketing plans. Are these the same thing, or are there differences? If so, which should you choose—or do you need both?
In this article, I’ll take a close look at business and marketing plans, discussing how they fit into your overall success strategy. I’ll clarify what each plan is for and explain how to leverage them to your advantage.
Business plans and marketing plans are distinct and have different purposes. Yet they both play a vital role in ensuring business success. So how are they different?
A business plan sets out the overall strategy for your business. It defines the company’s overall aims, and objectives then maps out a course for achieving them.
This plan keeps the executive team focused on the right goals, ensuring that everyone works together to achieve success. It also plays a crucial role in helping the start up and small business raise money. Banks and other investors will expect to see a business plan that clarifies how their money will be used—and how they will achieve a return on investment.
A sound business plan will typically include:
A marketing plan is much narrower in its focus. As the name suggests, it is only concerned with how you will achieve sales. Of course, every business needs healthy sales to survive, so marketing deserves special attention.
A typical marketing plan might cover:
A marketing plan is essentially a sub-set of a business plan, providing extra detail on one critically-important area of operation.
There are many ways to write your business plan, but the two most popular options are:
Let’s examine how you should structure each of these:
Conventional business plans are more comprehensive, including a lot of detail. This format is a good choice if you’re aiming to raise money from banks or financial institutions. Your plan is likely to include these elements:
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If you’re looking to raise money from venture capital companies or angel investors, the lean startup plan might be the right choice. This format is designed to be a quick read, giving busy investors the critical info they need to make a decision.
Core components of a lean startup plan typically include:
Once you’ve achieved any funding required and gotten your business off the ground, it’s time to focus on your marketing strategy. You can use the ‘Marketing & Sales’ element in your business plan as your starting point, expanding as necessary to create a comprehensive and detailed marketing plan.
You may include any or all of the following elements:
Whatever the nature of your business, you should have both a business plan and a marketing plan in place. These will be the guides that keep you firmly on track for success.
But putting these plans together from scratch can be daunting. That’s where I can help. As a marketing broker with over ten years of experience, I’ve helped countless businesses get their startup off the ground.
If you need help turning your new venture into an unstoppable success, be sure to get in touch. We can talk through your business and marketing needs, keeping you on track to grow sales and profits.
With the right plan to follow, there’s no limit to how much you can achieve. Let’s make it happen!
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Blog Marketing What is a Marketing Plan & How to Create One [with Examples]
Written by: Sara McGuire Oct 26, 2023
A marketing plan is a blueprint that outlines your strategies to attract and convert your ideal customers as a part of your customer acquisition strategy. It’s a comprehensive document that details your:
In this article, I’ll explain everything you need to know about creating a marketing plan . If you need a little extra help, there are professionally designed marketing plan templates that’ll make the process much easier. So, let’s ditch the confusion and get started!
Click to jump ahead:
How to write a marketing plan , 9 marketing plan examples to inspire your growth strategy.
A marketing plan is a report that outlines your marketing strategy for your products or services, which could be applicable for the coming year, quarter or month.
Watch this quick, 13-minute video for more details on what a marketing plan is and how to make one yourself:
Typically, a marketing plan includes:
For example, this marketing plan template provides a high-level overview of the business and competitors before diving deep into specific goals, KPIs and tactics:
Learning how to write a marketing plan forces you to think through the important steps that lead to an effective marketing strategy . And a well-defined plan will help you stay focused on your high-level marketing goals.
With Venngage’s extensive catalog of marketing plan templates, creating your marketing plan isn’t going to be hard or tedious. In fact, Venngage has plenty of helpful communications and design resources for marketers. If you’re ready to get started, sign up for Venngage for Marketers now. It’s free to register and start designing.
Whether you’re a team trying to set smarter marketing goals, a consultant trying to set your client in the right direction, or a one-person team hustling it out, Venngage for Marketers helps you get things done.
As mentioned above, the scope of your marketing plan varies depending on its purpose or the type of organization it’s for.
For example, you could look for performance marketing agency to create a marketing plan that provides an overview of a company’s entire marketing strategy:
A typical outline of a marketing plan includes:
Below you will see in details how to write each section as well as some examples of how you can design each section in a marketing plan.
Starting your marketing plan off on the right foot is important. You want to pull people into your amazing plan for marketing domination. Not bore them to tears.
One of the best ways to get people excited to read your marketing plan is with a well-written executive summary. An executive summary introduces readers to your company goals, marketing triumphs, future plans, and other important contextual facts.
Basically, you can use the Executive Summary as a primer for the rest of your marketing plan.
Include things like:
Try to keep your executive summary rather brief and to the point. You aren’t writing a novel, so try to keep it under three to four paragraphs.
Take a look at the executive summary in the marketing plan example below:
The executive summary is only two paragraphs long — short but effective.
The executive summary tells readers about the company’s growth, and how they are about to overtake one of their competitors. But there’s no mention of specific metrics or figures. That will be highlighted in the next section of the marketing plan.
An effective executive summary should have enough information to pique the reader’s interest, but not bog them down with specifics yet. That’s what the rest of your marketing plan is for!
The executive summary also sets the tone for your marketing plan. Think about what tone will fit your brand ? Friendly and humorous? Professional and reliable? Inspiring and visionary?
After you perfect your executive summary, it’s time to outline your marketing goals.
(If you’ve never set data-driven goals like this before, it would be worth reading this growth strategy guide ).
This is one of the most important parts of the entire marketing plan, so be sure to take your time and be as clear as possible. Moreover, optimizing your marketing funnel is key. Employing effective funnel software can simplify operations and provide valuable customer insights. It facilitates lead tracking, conversion rate analysis, and efficient marketing optimization .
As a rule of thumb, be as specific as possible. The folks over at VoyMedia advise that you should set goals that impact website traffic, conversions, and customer success — and to use real numbers. Complement your goals with website optimization tools (e.g., A/B testing speed with Nostra – check Nostra AI review to learn more) to further improve conversions.
Avoid outlining vague goals like:
Instead, identify key performance metrics (KPI) you want to impact and the percentage you want to increase them by.
Take a look at the goals page in the marketing plan example below:
They not only identify a specific metric in each of their goals, but they also set a timeline for when they will be increased.
The same vague goals listed earlier become much clearer when specific numbers and timelines are applied to them:
You can dive even deeper into your marketing goals if you want (generally, the more specific, the better). Here’s a marketing plan example that shows how to outline your growth goals:
Now, this may not seem like the most important part of your marketing plan, but I think it holds a ton of value.
Outlining your user personas is an important part of a marketing plan that should not be overlooked.
You should be asking not just how you can get the most visitors to your business, but how you can get the right visitors.
Who are your ideal customers? What are their goals? What are their biggest problems? How does your business solve customer problems?
Answering these questions will take lots of research, but it’s essential information to get.
Some ways to conduct user research are:
Then, you will need to compile your user data into a user persona guide.
Take a look at how detailed this user persona template is below:
Taking the time to identify specific demographic traits, habits and goals will make it easier for you to cater your marketing plan to them.
Here’s how you can create a user persona guide:
The first thing you should add is a profile picture or icon for each user persona. It can help to put a face to your personas, so they seem more real.
Next, list demographic information like:
The user persona example above uses sliding scales to identify personality traits like introversion vs. extroversion and thinking vs. feeling. Identifying what type of personality your target users tend to have an influence on the messaging you use in your marketing content.
Meanwhile, this user persona guide identifies specific challenges the user faces each day:
But if you don’t want to go into such precise detail, you can stick to basic information, like in this marketing plan example:
Most businesses will have a few different types of target users. That’s why it’s pertinent to identify and create several different user personas . That way, you can better segment your marketing campaigns and set separate goals, if necessary.
Here’s a marketing plan example with a segmented user persona guide:
The important thing is for your team or client to have a clear picture of who their target user is and how they can appeal to their specific problems.
Start creating robust user personas using Venngage’s user persona guide .
Next, on the marketing plan checklist, we have the competitor research section. This section will help you identify who your competitors are, what they’re doing, and how you could carve yourself a place alongside them in your niche — and ideally, surpass them. It’s something you can learn to do with rank tracking software .
Competitor research is also incredibly important if you are starting a blog .
Typically, your competitor research should include:
Also, take as deep a dive as you can into the strategies they use across their:
Research their strengths and weaknesses in all parts of their company, and you will find some great opportunities. Bookmark has a great guide to different marketing strategies for small businesses if you need some more information there.
You can use this simple SWOT analysis worksheet to quickly work through all parts of their strategy as well:
Click the template above to create a SWOT chart . Customize the template to your liking — no design know-how needed.
Since you have already done all the research beforehand, adding this information to your marketing plan shouldn’t be that hard.
In this marketing plan example, some high-level research is outlined for 3 competing brands:
But you could take a deeper dive into different facets of your competitors’ strategies. This marketing plan example analyses a competitor’s inbound marketing strategy :
It can also be helpful to divide your competitors into Primary and Secondary groups. For example, Apple’s primary competitor may be Dell for computers, but its secondary competitor could be a company that makes tablets.
Your most dangerous competitors may not even be in the same industry as you. Like the CEO of Netflix said, “Sleep is our competition.”
It’s pretty hard to plan for the future if you don’t know where your business stands right now.
Before we do anything at Venngage, we find the baselines so we can compare future results to something. We do it so much it’s almost like second nature now!
Setting baselines will allow you to more accurately track your progress. You will also be able to better analyze what worked and what didn’t work, so you can build a stronger strategy. It will definitely help them clearly understand your goals and strategy as well.
Here’s a marketing plan example where the baselines are visualized:
Another way to include baselines in your plan is with a simple chart, like in the marketing plan example below:
Because data can be intimidating to a lot of people, visualizing your data using charts and infographics will help demystify the information.
After pulling all the contextual information and relevant metrics into your marketing plan, it’s time to break down your marketing strategy.
Once again, it’s easier to communicate your information to your team or clients using visuals .
Mind maps are an effective way to show how a strategy with many moving parts ties together. For example, this mind map shows how the four main components of a marketing strategy interact together:
You can also use a flow chart to map out your strategy by objectives:
However you choose to visualize your strategy, your team should know exactly what they need to do. This is not the time to keep your cards close to your chest.
Your strategy section may need to take up a few pages to explain, like in the marketing plan example below:
With all of this information, even someone from the development team will understand what the marketing team is working on.
This minimalistic marketing plan example uses color blocks to make the different parts of the strategy easy to scan:
Breaking your strategy down into tasks will make it easier to tackle.
Another important way to visualize your marketing strategy is to create a project roadmap. A project roadmap visualizes the timeline of your product with individual tasks. Our roadmap maker can help you with this.
For example, this project roadmap shows how tasks on both the marketing and web design side run parallel to each other:
A simple timeline can also be used in your marketing plan:
Or a mind map, if you want to include a ton of information in a more organized way:
Even a simple “Next, Now, Later” chart can help visualize your strategy:
Close your marketing plan with a brief explanation of how you plan to track or measure your results. This will save you a lot of frustration down the line by standardizing how you track results across your team.
Like the other sections of your marketing plan, you can choose how in-depth you want to go. But there need to be some clear guidelines on how to measure the progress and results of your marketing plan.
At the bare minimum, your results tracking guidelines should specify:
But you can more add tracking guidelines to your marketing plan if you see the need to. You may also want to include a template that your team or client can follow, for client reporting , ensure that the right metrics are being tracked.
The marketing plan example below dedicates a whole page to tracking criteria:
Use a task tracker to track tasks and marketing results, and a checklist maker to note down tasks, important life events, or tracking your daily life.
Similarly, the marketing plan example below talks about tracking content marketing instead:
Marketing plan vs. marketing strategy
Although often used interchangeably, the terms “marketing plan” and “marketing strategy” do have some differences.
Simply speaking, a marketing strategy presents what the business will do in order to reach a certain goal. A marketing plan outlines the specific daily, weekly, monthly or yearly activities that the marketing strategy calls for. As a business, you can create a marketing proposal for the marketing strategies defined in your company’s marketing plan. There are various marketing proposal examples that you can look at to help with this.
A company’s extended marketing strategy can be like this:
Notice how it’s more general and doesn’t include the actual activities required to complete each strategy or the timeframe those marketing activities will take place. That kind of information is included in a marketing plan, like this marketing plan template which talks about the content strategy in detail:
Here’s a free nonprofit marketing plan example that is ideal for organizations with a comprehensive vision to share. It’s a simple plan that is incredibly effective. Not only does the plan outline the core values of the company, it also shares the ideal buyer persona.
Note how the branding is consistent throughout this example so there is no doubt which company is presenting this plan. The content plan is an added incentive for anyone viewing the document to go ahead and give the team the green light.
Two-page marketing plan samples aren’t very common, but this free template proves how effective they are. There’s a dedicated section for business goals as well as for project planning.
The milestones for the marketing campaign are clearly laid out, which is a great way to show how organized this business strategy is.
This marketing plan template is perfect for small businesses who set out to develop an overarching marketing strategy for the whole year:
Notice how this aligns pretty well with the marketing plan outline we discussed in previous sections.
In terms of specific tactics for the company’s marketing strategy, the template only discusses SEO strategy, but you can certainly expand on that section to discuss any other strategies — such as link building , that you would like to build out a complete marketing plan for.
Marketing plans, like the sample below, are a great way to highlight what your business strategy and the proposal you wan to put forward to win potential customers.
This one-page marketing plan example is great for showcasing marketing efforts in a persuasive presentation or to print out for an in-person meeting.
Note how the fact sheet breaks down the marketing budget as well as the key metrics for the organization. You can win over clients and partners with a plan like this.
This one-page sample marketing plan clearly outlines the marketing objectives for the organization. It’s a simple but effective way to share a large amount of information in a short amount of time.
What really works with this example is that includes a mission statement, key contact information alongside all the key metrics.
This press kit marketing plan template is bright and unmistakable as belonging to the Cloud Nine marketing agency . The way the brand colors are used also helps diversify the layouts for each page, making the plan easier to read.
We like the way the marketing department has outlined the important facts about the organization. The bold and large numbers draw the eye and look impressive.
Start your marketing campaign on a promising note with this marketing plan template. It’s short, sharp and to the point. The table of contents sets out the agenda, and there’s a page for the company overview and mission statement.
A complete marketing plan example, like the one below, not only breaks down the business goals to be achieved but a whole lot more. Note how the terms and conditions and payment schedule are included, which makes this one of the most comprehensive marketing plans on our list.
While both marketing plans and business plans are crucial documents for businesses, they serve distinct purposes and have different scopes. Here’s a breakdown of the key differences:
Business plan is a comprehensive document that outlines all aspects of your business, including:
Marketing plan on the other hand, dives deep into the specific strategies and tactics related to your marketing efforts. It expands on the marketing section of a business plan by detailing:
In short, business plans paint the entire business picture, while marketing plans zoom in on the specific strategies used to reach your target audience and achieve marketing goals.
Let’s take a look at several types of marketing plans you can create, along with specific examples for each.
This is a good example of a marketing plan that covers the overarching annual marketing strategy for a company:
Another good example would be this Starbucks marketing plan:
This one-page marketing plan example from coffee chain Starbucks has everything at a glance. The bold headers and subheadings make it easier to segment the sections so readers can focus on the area most relevant to them.
What we like about this example is how much it covers. From the ideal buyer persona to actional activities, as well as positioning and metrics, this marketing plan has it all.
Another marketing plan example that caught our eye is this one from Cengage. Although a bit text-heavy and traditional, it explains the various sections well. The clean layout makes this plan easy to read and absorb.
The last marketing plan example we would like to feature in this section is this one from Lush cosmetics.
It is a long one but it’s also very detailed. The plan outlines numerous areas, including the company mission, SWOT analysis , brand positioning, packaging, geographical criteria, and much more.
A content marketing plan highlights different strategies , campaigns or tactics you can use for your content to help your business reach its goals.
This one-page marketing plan example from Contently outlines a content strategy and workflow using simple colors and blocks. The bullet points detail more information but this plan can easily be understood at a glance, which makes it so effective.
For a more detailed content marketing plan example, take a look at this template which features an editorial calendar you can share with the whole team:
Your SEO marketing plan highlights what you plan to do for your SEO marketing strategy . This could include tactics for website on-page optimization , off-page optimization using AI SEO , and link building using an SEO PowerSuite backlink API for quick backlink profile checks. Additionally, incorporating a rank tracker can help monitor keyword performance and track the impact of your optimization efforts.
This SEO marketing plan example discusses in detail the target audience of the business and the SEO plan laid out in different stages:
Your social media marketing plan presents what you’ll do to reach your marketing goal through social media. This could include tactics specific to each social media channel that you own, recommendations on developing a new channel, specific campaigns you want to run, and so on, like how B2B channels use Linkedin to generate leads with automation tools and expand their customer base; or like making use of Twitter walls that could display live Twitter feeds from Twitter in real-time on digital screens.
For B2C brands, you can target Facebook and Instagram. Gain Instagram likes to build trust for your brand’s profile and post engaging content on both platforms. Leverage AI social media tools to automate and scale your content plan..
Edit this social media marketing plan example easily with Venngage’s drag-and-drop editor:
This could cover your paid marketing strategy (which can include search ads, paid social media ads, traditional advertisements, etc.), email marketing strategy and more. Here’s an example:
Marketing plans should include:
An executive summary in a marketing plan is a brief overview of the entire document, summarizing the key points, goals, and strategies. Its main goal is to provide readers with a quick understanding of the plan’s purpose and to entice them to read further.
When a marketing plan is effective, businesses can experience increased brand visibility, higher customer engagement , improved sales and revenue, and strengthened customer loyalty.
The first section of a marketing plan is typically the “Executive Summary,” which provides a concise overview of the entire plan, including the business’s goals and the strategies to achieve them.
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What's the difference.
A business plan and a marketing plan are both essential documents for any organization, but they serve different purposes. A business plan outlines the overall goals, objectives, and strategies of a company, providing a comprehensive roadmap for its operations and growth. It includes sections on the company's mission, target market, products or services, financial projections, and competitive analysis. On the other hand, a marketing plan focuses specifically on the marketing activities and strategies that will be employed to promote the company's products or services. It includes sections on market research, target audience, marketing objectives, pricing, distribution channels, and promotional tactics. While a business plan provides a holistic view of the organization, a marketing plan zooms in on the marketing efforts to achieve the business goals.
Attribute | Business Plan | Marketing Plan |
---|---|---|
Definition | A document that outlines the goals and strategies of a business | A document that outlines the marketing objectives and strategies of a business |
Focus | Overall business goals and strategies | Marketing goals and strategies |
Audience | Internal stakeholders, investors, and lenders | Internal stakeholders, marketing team, and external stakeholders |
Components | Executive summary, company description, market analysis, product/service description, marketing and sales strategies, financial projections | Executive summary, market analysis, target audience, marketing objectives, marketing strategies, budget allocation |
Timeframe | Long-term (typically 3-5 years) | Short-term (typically 1 year) |
Scope | Overall business operations | Marketing activities and campaigns |
Measurement | Financial performance, market share, customer satisfaction | Marketing metrics (e.g., reach, conversion rate, ROI) |
Implementation | Guides the entire business operations | Guides marketing team and activities |
Introduction.
When it comes to running a successful business, having a well-defined plan is crucial. Two key components of this planning process are the business plan and the marketing plan. While both plans serve different purposes, they are interconnected and play vital roles in achieving business objectives. In this article, we will explore the attributes of a business plan and a marketing plan, highlighting their unique features and how they complement each other.
A business plan is a comprehensive document that outlines the overall strategy, goals, and operations of a company. It serves as a roadmap for the organization, providing a clear direction for its future growth and success. A business plan typically includes sections such as an executive summary, company description, market analysis, organizational structure, product/service offerings, financial projections, and more.
One of the primary purposes of a business plan is to secure funding from investors or financial institutions. It demonstrates the viability and profitability of the business, showcasing the potential return on investment. Additionally, a business plan helps in attracting key stakeholders, partners, and employees by providing a detailed overview of the company's mission, vision, and values.
Furthermore, a business plan acts as a strategic tool for decision-making and resource allocation. It helps the management team identify potential risks, challenges, and opportunities, allowing them to develop contingency plans and allocate resources effectively. By setting clear objectives and milestones, a business plan enables the organization to measure its progress and make necessary adjustments to stay on track.
In summary, a business plan is a comprehensive document that outlines the overall strategy, goals, and operations of a company. It serves as a roadmap, attracts investors, facilitates decision-making, and provides a framework for measuring progress.
A marketing plan, on the other hand, focuses specifically on the marketing activities and strategies of a business. It is a subset of the broader business plan and provides a detailed roadmap for reaching the target market, promoting products/services, and achieving sales objectives. A marketing plan typically includes sections such as market research, target audience analysis, competitive analysis, marketing objectives, marketing strategies, budget allocation, and evaluation metrics.
The primary goal of a marketing plan is to create awareness, generate interest, and drive customer acquisition. It outlines the marketing mix, including product, price, place, and promotion, to effectively position the offerings in the market. By conducting market research and analyzing customer behavior, a marketing plan helps identify the target audience's needs, preferences, and pain points, enabling the development of tailored marketing campaigns.
Moreover, a marketing plan provides a framework for evaluating the effectiveness of marketing initiatives. It sets specific goals and key performance indicators (KPIs) to measure the success of marketing campaigns, such as customer acquisition cost, conversion rates, brand awareness, and customer satisfaction. By regularly monitoring and analyzing these metrics, businesses can make data-driven decisions and optimize their marketing efforts for better results.
In summary, a marketing plan is a subset of the business plan that focuses on the marketing activities and strategies. It aims to create awareness, drive customer acquisition, and provides a framework for evaluating marketing initiatives.
While the business plan and marketing plan serve different purposes, they are interconnected and complement each other in several ways. Firstly, the marketing plan is derived from the business plan. The overall business strategy, goals, and target market identified in the business plan provide the foundation for developing the marketing plan. The marketing plan aligns with the broader business objectives and ensures that marketing efforts are in line with the company's vision and mission.
Secondly, the marketing plan provides valuable insights and data that inform the business plan. Through market research, customer analysis, and competitive analysis, the marketing plan helps identify market trends, customer preferences, and competitive advantages. This information is crucial for developing a robust business strategy, identifying growth opportunities, and mitigating potential risks.
Furthermore, the business plan and marketing plan work together to allocate resources effectively. The financial projections and budget allocation in the business plan are influenced by the marketing plan's objectives and strategies. For example, if the marketing plan emphasizes digital advertising and social media campaigns, the business plan may allocate a larger portion of the budget to marketing activities in those areas.
Lastly, the business plan and marketing plan are iterative documents that require regular review and updates. As market conditions change, customer preferences evolve, and new opportunities arise, both plans need to be adjusted accordingly. The marketing plan provides valuable feedback and insights to refine the business plan, ensuring that the company remains competitive and adaptable in a dynamic market environment.
In conclusion, the business plan and marketing plan are essential components of a successful business strategy. While the business plan provides a comprehensive overview of the company's overall strategy, goals, and operations, the marketing plan focuses specifically on the marketing activities and strategies. Both plans are interconnected and complement each other, with the marketing plan derived from the business plan and providing valuable insights for its development. Together, these plans enable businesses to attract investors, drive customer acquisition, allocate resources effectively, and adapt to changing market conditions. By developing and implementing well-crafted business and marketing plans, organizations can increase their chances of achieving long-term success.
Comparisons may contain inaccurate information about people, places, or facts. Please report any issues.
The main difference between a Business Plan and Marketing Plan is that a Business Plan outlines overall goals and strategies for the entire company, while a Marketing Plan focuses specifically on promoting products or services.
Before we move to more differences, let’s first understand Business Plan and Marketing Plan:
Business Plan | Marketing Plan |
---|---|
A business plan outlines overall objectives and strategies. | A marketing plan focuses specifically on promoting products or services. |
A business plan covers financial projections and operational details. | A marketing plan delves into target markets and promotional tactics. |
A business plan addresses company structure and management. | A marketing plan emphasizes customer acquisition and retention strategies. |
A business plan is comprehensive, encompassing all aspects of a business. | A marketing plan hones in on specific marketing goals and methods. |
A business plan typically includes an executive summary and market analysis. | A marketing plan includes a detailed marketing budget and timeline. |
You can see other “differences between…” posts by clicking here .
If you have a related query, kindly feel free to let me know in the comments below.
Published: August 07, 2024
One of my favorite ways to break through writer’s block, whether the assignment is a marketing plan or a short story, is simply reading more examples. (I also recommend taking a long walk; you’d be surprised.)
I can’t take you on a walk, but I can give you some examples, some inspiration, and some guidelines to get your creativity humming.
If you don’t know where to start, we’ve curated lists of marketing plans and marketing strategies to help you write a concrete plan that will produce results.
Let’s start by understanding the differences between the two.
Looking to develop a marketing plan for your business? Click here to download HubSpot's free Marketing Plan Template to get started .
Table of Contents
What is a marketing plan, marketing plan vs. business plan, how to write a marketing plan, types of marketing plans, marketing plan examples, marketing plan faqs, sample marketing plan.
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A marketing plan is a strategic road map 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.
The purpose of a marketing plan is to write down strategies in an organized manner. This will help keep you on track and measure the success of your campaigns.
Your marketing plan lays out each campaign‘s mission, buyer personas, budget, tactics, and deliverables. With all this information in one place, you’ll have an easier time staying on track with a campaign, and you can figure out what works and what doesn’t.
To learn more about creating your marketing plan, keep reading or jump to the relevant section:
A marketing plan is a strategic document that outlines marketing objectives, strategies, and tactics.
A business plan is also a strategic document. But this plan covers all aspects of a company's operations, including finance, operations, and more. It can also help your business decide how to distribute resources and make decisions as your business grows.
A marketing plan is a subset of a business plan; it shows how marketing strategies and objectives can support overall business goals. And if you need an assist executing a marketing plan, might I recommend HubSpot’s marketing hub ?
A marketing strategy is the part of your marketing plan that describes how a business will accomplish a particular goal or mission.
This includes which campaigns, content, channels, and marketing software you’ll use to execute that mission and track its success.
A marketing plan contains one or more marketing strategies. It's the framework from which all your marketing strategies are created, and it helps you connect each strategy to a larger marketing operation and business goal.
For example, suppose your company is launching a new software product, and it wants customers to sign up. The marketing department needs to develop a marketing plan that'll help introduce this product to the industry and drive the desired sign-ups.
The department decides to launch a topical blog, debut a YouTube series to establish expertise, and create new X and Instagram accounts to join the conversation around this subject. All this serves to attract an audience and convert this audience into software users.
To summarize, a business' marketing plan is dedicated to introducing a new software product to the marketplace and driving sign-ups for that product. The business will execute that plan with three marketing strategies : a new industry blog, a YouTube video series, and an X account.
Of course, the business might consider these three things as one giant marketing strategy, each with its own specific content strategies. How granular you want your marketing plan to get is up to you. Nonetheless, every marketing plan goes through a particular set of steps in its creation.
Your first step in writing a marketing plan is to state your mission. Although this mission is specific to your marketing department, it should serve as your business' main mission statement.
In my experience, you want to be specific, but not too specific. You have plenty of space left in this marketing plan to elaborate on how you'll acquire new customers and accomplish this mission.
For those of you running startups or small businesses, HubSpot’s starter bundle is a great all-in-one solution — it can help you find and win customers, execute content marketing plans, and more.
If your business' mission is “to make booking travel a delightful experience,” your marketing mission might be “to attract an audience of travelers, educate them on the tourism industry, and convert them into users of our bookings platform.”
Need help building your mission statement? Download this guide for examples and templates and write the ideal mission statement.
Every good marketing plan describes how the department will track its mission‘s progress. To do so, you need to decide on your key performance indicators (KPIs) .
KPIs are individual metrics that measure the various elements of a marketing campaign. These units help you establish short-term goals within your mission and communicate your progress to business leaders.
Let's take our example of a marketing mission from the above step. If part of our mission is “to attract an audience of travelers,” we might track website visits using organic page views. In this case, “organic page views” is one KPI, and we can see our number of page views grow over time.
Also, make sure to check whether your current reporting software facilitates the KPIs you need. Some reporting tools can only measure a set of pre-defined metrics, which can cause massive headaches in particular marketing campaigns.
However, other tools, like HubSpot’s analytics software , can offer full flexibility over the KPIs you wish to track.
You can generate custom reports that reveal average website engagement rates, page visits, email, social media traffic, and more.
These KPIs will come into the conversation again in step 4.
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' current and potential customers. All business leaders must agree on your buyer personas.
Here‘s where you’ll include the main points of your marketing and content strategy.
Because there‘s a laundry list of content types and channels available today, you must choose wisely and explain how you’ll use your content and channels in this section of your marketing plan.
When I write this section, I like to stipulate:
A marketing plan explains the marketing team's focus. It also explains what the marketing team will not focus on.
If there are other aspects of your business that you aren‘t serving in this particular plan, include them in this section. These omissions help to justify your mission, buyer personas, KPIs, and content.
You can’t please everyone in a single marketing campaign, and if your team isn’t on the hook for something, you need to make it known.
In my experience, this section is particularly important for stakeholders to help them understand why certain decisions were made.
Whether it's freelance fees, sponsorships, or a new full-time marketing hire, use these costs to develop a marketing budget and outline each expense in this section of your marketing plan.
You can establish your marketing budget with these 8 free marketing budget templates .
Part of marketing is knowing your competition. Research the key players in your industry and consider profiling each one.
Keep in mind that not every competitor will pose the same challenges to your business. For example, while one competitor might rank highly on search engines for keywords that you’re also chasing, another competitor might have a heavy footprint on a social network where you plan to launch an account.
Easily track and analyze your competitors with this collection of 10 free competitive analysis templates .
With your marketing plan fully fleshed out, it‘s time to explain who’s doing what.
I don’t like to delve too deeply into my employees’ day-to-day projects, but I know which teams and team leaders are in charge of specific content types, channels, KPIs, and more.
Now that you know why you need to build an effective marketing plan, it’s time to get to work.
Starting a plan from scratch can be overwhelming if you haven't done it before.
That’s why there are many helpful resources that can support your first steps. We’ll share some of the best guides and templates to help you build effective results-driven plans for your marketing strategies.
Ready to make your own marketing plan? Get started with this free template.
The kind of marketing plan you create will depend on your company, your industry, and your business goals. We compiled different samples to suit your needs:
This marketing plan by Visit Oxnard, a convention and visitors bureau, is packed with information: target markets, key performance indicators, selling points, personas, marketing tactics by channel, and much more.
It also articulates the organization’s strategic plans for the upcoming fiscal year, especially as it grapples with the aftereffects of the pandemic.
Lastly, it has impeccable visual appeal, with color-coded sections and strong branding elements.
This marketing plan by a nonprofit organization is an excellent example to follow if your plan will be presented to internal stakeholders at all levels of your organization.
It includes SMART marketing goals , deadlines, action steps, long-term objectives, target audiences, core marketing messages , and metrics.
The plan is detailed yet scannable. By the end of it, one can walk away with a strong understanding of the organization’s strategic direction for its upcoming marketing efforts.
Pridemore Properties’ Instagram smash hit is unexpected, to say the least. You think you’re getting a home tour that takes your figurative breath away; you get a home tour that takes the agent’s literal breath away.
Verizon’s toe-tapping, hip-shaking Totalmente (aka Total by Verizon, a contractless phone plan) ad debuted during Univision’s Spanish-language broadcast of Super Bowl LVIII. The ad reinvents the 1998 Elvis Crespo song “Suavemente,” an earworm if I’ve ever heard one, replacing the lyrics with Total by Verizon features.
Verizon Value’s CMO and VP of Marketing, Cheryl Gresham, has admitted that she didn’t know much about marketing to a majority-Latinx audience.
In an interview with Campaign Live , she said she didn’t think the idea would have gotten off the ground “if it had just been me and a lot of other people that had a background like myself in that room.”
CampaignLive wrote, “Gresham says the team opted for a creative concept that spoke to all the Latinos in the room — despite Gresham herself not understanding the connection.”
Gresham’s marketing strategy hinged on knowing her audience and, just as importantly, trusting her fellow marketers who knew how to reach that audience.
The catchy tune and the great storytelling certainly don’t hurt.
But more than that, Ogilvy and Verizon dug deep into Latinx culture — more than 25 years deep — to craft an ad that doesn’t feel like it’s just responding to the latest trend. They also tapped Venezuelan American comedian, musician, and producer Fred Armisen to direct the spot.
Marketing software that helps you drive revenue, save time and resources, and measure and optimize your investments — all on one easy-to-use platform
The business plan and the marketing plan are both essential aspects of successful businesses. These plans not only help businesses organize their operations, but help benchmark their success or failure. Since business industries change with customer demand and the economic environment, the business plan and marketing plan must evolve throughout the lifespan of the business.
The business plan provides a wide overview of the business, which includes information on staff, operations, location, marketing and financial aspects, as well as clearly outlined missions and goals. Often used as a financial tool, the business plan provides lenders with necessary details to determine if the business is viable, financially sound and able to repay.
Although business plans are most commonly known for assisting new businesses, they should be used throughout the life of the business. Not only does it help to develop competitive strategies, the business plan can determine if the actual activity of the business matches the forecasted plans. Founders who write business plans are 2.5 times as likely to start businesses than individuals who miss this vital step, reports careers agency TopTal.
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What is a short-term marketing plan, 6 types of business plans, what are the benefits of a business plan, checklist for a business plan, what objectives should be used for a business proposal, marketing plan helps you strategize.
The marketing plan details the specific marketing actions that achieve the company's missions and goals. For instance, this plan identifies the price points for the products you are selling, target markets and competition. It explains how the business generates customers through advertisements, trade show participation and new referrals. By explaining how the business will overcome competitive challenges by other companies, the marketing plan is a key section within the business plan and requires detailed industry research and consideration.
Marketing plans are, by definition, strategic, reports the industry magazine Business 2 Community. They force you think about how you will get your product in front of customers, and gets you used to working with timelines and key performance metrics. Investors want to make sure you have these ducks in a row before you invest.
The business plan and marketing plan are interdependent and must be consistent with one another if you are to generate sales. The business plan identifies the goals and missions of the business, while the marketing plan explains how the business will achieve, if not exceed, those goals and missions. If the plans of the business change, the business's course of action also changes. A good marketing plan should never deviate from the objective of the business plan.
Both plans should be reviewed periodically. While the business plan can be reviewed once a year, the marketing plan should be reviewed once per quarter at the beginning of the fiscal year. Reviewing periodically ensures that the business is operating according to outlined strategies. Comparing actual versus outlined activities helps measure business success and identify any new or updated strategies that are in-tune with current economic environment.
There are no length requirements for the business plan or the marketing plan. However, both plans should be long enough to provide concise and detailed information. The benefits of marketing and business development are only realized if the information within the plans is well-researched and includes supporting evidence for facts presented. The goals, missions and strategies within these plans should be measurable and attainable, and reviewed and updated as the business evolves.
by Mike Vestil
If you’re starting a new business, you may be wondering about the differences between marketing plans and business plans. While both are crucial to running a successful company, they have important key differences to understand.
Marketing and business plans are two essential tools, but they serve different purposes. A business plan is a more comprehensive, big-picture overview of your company’s mission. In contrast, a marketing plan is a facet of your business plan that will help you advertise and reach your target audience.
Drafting up these plans may seem daunting at first, but once you understand how they operate, you’ll be prepared to take your business to the next level. This article will break down the difference between a marketing plan and a business plan and how both documents in tangent can help you move forward with your company’s development. Let’s dive in!
Image credit: PatriotSoftware.com
One of the most crucial things you can prepare is a business plan when starting or running a company. A business plan is a comprehensive document that outlines the operational and financial goals of a business and its overall strategy for achieving them. A successful business plan includes:
Creating a business plan is crucial because it will help you stay organized and focused on your long-term goals— essentially, it’s a roadmap of how you will achieve success and meet your business’s clearly outlined missions. The plan will aid you in making informed decisions, assessing risks, and measuring progress.
The length and detail of this plan will vary depending on the size and type of business you are running. However, having a solid business plan is essential for any business, especially start-ups. Start-ups often don’t have the resources that more established businesses do, so owners have to work harder to convince investors to fund or loan money to their projects. A business plan can help smaller or newer companies secure loans and other forms of funding.
In the following sections, I’ll outline the various elements you need to create a successful business plan by walking you through all the steps, from writing a summary to creating a budget.
The executive summary is the first section of your business plan, and it should be approximately one to two pages long, depending on the overall size of your report. It should be well written, concise, and capture the essence of your company, as well as your aims and goals. The executive summary is crucial because it will give potential investors and lenders an in-depth look into your business plans.
This summary will represent the entirety of your plan, so make sure the document includes an overview of the following:
With these questions in mind, you’ll be able to write a compelling summary that covers your mission and the steps you’ll take towards achieving your goals.
With the executive summary out of the way, I’ll now walk you through the other essential sections of your business plan.
This part of your report should include detailed descriptions of your business’s products and services. You should have information on pricing, how long your products last, and an overview of the production process, including information about how your goods will be manufactured and delivered.
If you run a start-up or new business, this part of your plan is especially crucial because it will give potential investors a snapshot of what your business offers. It would be best to showcase what makes your brand unique and how you plan to compete in the market. What are your selling points? Why should customers choose you over your competitors? Highlight any benefits of your company to address how they will meet customer demand.
If you have any patents or trademarks, you can include that information here so that potential investors know that your intellectual property is legally protected.
This section should outline who your competitors are and their influence in your chosen field. This analysis can include information about the strengths and weaknesses of your competitors and how difficult it may be to take market share from these businesses.
Doing detailed industry research will also help you identify areas where you could improve on what similar companies are doing. Once you know what is already offered in the market, you can develop competitive strategies to help your product stand out.
The marketing analysis can also detail your projections and expected demand for your products based on competing industries and companies. Knowing how receptive your target audience will be can help you determine your strategy, which I will go over in the next section.
Once you’ve completed your analysis, it’s time to develop a strategy. This section should include your overall plan for how you will attract and maintain a customer base, as well as what advertising methods you will use to appeal to the right target markets.
It would help to tailor your strategy to your ideal buyers, and it should be realistic and achievable. You should consider your company’s strengths and how you can use them to your advantage in the market. For example, suppose you have a solid online presence. In that case, you may want to focus on digital marketing strategies. Or, if you have a niche product, you can find specific sites to target potential customers.
Additionally, you should provide information on the distribution channels you will use. This data may include where you are sourcing your products and how you plan to deliver them to your customers.
You can also specify how your company intends to communicate with customers by having a plan for after-sales service and how you will handle customer complaints or queries.
Financial planning is essential for any business, although the process will look different depending on whether you’re a startup or run an existing company. Regardless of the current state of your business, you should enlist the help of accountants and economists to create a financial plan.
This section should include detailed information on your company's financial status, as well as projections for the future. All of this information will help to give investors a clear picture of your business' financial stability and growth potential.
If you have an existing business, you'll need to include the following documents:
If you’re a start-up, you’ll need to provide estimates for the first few years of operation, including information on expected sales, profits, and expenses. You should also outline how much money you’ll need to get your business off the ground and how you plan to obtain these funds through potential investors.
Determine your long-term goals for your business and how you plan to achieve them through measurable steps. This data should include expected sales revenue and profit margins. You should also have a plan for reinvesting profits back into the company and address how you will cover any future costs or losses.
Financial planning is an ongoing process, so you should update your business plan annually, especially if your company’s financial status changes. Keeping these documents in order will help you stay on track and ensure that your company meets its projected financial goals.
Your budget is a critical element of your financial plan and should prove to investors that you have a sense of how much money to allocate to various parts of your business. You can break down your budget into different sections, including personnel, development, production, and advertising costs.
Additionally, you can include a sales forecast that outlines your expected revenue and profit margins. These projections will help you to determine how much money you need to cover your costs and make a profit within your allotted budget.
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A marketing plan is a document that outlines an organization's advertising goals and strategies. It should cover product promotion, pricing, target markets, and advertising. The focus of marketing plans should be to advertise your product to consumers who are likely to purchase from you.
When creating a marketing strategy, you should consider your target audience, research competition in the market, and develop clear goals and strategies. It would help if you also considered what marketing channels you’ll use, including social media advertising, email marketing, influencer marketing, search engine optimization (SEO), content marketing, or other methods.
A marketing plan focuses solely on the marketing aspect of your business, so it is more detailed about this specific part of your plan. On the other hand, a business plan is an overarching document that outlines the company’s missions regarding product development and financial objectives and a brief overview of marketing goals and competitive challenges.
A marketing plan, while important, is less comprehensive and doesn’t provide as much general information about the company. Therefore, it’s important to remember that a marketing plan and a business plan should work together—the marketing plan provides the overall marketing strategy while the business plan offers a detailed roadmap for succeeding on multiple levels.
You can think of a marketing plan as a more detailed part of the overall business plan. The business plan is more important to present to potential investors because it provides a general overview of a company’s mission, but including a detailed marketing plan is an asset that will aid your business plan.
While business plans typically don’t have to be updated frequently, you should review marketing plans periodically to adjust to the outcomes of advertising efforts and marketing trends. Therefore, it is a more pliable document and is easier to adapt as your business changes and grows.
I’ll outline what elements you need to build a successful marketing plan in the following section.
Your marketing objectives should be specific, measurable, achievable, relevant, and time-bound. Here are some solid examples of marketing objectives:
Keep in mind that you should align your objectives with the overall goals of your business. Whether you hope to increase profits or reach more customers, your efforts should reflect those aspirations. For example, suppose you desire to establish a better digital presence. In that case, you can advertise on social media. Or, if you want to improve customer communication, you can launch a live chat on your website.
Market research is the process of analyzing current market trends and adjusting your business strategy to meet the projected direction of the industry. You’ll need to know your current business positioning in the field, which involves taking a close look at target markets.
Your target market should be based on the products or services you offer. If you provide a product that appeals to a wide audience, your target market will be much broader than if you offer a product that only appeals to a niche group.
It’s also essential to understand potential buyers’ interests and where you can advertise to them. Does the majority of your target audience use social media? If so, which platforms? What publications do they read? What TV programs do they watch? You can conduct market research in several ways, including surveys, focus groups, interviews, and observational studies.
Once you have this information, you can begin developing buyer personas. A buyer persona is a fictional representation of your target customer. It includes demographic information like age, gender, income level, and job title, as well as your buyer persona’s interests, values, and needs. This information will help you determine where to focus your marketing efforts.
It's essential to understand your competition and stand out in the field if you want to succeed in the market. One of the most important things to do is research similar businesses. To learn about them, you can visit their stores or websites. What are they offering? What prices are they charging? How are they promoting their products? What do their customers say about them in reviews?
Once you find out what they offer, how much they charge, and how they’re promoting themselves, you’ll be able to address any flaws your competitors may have and develop schemes that are unique to your business.
You can also use tools like the SWOT analysis to analyze your competitors’ strengths and weaknesses. This information can help you decide which strategies to use by addressing both internal and external factors.
Now that you understand how to conduct market research and evaluate competing businesses, let’s look at the various strategies you can implement to ensure that your advertising efforts elevate your business.
A marketing mix combines marketing activities that you use to reach your target audience—product, price, place, and promotion.
The product description should include information on what you are selling, how you source it, and the benefits that it will provide to potential buyers. You can include high-quality images or models to showcase these goods.
You’ll also need to include price information, including how much it costs to produce your product and what price you are selling it for, based on your market research on similar items.
The place category will determine where customers can purchase your product. You can outline where your goods will be available, whether on online marketplaces, your website, or in-store.
The promotion section will include information on your advertising campaigns, including email campaigns, social media campaigns, SEO optimization, and more.
Now that you have your objectives and marketing mix in place, it’s time to implement them. Each activity should have a goal associated with it. For example, if one of your goals is to increase website traffic, your next move could be to promote a contest on social media. Or, if you want to raise brand awareness, you can reach out to influencers for a paid partnership.
The more specific information you have about this audience, the better chance of reaching potential customers through advertising campaigns or social media posts that speak directly to their interests and concerns. If done correctly, this could lead to higher conversion rates from potential customers, as well as increased brand awareness among those who may not have been aware of your product before seeing these advertisements.
You should also allocate a budget for each objective and a timeframe for completing your goals. Be realistic about what you can achieve in the given timeframe, and make sure you allow enough time to see the results of your efforts.
Key Performance Indicators (KPI) are metrics that measure how well you’re achieving your objectives. There are many different KPIs you can use, depending on your goals. Common KPIs include website traffic, conversion rate, leads generated, and customer satisfaction. You can also check out my article about how to use KPIs for email marketing for more ideas about KPIs that you can set in your business.
You should track your KPIs regularly and adjust your marketing activities as needed. If you find that you’re not achieving your goals, it’s time to reevaluate your plan and make changes.
Though you will likely already have an overall budget at this point in your business plan, the marketing budget can provide more detail on the distribution of your company’s financial resources towards advertising and promotions.
You should determine what percentage of your funds will go towards advertising efforts— the general advice is between 6-20% of your total budget.
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Companies should have both a business and marketing plan—the business plan outlines the structure and goals of the company. In contrast, the marketing plan explains how you will achieve those goals through marketing activities. If you seek loans or meet with investors, having both of these documents at the ready will benefit your business.
I’ve already established their different purposes, but when used together, there are many benefits to having these documents.
These range from increased sales to more realistic projections. The following section will detail the perks of creating and implementing both plans.
Business plans define the company’s goals, and the marketing plan provides specific steps to achieve these aims. When you have both plans in place, it’s easier to track your progress and make changes as needed, increasing the chances of achieving your objectives and improving sales.
If the overall goals of the business change, the marketing plan may also need to be altered. For example, if the business decides to focus on international sales, the marketing plan will need to reflect this change. Luckily, marketing plans are easier to update, so you can adjust the details as your business expands and evolves.
The more detail you put into these plans, the more likely you are to reliably and consistently track your progress based on your preset goals. While drafting them may be a lot of work initially, staying organized and adjusting your plans as needed will help increase sales in the long-run.
When creating these plans, it’s important to be realistic about what you can achieve by setting achievable goals and estimating the time it will take to complete each activity.
Once you write these plans, you’ll have a better idea of initial projections based on the in-depth market research required to make a budget and set your prices. You’ll also have more information about how to accurately track your marketing efforts using data collection tools and KPIs.
If the business plan and marketing plan are consistent, it will be easier to achieve your objectives. The business plan provides a broad overview of the company, while the marketing plan explains how each marketing activity will help achieve the business’s goals.
Having these plans in place makes it easier to keep your business on track and on-brand. You can adjust your marketing plan as you go to keep up with new objectives or projects, keeping your business organized and streamlined.
Creating these plans will help you surpass your competitors—when you clearly understand what you’re up against, it’s easier to create a strategy that will help you stand out.
Business plans help you understand your competition, like what strategies work and what aspects you can improve on. This knowledge will allow you to use your funds and resources on marketing channels to bring optimal value and income.
Once you have implemented these plans, it’s essential to monitor their effectiveness. By keeping track of how well your company matches your projections, you can identify patterns and adapt these plans according to your future goals.
Your business plan can be reviewed annually, which will give you an overview of where you are meeting your goals and what areas you may be falling short in. Does your work meet the standards and guidelines you initially planned?
In comparison, you should review marketing methods quarterly to track which ones are working best and which you can adjust to run your operation more successfully.
Are marketing plans the same as business plans.
A marketing plan is a component of a business plan, but it is not the same thing. A business plan provides a structure and goals for the company, while the marketing plan explains how each marketing activity will help achieve those goals.
Creating a business plan before making a marketing plan is generally recommended. Keep in mind that the two projects should be consistent with each other and work together to present the most comprehensive, detailed overview of your business goals as possible.
Business plans are longer, more comprehensive documents that cover all aspects of your company’s operations and include the following:
Alternatively, marketing plans cover only the marketing aspect of your company and address the following areas:
While these plans serve different purposes, they can be used together to present an in-depth overview of your company to potential investors and are both valuable assets to track your business goals, successes, and areas to improve on.
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Although a business plan and marketing plan are two different documents, they work together to create a well-rounded view of the company. A good business plan will have realistic goals based on sound market analysis, while a good marketing plan will outline specific objectives to help achieve those projections.
When these two plans are put together, they can increase sales, create realistic projections, and help your business overcome competitive challenges. Therefore, drafting both is essential for having an organized, consistent, and lucrative business.
So, what are you waiting for? Using this guide for reference, start creating your marketing and business plans today!
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You can’t expect the win the confidence of investors unless you prepare the right documents. Investors are highly selective when choosing businesses in which to invest. If they believe your business is poised to grow and succeed, they may offer to purchase an ownership stake in it. You’ll have an easier time winning investors’ confidence by providing them with a business plan and marketing plan. What’s the difference between these two documents exactly?
Many investors will require you to provide a business plan when seeking financing for them. Some banks require a business plan for financing as well. Whether you’re trying to obtain equity financing from an investor or debt financing from a bank, you’ll probably need to prepare a business plan.
A marketing plan, on the other hand, is a smaller and more specific document that focuses strictly on your business’s marketing activities. Marketing, of course, is the promotion of your business and its goods or services. While different businesses sell different types of goods and services, they all engage in marketing activities to attract customers. In a marketing plan, you can explain how your business intends to attract new customers through marketing activities.
You can include your marketing plan in your business plan. Alternatively, you create a separate marketing plan that’s distinguished from your business plan. Most business plans have a section for marketing. After creating a marketing plan, you can either place it in this section or use it as a separate and independent document.
Business plans and marketing plans aren’t the same. Business plans consist of multiple parts, each of which covers a specific aspect of your business. Most of them contain an executive summary, business description, goods and services and marketing section. In comparison, marketing plans only cover your business’s marketing activities.
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Understanding marketing plans, how to write a marketing plan, marketing plan vs. business plan.
James Chen, CMT is an expert trader, investment adviser, and global market strategist.
Pete Rathburn is a copy editor and fact-checker with expertise in economics and personal finance and over twenty years of experience in the classroom.
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A marketing plan is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market . It details the outreach and PR campaigns to be undertaken and for how long, as well as the ways in which the company will measure the effect of these initiatives. It reflects a company’s overall marketing strategy.
The terms “marketing plan” and “marketing strategy” are often used interchangeably because the former is developed based on an overarching strategic framework. In some cases the strategy and the plan may be incorporated into one document, particularly for smaller companies that may only run one or two major campaigns in a year. The plan outlines marketing activities on a monthly, a quarterly, or an annual basis, while the strategy delineates the overall value proposition .
The components of a marketing plan include:
The four most important social media networks in 2023 for global marketers were, in descending order, Facebook, Instagram, YouTube, and TikTok.
There are a variety of marketing plans that suit different businesses and their needs. These include:
The mission and value proposition is a statement that articulates the value that a product or brand will deliver to a customer. It should appear front and center on the company website and any branding materials.
The value proposition should delineate how a product or brand solves the customer’s problem, the benefits of the product or brand, and why the customer should buy from this company and not another. The marketing plan is based on it.
Establishing your key performance indicators (KPIs) will allow you to measure the success of your marketing plan in relation to your company’s value proposition. In other words, they track the effectiveness of your marketing strategy. For example, if your goal is to engage with a certain demographic in a certain region, you can track social media impressions and website visits.
There are a number of KPIs that help you measure success including the search engine ranking, click-through rate, cost per click, return on investment (ROI), and conversion rates, which tracks the percentages of visitors to your website that make a specific action such as buying a product or becoming a newsletter subscriber.
In 2023, Facebook and Instagram were tied for having the highest ROI across social media platforms for global marketers, while YouTube fell next in line.
The marketing plan identifies the target market for a product or brand. Market research is often the basis for a target market and marketing channel decisions. For example, whether the company will advertise via social media, online ads, or regional TV.
Knowing to whom you want to sell and why is an extremely critical component of any business plan. It allows you to focus your business and measure its success. Different demographics have different tastes and needs; knowing your target market will help you market to them.
The marketing plan includes the rationale for these decisions. The plan should focus on the creation, timing, scheduling, and placement of specific campaigns and include the metrics that will measure the outcomes of your marketing efforts. For example, will you advertise on social media or TV? What time will you schedule your marketing if they are through email newsletters? The strategy may include flighting scheduling , which includes the times when you can make the most of your advertising dollars.
A marketing plan costs money. Setting a budget will allow you to create a workable plan, prevent runaway costs, and properly allocate your funds.
A marketing plan can be adjusted at any point based on the results from its metrics. If digital ads are performing better than expected, for example, the budget for a campaign can be adjusted to fund a higher-performing platform, or the company can initiate a new budget. The challenge for marketing leaders is to ensure that every platform has sufficient time to show results.
Without the correct metrics to assess the impact of outreach and marketing efforts, an organization will not know which campaigns to repeat and which to drop. In short, maintaining ineffective initiatives wastes money.
Digital marketing shows results almost immediately, whereas TV ads require rotation to realize any level of market penetration. In the traditional marketing mix model, a marketing plan would fall under the category of “promotion,” which is one of the “ four Ps ,” a term coined by Neil Borden to describe the marketing mix of product, price, promotion, and place.
A business plan is a roadmap that details how a business will operate and function in its entirety. It should cover the goals, missions , values, financials, and strategies that the business will use in day-to-day operations and the achievement of its objectives. Among its many elements are an executive summary, the products and services sold, a marketing analysis, a marketing strategy, financial planning, and a budget .
As mentioned, a business plan should include a marketing plan, which focuses on creating a strategy for creating awareness of the company’s product or service, reaching the target market, and generating sales.
Consider the following marketing plan framework that is designed to help direct marketing objectives:
A marketing plan template is a guide for writing a marketing plan. It contains all the important elements needed to create one, including its goals and KPIs, marketing channels, budget, content type, teams involved, and design.
The executive summary is a nutshell description of the marketing plan. It should contain the key findings of the market research, the company’s objectives and marketing goals, an overview of the marketing trends, the description of the product or service being marketed, information on the target market, and the plan budget.
A top-down marketing strategy is a traditional one, in which a business decides how best to sell its product or brand, and customers are then spurred to take action through advertisements, generally found on radio and/or television. It is usually determined by company executives, which is then communicated with management to delegate to employees. These employees then develop tactics to meet the strategy's objectives.
In comparison to a traditional top-down marketing strategy, a bottom-up strategy begins with employees who formulate marketing tactics based on their analysis of customer preferences and needs. This then may lead to collaboration with other employees to develop a concrete marketing plan, which is sent to executives for review.
Today’s consumer wants to relate to a product or service in a meaningful way, and a bottom-up marketing strategy seeks to achieve this through customer-centric tactics.
The cost of a marketing plan will vary based on the company, the plan’s complexity, and the length of the overall strategy. In 2023, marketing costs made up 10.1% of corporate revenues on average. The consumer packaged goods sector spent the most, at 18.5% of revenues while the mining and construction sector spent the least, at 1% of revenues.
A separate analysis shows that the cost can range anywhere from $10,000 to over $40,000 for a marketing plan.
A marketing plan is the advertising strategy that a business implements to sell its product or service. It determines the target market, how best to reach it, at what price point the product or service should be sold, and how the company will measure its efforts.
Constantly monitoring and adjusting a market plan is an important part of running a business, as it shows the most effective ways to generate sales. As the consumer landscape evolves, it is important for businesses to adapt in order to meet customer needs and better achieve their marketing objectives.
Statista. " Marketing Worldwide – Statistics and Facts ."
American Marketing Association. " What Is a Marketing Plan and How to Write One? [Easy Guide] ."
HubSpot. " The 2024 State of Marketing & Trends Report: Data from 1400+ Global Marketers ."
Deloitte. " The CMO Survey: Managing Marketing Technology, Growth and Sustainability ." Page 16.
Laire. " How Much Does a Marketing Plan Cost? "
by Cheryl Munson
Published on 29 Jul 2019
To understand the relationship between business plan and marketing plan, think of them in terms of a pizza. A business plan is the whole pie. A marketing plan is a slice of the pie, but a very important slice. The difference between business plan and marketing plan is that a company's business plan provides an overview of every aspect of a company while its marketing plan focuses on strategies and efforts to generate sales and revenue.
A marketing plan is part of a business plan; a business plan is an organization-wide plan that covers every aspect of a company's operation.
A business plan typically includes the following:
In short, a business plan sets out the company's future objectives and strategies for achieving them in the the medium- and long-term. One aspect of the business plan may be a summary of how the company is going to market its products and services, and who it is going to market them to. This is the marketing summary; a high-level view of the marketing plan.
As a basic example, a business plan for a pizza shop would state the location of the business along with all related expenses like monthly rent and utilities, a description of the types of pizza and other foods to be produced and the costs associated with these like ingredient and labor costs, projected monthly gross and net profits based on financial data from other pizza shops in the area and a basic run-down of the company's day-to-day operation.
An organization's marketing plan is included in the overall business plan; however, it is written in summary format. Included in a marketing summary are the marketing objectives, and the strategies and tactics the company will utilize to generate sales and revenue. The marketing summary section of the business plan also gives a general overview of advertising plans that will be implemented to achieve marketing objectives and goals.
The complete marketing plan is a separate, comprehensive document that goes into more detail about objectives, goals and tactics. This document guides the implementation of efforts by the company's marketing, sales and advertising departments.
One marketing plan example for a pizza shop could be an effort to attract tourists during the summer vacation season. After identifying the marketing goal, the plan details the ideal consumer persona, the shop's competitors, the marketing campaign's cost and the type of marketing the pizza shop will employ to attract its ideal consumers, such as offering an order of wings with every large pie sold.
The marketing department uses the plan to align how products and services are to be positioned in the marketplace in terms of distribution channels and pricing. The plan describes in detail monthly, quarterly and annual sales volume goals that need to be reached by the sales team.
The plan also includes a section that sets forth the communications platform for the advertising team and/or outside advertising agency to use to develop advertising, promotions and events that align with the communications messaging strategy to reach customers and clients in the marketplace.
Generally speaking, the business plan is shared only with key executives within the company and external members of the financial community. It is typically written to target potential investors, stockholders and accountants. It is most often used to generate funds to provide working capital to execute the plans and programs the company has identified as necessary to maintain a competitive position and sustainable success in the marketplace.
When a business plan is shared with these individuals and groups, it may be presented with one or more marketing plan examples and the presentation may even illustrate the relationship between business plan and marketing plan in an effort to sell the idea more effectively.
The marketing plan is not shared with consumers and clients, but the contents are aimed at them. The complete plan is an internal document that is usually shared only with those responsible for marketing, sales and advertising efforts. The marketing plan includes results from research that help identify tactics to communicate with customers to get them to purchase products.
The plan includes strategies on pricing and incentives to gain new clients for a service-oriented business and increase sales volume with retail distributors. The marketing plan is an internal strategic document developed to win customers, clients, achieve sales and distribution goals, compete with other businesses and increase the company’s market share.
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Published: Aug 13, 2024, 7:15am
What is a marketing plan, marketing plan vs. marketing strategy, why businesses need a marketing plan, essential marketing channels, how to create a marketing plan, bottom line, frequently asked questions (faqs).
The difference between a flourishing business and a floundering business often comes down to an effective marketing campaign. This is especially true for small businesses. Every successful marketing campaign starts with a well-thought-out marketing plan. In this article, we will guide you through the steps on how to create a top-notch marketing plan to help put your business on the road to success.
A marketing plan is essentially a roadmap that guides businesses through the complex terrain of promoting their products or services. Think of it as a blueprint that details specific marketing campaigns, timelines, target audiences and channels such as social media , email or traditional media. Your plan should also establish clear metrics for success, the methodology used to evaluate performance and allocated budgets.
It is important to note that a marketing plan is not a static document. It is supposed to be an ever-evolving plan that adapts to market trends, customer feedback and the successful or unsuccessful marketing efforts. If done properly, a marketing plan will help you synchronize your marketing objectives with your overall business goals and ensure every marketing activity aligns with your broader vision of growth.
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Some assume that “marketing plan” and “marketing strategy” are the same thing, but be aware they hold distinct meanings and serve different purposes. A marketing strategy is more big-picture thinking. It identifies your target market, your value proposition, how you position yourself against competitors and how you will sustain your value over time. It involves deep insights into your customers’ needs, market trends and competitive analysis. It is essentially the “why” behind all your marketing actions.
The marketing plan, on the other hand, details the “what” and the “when” of those efforts. Once you have your marketing strategy outlined, you can begin to create a marketing plan. The plan should outline the specific campaigns, activities and tactics you’ll use to carry out the strategy. This includes details on the marketing channels you’ll use, the timeline for implementation, the budget and the key performance indicators you’ll track to measure success. It’s a blueprint that translates the strategy into actionable tasks and schedules.
A carefully crafted marketing plan can be a game-changer for small businesses dreaming of steady growth and a competitive edge over larger companies. Marketing plans with smart strategies and targeted campaigns can level the playing field by helping small businesses carve out their niche. It provides a clear roadmap that aligns marketing efforts with business objectives to ensure every marketing action contributes to the broader company goals.
This focused approach saves small businesses money by efficiently focusing resources instead of using a scattergun approach that can drain limited budgets. By identifying and understanding target markets, businesses can tailor their messaging to meet specific needs, which increases the likelihood of conversion. A solid marketing plan offers a framework for measuring success by setting benchmarks. With careful tracking, small businesses can quickly see what’s not working and adjust strategies in real time for better outcomes.
Today’s businesses have a wide array of marketing channels available to them. From highly analytical PPC advertising to engaging in-person event marketing, there’s no shortage of methods to promote your company.
During the past two decades, social media has proved to be a highly effective way for small businesses to market themselves at little to no costs. Platforms including TikTok, Facebook, Instagram, X and LinkedIn offer businesses a dynamic platform to engage directly with their audience. They allow for the sharing of content, running targeted ads and fostering community through comments and shares. Effective social media marketing can enhance brand awareness, drive traffic and strengthen customer loyalty.
Email marketing is another highly effective way to reach an audience directly. Newsletters, promotional offers and personalized content can nurture leads, promote loyalty and drive conversions. Email marketing offers measurable results and high ROI, making it a staple in a digital marketing strategy toolbox.
Content marketing involves creating hyper-relevant and compelling content that will act as a magnet to attract a laser-focused group of people. You can create blogs, videos, infographics and podcasts to cultivate an engaged community of followers with whom your brand’s message genuinely resonates.
SEO is the practice of optimizing website content to rank higher in search engine results pages. Effective SEO strategies including on-page optimization, quality link building and keyword research help drive traffic to your website.
PPC advertising is a method of online marketing where you pay a fee each time someone clicks on your ad. Popular platforms such as Google Ads and Bing Ads guarantee your ads show up first in search engine results for specific keywords, allowing you to bypass the “organic” results. While the pay-per-click fees can add up, this form of advertising provides immediate traffic and measurable results.
Influencer marketing leverages the reach of influencers in specific niches to help you promote your business to a larger audience. When you partner with a credible influencer, you can tap into their loyal followings, gain trust quickly and drive engagement that will hopefully lead to greater sales. Affiliate marketing can complement influencer marketing by allowing influencers to earn commissions on the sales they drive. This performance-based option is cost effective, as you will only pay for actual results.
Event marketing involves marketing your brand, company or service through in-person or virtual events. It can be anything from interactive webinars and educational workshops to large-scale conferences and industry trade shows. Event marketing gives you the opportunity to directly engage with your audience and hopefully provide a memorable experience for your customers.
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Creating a marketing plan is a step-by-step process. Make sure you take your time with each step before moving on to the next one.
An executive summary is a snapshot of your simplified marketing goals, significant milestones and an outline of future plans. It should encapsulate relevant facts about your brand, setting the stage for the detailed strategy that follows. This section provides stakeholders with a clear understanding of where the company stands and where it intends to go, concisely summarizing the essence of the marketing efforts.
Who are you trying to reach? By identifying your target market you can tailor your marketing strategies effectively to help them reach the people most likely to be interested in your products or services. Outline the characteristics of your ideal customer including age, location, goals, pains and trigger points.
Competitor research is a critical step in forming a marketing plan. Analyze the strengths and weaknesses in other businesses in your industry. This insight can help you identify opportunities for differentiation and areas where you can fill in the opportunity your competitors may have overlooked.
Without clear marketing goals, you are just shooting barrels in the dark. Are you trying to increase brand awareness, boast sales or grow your digital footprint? And if so, by how much and in what timeframe? Use the SMART criteria for goal setting, which advises that goals should be specific, measurable, achievable, relevant and time-bound.
Once you determine what your marketing goals are, it is important to track their effectiveness.
To do this, set baseline measurements for key performance indicators related to your goals, such as website traffic, conversion rates or social media engagement. Monitor these benchmarks on a regular basis and adjust strategies as needed to enhance marketing performance.
Are you going to throw all your eggs in the social media basket? Or are you going to diversify your marketing strategy with both digital and in-person events? This step requires a deep dive into the various channels available—be it social media, email marketing, SEO or traditional advertising. When choosing your marketing channels, be sure to ask yourself where your target audience is most engaged.
Finally, create a budget that covers all aspects of your marketing efforts from paid advertising and content creation to software subscriptions and event sponsorships. This will help you stay financially responsible as more marketing opportunities arise.
One of the keys to a successful business is setting yourself apart from the competition. A strategic marketing plan that details your marketing efforts can not only help you stand out but also provide a step-by-step guide toward reaching your business objectives.
The main elements of a marketing plan typically include an executive summary, marketing objectives, target audience definition, marketing strategies, budget and metrics for performance evaluation. It outlines the company’s strategy for attracting and retaining customers by detailing specific actions to achieve campaign goals, timeline with key milestones, channels to be used and team members responsibilities.
A realistic marketing budget is typically determined as a percentage of a company’s revenue. It is recommended that B2B companies spend 2% to 5% of their revenue on marketing. Because B2C companies typically have a broader range of marketing channels, it is recommended they spend between 5% and 10% of their revenue on marketing.
Every marketing plan should start with a clear mission statement for the marketing department that aligns with the overall mission of the business. This statement should be specific enough to guide marketing efforts but also allow room to adjust the plan as needed. For example, if your company’s mission is “to revolutionize home cooking,” the marketing mission might be “to inspire home cooks and provide them with innovative cooking solutions.”
Jennifer Simonson draws on two decades as a journalist covering everything from local economic developement to small business marketing. Beyond writing, she tested entrepreneurial waters by launching a mobile massage service, a content marketing firm and an e-commerce venture. These experiences enriched her understanding of small business management and marketing strategies. Today, she channels this first-hand knowledge into her articles for Forbes Advisor.
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A marketing plan is a strategic guide that helps businesses map out their advertising and promotional strategies to attract prospective customers and connect with their intended audience. It offers clear and detailed direction on how to achieve business objectives through targeted marketing efforts.
Understanding the distinction between a marketing plan and a business plan is crucial for any organization aiming to navigate the complexities of strategic planning and resource allocation.
Differentiating between a marketing strategy and a marketing plan is essential for implementing effective marketing operations within a business. These two elements, while closely related, serve distinct functions in the marketing process.
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Marketing plans vary depending on their focus, scope, and objectives. Understanding the different types of plans is crucial for businesses aiming to target their marketing efforts and resources effectively. Here are some of the key types:
Having a structured plan is invaluable. It acts as a strategic roadmap, guiding businesses toward achieving their goals through well-organized and monitored marketing activities.
Here are five important benefits of creating a marketing plan:
The foundation of any effective marketing plan begins with a clear and concise mission statement. This crucial step sets the stage for all subsequent planning by articulating the core purpose and direction of your company’s marketing efforts. A mission statement serves as a compass, guiding your marketing strategies and ensuring they align with your organization’s broader goals.
Developing a mission statement is more than just a formality; it’s a strategic exercise that clarifies your marketing vision and sets a purposeful path for your team. With a compelling mission statement in place, you can craft a plan that resonates with your audience and drives your business toward its long-term objectives.
Establishing clear goals and key performance indicators (KPIs) is a pivotal step in crafting a marketing plan that aligns with your company’s value proposition and ensures measurable success. This stage involves setting financial and non-financial objectives to guide your marketing efforts and evaluate their effectiveness.
Marketers who set specific goals are significantly more likely to report success. By defining financial and non-financial objectives, you create a comprehensive framework for guiding your marketing strategies. This dual focus not only drives economic value but also fosters qualitative improvements in your marketing efforts, ensuring a balanced approach to achieving your company’s vision.
Pinpointing your target market is a crucial step in any marketing plan. Understanding who your product or service is for and why forms the backbone of your marketing efforts and influences decisions on marketing channels, content creation, and overall outreach strategies.
A key outcome of market research is the development of buyer personas. These semi-fictional representations of your ideal customers are crafted based on real data and insights about your existing clientele. Buyer personas detail your target market’s characteristics, needs, and motivations, offering a detailed profile that guides your marketing strategies.
Conducting a competitive analysis is integral to crafting a robust marketing plan. This process involves identifying your main competitors, understanding their strategies, and evaluating how your business can establish a distinctive and superior position in your niche. Through this analysis, you’ll gain insights into the competitive landscape, helping you to leverage your own strengths and identify areas for improvement.
Understanding both the internal and external factors that influence your market positioning is crucial. They include:
Your marketing budget is the planned amount of money you’ll spend to achieve your marketing goal. Knowing the financial resources you have available for marketing activities allows you to craft a plan that maximizes impact while maintaining fiscal responsibility. This financial foresight prevents overspending and ensures that every dollar spent contributes to achieving your marketing objectives.
This overview should include all sources of funding and any constraints or stipulations attached to them. Having a comprehensive understanding of your financial resources sets the groundwork for all subsequent planning and decision-making.
Execution involves the detailed scheduling of marketing activities, assigning responsibilities to team members, and setting deadlines that align with the marketing plan’s timelines. It’s about bringing the plan to life through a series of coordinated efforts, from launching advertising campaigns to engaging with customers on social media platforms. This phase is where the theoretical aspects of the plan, such as target audience engagement and brand messaging, are put into practice through concrete actions like content creation, digital marketing, and promotional events.
In conclusion, a well-crafted marketing plan is the linchpin of successful marketing efforts, offering a strategic blueprint that guides businesses through the intricate landscape of market engagement and customer interaction. From the initial stages of understanding the marketing plan’s scope and its relationship with the overarching business strategy to the detailed planning and execution of marketing activities, each step is vital in steering an organization toward its desired market position.
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Is there really a difference between a marketing strategy and a marketing plan? Are they two sides of the same marketing program coin?
While the terms are commonly used interchangeably, they’re two very different concepts in the real world. It may seem like splitting semantic hairs, but understanding the difference between marketing strategy vs. marketing plan is crucial to the success of your campaigns and your progress toward overarching business goals.
Let’s compare and contrast the concepts in greater depth so you’re prepared when it comes time to take your marketing to the next level .
A digital marketing strategy is the “why” behind your marketing. Every piece of marketing collateral you create will be informed by this documentation, which means it works hand-in-hand with your content strategy .
Basically, a marketing strategy is a reflection of your short-term and long-term business approach. This strategy should also be a distillation of your brand values, voice, mission and messaging. For example, if your business aims to scale up quickly, the strategic marketing vision you develop needs to support that objective, perhaps by focusing on consumer acquisition or ramping up your online presence.
A good marketing strategy will encompass your unique selling proposition, all that your business hopes to achieve and its brand identity.
Your marketing plan is the “how” to your strategy’s “why.” Ideally, a marketing plan should be just that — a plan of action for how you will execute your strategy to accomplish each marketing goal.
The process of creating a tactical marketing plan is about addressing the real-world steps you will take to create, promote, track and measure your campaign, programs and assets. The workflows and procedures you develop will provide a roadmap for making your strategy actionable.
To use a not-at-all-complicated metaphor, let’s say your business needs a ship to sail through your marketing campaign. That ship needs a direction in which to travel (i.e., a strategy) and the sails to power it (i.e., a plan).
Marketing strategy and plan work hand in hand, with the latter taking cues from the former. Everything laid out by your strategy should be addressed with a plan — one that defines the processes for tactical marketing.
However, the lines can be a bit blurred. Strategic planning is one oft-used phrase that can create confusion. In reality, strategic planning is just high-quality planning informed by a thorough marketing strategy.
Needless to say, a strategy without planning is like a winning idea without a way to realize it; and planning without a strategy will lead to a rudderless ship.
Strategy is not an amorphous concept. It takes real work and thinking to establish a good marketing strategy that ultimately facilitates business success.
Here are some basic steps to crafting a comprehensive strategy:
Importantly, strategy is not static. It needs to be constantly updated and fine-tuned to keep your business on track and achieve changing marketing objectives.
Returning to the question of “how” shows us the best way to create a marketing plan that works. Ask yourself these questions as you set out to develop your plan of action:
Let’s look at some examples of how the waterfall of business objectives to marketing strategy to marketing plan works in real life:
It’s much easier to see the differences between marketing strategy vs. marketing plan in such a scenario, but also easier to grasp how they work in conjunction. Let’s consider another:
Getting the picture?
One more for good measure:
When a marketing strategy and marketing plan are in harmony, what they create is music to your business’ ears. Alignment between the two gives your brand its best chance to impact consumers, raise its profile and succeed in its key business objectives.
Editor’s Note: Updated December 2022.
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Dom, an English major and journalism enthusiast, was just happy to get a job out of college writing and editing professionally. That it turned out to be in the burgeoning content marketing industry with Brafton was all the better.
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In this article, you'll find a step-by-step guide on how to create a marketing plan that will work for almost every kind of business. We've also included 20+ free marketing plan templates throughout the post to help you get started on the right foot.
Here's a short selection of 8 easy-to-edit marketing plan templates you can edit, share and download with Visme. View more below:
Want to skip the tutorial? Create your marketing plan right away with Visme. Use ready-made marketing plan templates , download them as a PDF or share online.
Better yet, use Visme's AI Document Generator to create a fully designed marketing plan that aligns with your content. Prompt the generator with what you’re looking for, choose one of the styles and let the AI do its magic. Afterward, you can customize and finalize as you wish.
What is a marketing plan, types of marketing plans, 10 marketing plan templates to get you started, why your business needs a marketing plan, how to create a marketing plan, marketing plan examples, marketing plan faqs.
A marketing plan is a roadmap that helps you set goals, understand your target audience and optimize the impact of your marketing campaigns.
In simple words, it helps you get a clearer view of the what, why and how of all your marketing activities.
A good marketing plan also helps you communicate the “big” strategy and the different tactics involved to your marketing team . Last but not least, it lets you track the success of your campaigns.
A marketing plan should ideally include:
Take a look at this one-page marketing plan template as an example.
Create your Marketing Plan with this easy-to-edit template! Edit and Download
If your plan is more detailed, you can also consider including:
A marketing plan is usually presented as a PDF document, but you can also whip up a more creative version of it. For example, you can create an infographic , presentation and even an interactive web page to share your plan.
Or you can create a single-page marketing plan similar to the one above.
Scroll down to the end of this post to access seven full marketing plan templates.
Marketing plans and business plans are both essential pieces of business strategy, but their purpose is different. The terms are often used interchangeably or together: marketing business plan. But each plan is different and here's what sets them apart.
Business plans cover a business's overall strategy, from the branding strategy to the company-wide marketing strategies. A marketing plan solely concentrates on a specific marketing strategy or a branch of the overall department.
For example, one marketing plan can be for digital marketing strategies, while another can be for billboards. Likewise, a marketing plan can be for a single campaign, covering all marketing channels.
A marketing strategy and a marketing plan are key pieces in the company’s marketing puzzle. However, they serve different purposes.
A marketing strategy is the overall framework guiding a company's marketing efforts. It outlines how your organization will position itself in the market, target ideal customers, and create value for them. A marketing strategy is often long-term and forms the foundation for all your marketing activities.
A marketing plan is a detailed roadmap for organizing, executing and tracking your marketing strategy within a specific timeframe. It provides a step-by-step guide for achieving specific objectives, such as increasing sales, improving brand awareness, or entering new markets.
Simply put, a marketing plan translates your strategy into actionable steps with timelines for implementation and metrics for measuring success.
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Just as there are several types of marketing strategies, there are numerous types of marketing plans. Let’s take a look at some of them.
Quarterly and annual marketing plans are high-level plans for all the marketing activities that will happen in the next quarter or year. From this overarching plan, your team will create smaller, more detailed plans according to specific strategies. These could be daily, weekly or monthly marketing plans.
Social media marketing plans highlight the goal and objective of a brand’s activities on social media that are geared toward marketing. This plan includes campaign information, repurposing guidelines across social media channels and who’s in the social media team.
A content marketing plan outlines all the content pillars for the brand and what content types need to be created for each pillar. Any content marketing strategies planned out for the brand’s content are detailed in the plan, along with a roadmap and goals.
In a new product launch plan, the pages lay out all the steps toward a successful launch. Separated into pre-launch, launch and post-launch, the different teams will know what they need to do to complete the plan’s objectives.
Growth marketing plans are specifically geared toward brand growth. This plan document lays out all the strategies to undertake in order to grow the brand name online, locally or some other way.
Influencer marketing plans concentrate on outlining all steps to implement an influencer strategy. Sections include the list of potential or chosen influencers and what will be asked and expected of them to reach the plan’s goals.
A market penetration marketing plan highlights all the activities involved in marketing existing products to existing customers.
This marketing strategy is considered the most popular in business models. Some examples include discounts on favorite products or new features and updates.
In market development plans, existing products are marketed to new customers and niches. These strategies focus on business objectives like developing distribution channels and increasing brand awareness.
Product development plans outline the activities dealing with marketing new products to existing customers. These marketing plans include examples such as product launches and market insertion plans.
In diversification, marketing plans focus on strategies to launch and promote new products or services to new markets and customers. These marketing plans are on the ambitious side.
Need help putting together a full marketing plan?
Here is our handpicked collection of 10 marketing plan templates for various types of businesses.
Pick the one that best fits your industry and start customizing it in the Visme editor right away. Replace the colors, fonts, text, images, icons and more with a few clicks. Use the dynamic fields option to edit repeating content across slides and create more efficient templates for your team with custom dynamic fields.
You can also tap into a free library of stock photos and add animated characters, illustrations and gestures for advanced customization.
If you’re still on the fence about using Visme for your marketing plans, look at what one of our users has to say:
“I feel that for anyone who wants to improve efficiency and effectiveness at the workplace, VISME gives you the extra edge to take things forward.
It's an apt tool for quickly converting your thought process into a unique communication.” - Autumn | Finance Manager
This tailored marketing plan template is perfect for all kinds of real estate and property businesses, complete with a professional “About” section and SWOT analysis.
It has a modern feel to it with a clean layout and corporate color scheme. You can easily switch it out for your own brand colors if you want.
A good social media strategy needs a marketing plan of its own, which is why this template is a must-have for any business trying to win at this game.
Customize this social media marketing plan template to lay out your goals for the next year or quarter, and outline the key points of your strategy for each social channel.
Add a dose of interactivity by creating a clickable menu or building an interactive table of contents. Interactive plans make a positive impression on team members and stakeholders, improving work satisfaction and productivity.
Create your Marketing Plan with this easy-to-edit template. Edit and Download
Create an actionable marketing plan covering your digital channels with this detailed template.
This digital marketing plan has a classy design and layout, and features key headings like an executive summary, a SWOT analysis, key performance indicators and even a nice table of contents.
Creating an effective product marketing plan requires in-depth research of your target market, company strengths and weaknesses, as well as an effective marketing plan design.
This product marketing plan template covers all those basics, along with a detailed budget planner that you can edit with your own financial data.
Hiring someone to help build a powerful personal brand?
This personal marketing plan example is perfect for that purpose. It’s a simple, three-page document with a professional resume detailing skills and experience, followed by a goals page.
This marketing plan presentation template is a great way to share your marketing goals, SWOT, strategy, timeline, deliverables and more with your team and the management.
You can easily get the slides printed later and share the copies with your team. Edit this marketing plan presentation online in Visme and create a slideshow that's powerful and effective.
Here is another marketing plan presentation template you can use. This presentation template is especially relevant and useful if you're in the retail business.
Customize this marketing plan template online and download it in PDF or PowerPoint format, or save the slides separately in image format. You can also present this presentation online using a link — no downloads needed!
Designing a marketing plan doesn’t have to be daunting. With this template, you can create a comprehensive marketing plan for your food business, whether it’s a small cafe, a big fancy restaurant or a fast food joint.
This marketing plan example features stock photos of food that you can replace with your own. Additionally, you can edit any images with the AI Edit Tools to remove backgrounds or unwanted objects or upscale/unblur less than perfect photos.
This template also has a versatile design that can be tailored to your own brand style and even an entirely different industry.
Content is a key element of inbound marketing. This content marketing plan template is carefully designed to match the needs of SaaS and other businesses that want to focus on taking their content strategy to the next level.
If your marketing goals are to drive traffic, generate leads and grow sales through publishing insightful content , this marketing plan will help you organize your editorial calendar.
Take advantage of the fact that you’re already logged in to Visme, and use the resources at your disposal to execute a content marketing plan.
Design blog graphics, infographic visuals, social media content and videos right inside your Visme editor. Share and schedule posts to social media directly from the integrated social media calendar .
If you're not looking to create a detailed or formal document with several pages, this to-the-point marketing plan infographic template is a great pick.
It's a quick way to share the marketing plan for a one-off project and contains all the necessary details.
I’ve already mentioned how a marketing plan can help you better understand your company’s marketing goals and how to achieve them, but that’s not where the benefits end.
A well-researched marketing plan can help you:
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There’s no one way of creating a marketing plan, but there are some key components that should go inside a winning one. Follow the steps below to create an effective marketing plan.
The executive summary usually goes at the beginning of your marketing plan. It’s basically a short summary or brief overview of your company and the key takeaways from the entire marketing plan.
Here’s an executive summary template you can edit and use for your own business.
The template above is a great example of an executive summary that highlights the key function of a business and the purpose of its marketing plan.
You can also include company achievements and future plans for your business in your summary.
Remember, your executive summary should be concise and to the point. Instead of boring your readers to sleep, it should grab their attention and get them excited about the rest of the plan.
Before you dive into all the marketing stuff, it’s a good idea to revisit your company’s values, vision and mission. This helps put all the information inside your marketing plan into perspective.
It answers the question of why you’re doing what you’re doing.
Here’s a neat mission, vision and values template to edit and use.
For anyone who reads your marketing plan, this section is important to educate them about the ultimate aim of your business so they can make better sense of your marketing goals, activities and future plans.
The next step is to build a marketing plan is back it up with solid research.
This is often achieved by analyzing your current market situation with a market analysis , by studying your competition and most importantly, looking into your own company’s strengths and weaknesses.
Here’s a market share template that can help you visualize that information and share it with your colleagues and stakeholders.
You can customize this template according to your own brand colors and input your own information. Use it on its own as part of a marketing plan or in a report or presentation .
Here’s another cool design to help you present your market research. Use this SWOT analysis template to highlight your company’s strengths, weaknesses, opportunities and threats.
Instead of adding a boring table that no one wants to read, use a well-designed SWOT like the one above to draw attention to your research.
Here's another worksheet-style SWOT analysis template that you can print out and fill, or edit using Visme before adding to your marketing plan document or presentation.
You can also conduct a SWOT analysis of your competitors, which takes us to another key component of your market research — the competitor analysis .
Studying your competition is crucial to the success of your business. You need to know what they’re doing, what’s working for them and how you can do it better.
Here are a few things to research about your competitors:
Here's a competitive analysis template you can use and add to your marketing plan.
A template like the one above can help you organize and visualize important information about your competitors. In turn, this can help you identify opportunities and set goals.
Differentiating the target audience and the target market will help you better understand the position of your business within the market. Therefore, it’s important to identify who your buyer or ideal customer is so you can create more informed and tailored marketing strategies.
Naturally, the target customer for every business is different. But the goal is the same — to increase customer awareness.
You may also have more than one kind of customer. For example, a clothing store could be making products for both teens and older women at the same time.
Check out this target audience template to visualize your various customer segments. Use it to better understand your potential customers' attitudes and habits.
You can edit this template and use it as part of your marketing plan layout or presentation. It’s a great way to present the different types of your audience in a way that’s easy to understand.
The pie chart helps identify which chunk makes the bigger part of your customer base so you can focus most of your marketing efforts in that area.
If you’re looking for a more creative approach, take a look at the buyer persona template below.
This infographic template is a fun way to visualize your buyer’s demographic details, habits and goals, i.e., whether they're interested in online learning options like digital marketing courses or if they prefer in-person.
Another cool way to create a customer persona is to design it like a resume . This is useful for adding more information in one page without cluttering up the design.
Here’s a resume-style customer persona template you can edit.
This type of buyer persona design makes use of icons and data widgets , like progress bars.
In the end, the goal of creating a buyer persona is to better organize and understand key information about your customer. Use the template that works best for your business.
In this part of the marketing plan, you need to specify what you aim to achieve.
Outline your marketing goals and objectives, and make sure you use actual numbers instead of writing vague statements.
For example, if your goal is to increase website traffic , mention the exact target so you can track to see if you achieved it or not.
Here’s a marketing goals template you can use as part of your marketing plan.
Remember to create SMART goals for your marketing plan and strategy. SMART goals are Specific, Measurable, Attainable, Relevant and Time-Bound.
In the template above, notice how the target is defined as a percentage. You can also add a deadline to your marketing goal to make it time-bound.
If you want to share your marketing goals in an infographic format, here’s another template you can edit and use for your own company.
The template above is a more detailed goals infographic with three different phases, which makes it ideal for SaaS companies and mobile apps.
Now comes the good stuff. In this step, write down one or more marketing strategies and the tactics to execute for each one. Make sure you include:
This is best presented visually so the entire team can understand each step. You can divide your activities into stages, and present them using a marketing strategy template like the one below.
Another way to present your marketing strategy is by attaching deadlines to it. This can be easily done using a timeline or a Gantt chart .
Another way to present your marketing strategy is with the help of a roadmap. A roadmap outlines the tactics involved in your overall marketing strategy, and can be designed to look similar to a Gantt chart.
Here's a marketing roadmap template you can use for your own business.
If you want to do things differently, you can also use an infographic to visualize your marketing strategy.
An infographic is eye-catching and can be added to any of your presentations and reports. You can even share it on its own with your marketing team or other colleagues.
Here’s a marketing infographic template that divides your execution strategy into four phases.
Customize this template and make it your own! Edit and Download
Another way to visualize your marketing strategy is with the help of a mind map. Mind maps are great for providing your team with an overview of the different elements that are involved in your marketing strategy.
Here's a mind map template that shows how this can be done for a Twitter content marketing strategy.
You can easily build mind maps using our mind map maker .
Keep in mind that your marketing strategy should be actionable and detailed. Explain each step clearly and don’t leave out any information just for the sake of design.
Last but not least, detail your marketing budget considerations in your marketing plan.
This is important so you don’t lose sight of the financial aspect of things during execution and implementation. After all, marketing is costly and there are tons of hidden expenses involved. You need a budget template to lay out your financial projections.
Here’s an editable marketing budget template you can use.
Including a detailed marketing budget also helps in hiring the right staff and choosing between paid resources so you don’t exceed a certain amount.
You’re probably wondering: What does a marketing plan look like? In this section, we’ll share 5 real-life examples of marketing plans from companies.
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This marketing plan is an example of how to create a well-structured and eye-catching marketing plan. The plan has a sophisticated design adorned with captivating images and a rich blend of bright colors.
The proposed marketing plan starts with a situational analysis and review of the previous year. The following pages take a deep dive into key sections, like
Each of the different marketing strategies has individual goals, strategies and detailed plans of action. Additionally, the plan features a comprehensive event calendar and evaluation criteria. This makes it easier for the marketing team to stay organized, implement and track progress.
If you're looking for a template for a marketing plan that will be presented to internal stakeholders at all levels of your organization, this is a perfect example. Although created by a non-profit, it can be adapted for startups and growing businesses.
This comprehensive plan includes everything you need to get started, from SMART marketing goals and deadlines to action steps, long-term objectives, target audiences, core marketing messages and metrics.
This marketing plan example follows a simple format. The content is mostly presented in a list and tabular format, making it well-organized and easy to scan. Readers quickly grasp the organization's strategic direction for its upcoming marketing initiatives.
This detailed marketing plan example is encased in a document format with a bold, eye-catching design. The stunning image and energetic orange color on the cover page immediately grab attention and communicate the brand's dynamic personality. This comprehensive market plan example from the University of Illinois has three key sections.
We love that the plan effectively dissects the high-level components of its overall strategy and pairs them with concrete, actionable marketing tactics. Another standout feature is that the pages are filled with compelling visuals, engaging copy and informative graphs and maps that convey their strategic vision and roadmap for marketing efforts.
One of the standout features of the plan is its ease of readability. The sections are clearly organized, allowing readers to quickly scan and identify the most relevant information. It contains key sections, including partners, goals and marketing initiatives—attraction, retention and community relations.
Additionally, the plan offers a thorough breakdown of projected costs per marketing initiative, a crucial detail for upper-level management and stakeholders. This feature makes it easier for decision-makers to understand the financial implications of the proposed plan and allocate resources accordingly.
Overall, Wright County Economic Development's plan serves as a valuable example for marketers looking to develop a practical and effective marketing plan.
Being a leisure and lifestyle business, Visit Oxnard infuses captivating designs and vibrant photos that showcase the beauty and excitement of landscapes, landmarks, adventure and resorts. Their innovative plan puts a spin on traditional tourism marketing by focusing on the business side of travel.
This marketing plan example begins with a marketing plan overview, company overview, mission, and goals. Then it dives deeper into the framework and approach the company will take to continue on a positive path forward to economic recovery and growth. Other key sections highlighted in the plan include
This approach by Visit Oxnard demonstrates how creating actionable marketing plans can help forward-thinking companies capitalize on untapped opportunities.
Still not convinced about the use of marketing plans for your business? Here are some frequently asked questions that can help you make a final decision.
A marketing plan template is a customizable document with placeholder content that can help you get started quickly. Creating a marketing plan from scratch takes too much time. Using a template not only sets up you for faster designing but it also inspires creativity.
Beautiful internal communications inspire delight in coworkers, making it more enjoyable to check off lists and follow processes. Marketing plans on plain white documents just get lost in email threads. Visme marketing plan templates are the solution.
The executive summary in a marketing plan is a superpowered table of contents. In an executive summary page or slide, you share the notable points to be discussed in the subsequent content of the plan in question. An executive summary is comparable to the Quick Read section at the top of our articles.
A top-down marketing strategy is a traditional strategy with a broad target and brand messaging. Think of the marketing funnel and how at the top it’s wide open. Top down marketing strategies work up there, catching as many people as possible with a message that appeals to a wide audience.
A bottom-up marketing strategy is a targeted strategy for a product or service that meets the needs of a specific audience. Bottom-up marketing strategies are more common in small businesses and startups that don’t yet have large audiences.
The 4C’s of marketing are:
These four are called the "marketing mix. Another marketing mix you should know is the 4 Ps or the Four Principles of Marketing .
For a marketing plan to be good, it doesn’t take much. But for a marketing plan to be great, make sure you check off this checklist:
The most important part of a marketing plan is the targeted consumer, specifically their needs and wants. The entirety of your marketing plan serves the purpose of how your company will use marketing strategies to sell solutions to the customer.
With Visme, you can create marketing plans collaboratively in a number of ways. Brainstorm and strategize the plan together in the infinite whiteboard and then design together in the editor. The Visme whiteboard can have multiple pages to control brainstorming iterations and organize meeting results.
Invite members to the whiteboard or workspace by clicking the person+ icon on the top right. They’ll need to have their own Visme account to access the editor or whiteboard you’re inviting them to.
You can also use the workflow feature to assign entire projects or specific tasks to different team members and work on a project together. Keep track of what’s being worked on, leave feedback comments and support each other through the process.
A marketing strategy is a document or plan that outlines how your organization will deal with market positioning, ICPs and other strategic aspects of a marketing scheme. They can be long- or short-term strategies that form the foundation of all marketing activities.
Marketing plans, on the other hand, are detailed roadmaps that organize how to execute and track a marketing strategy. They provide a guide to achieving the outlined objectives. Marketing plans turn your strategy into an actionable, step-by-step timeline and a foundation for measuring success.
For most businesses, operating without a solid marketing plan results in ineffective campaigns, reduced ROI and unexpected costs. And nobody wants that.
A custom marketing plan helps you align your marketing objectives and activities with your overall business goals and brings entire teams together on the same page.
Ready to create a professional marketing plan of your own? Get started from scratch or choose one of our marketing plan templates today.
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A document that lays out the marketing efforts of a business in an upcoming period
A marketing plan is a document that lays out the marketing efforts of a business in an upcoming period, which is usually a year. It outlines the marketing strategy, promotional, and advertising activities planned for the period.
A marketing plan will typically include the following elements:
Marketing objectives of the business : The objectives should be attainable and measurable – two goals associated with SMART, which stands for Specific, Measurable, Attainable, Relevant, and Time-bound.
Current business marketing positioning : An analysis of the current state of the organization concerning its marketing positioning.
Market research : Detailed research about current market trends, customer needs, industry sales volumes, and expected direction.
Outline of the business target market : Business target market demographics.
Marketing activities : A list of any actions concerning marketing goals that are scheduled for the period and the indicated timelines.
Key performance indicators (KPIs) to be tracked
Marketing mix : A combination of factors that may influence customers to purchase products. It should be appropriate for the organization and will largely be centered on the 4Ps of marketing – i.e., product, price, promotion, and place.
Competition : Identify the organization’s competitors and their strategies, along with ways to counter competition and gain market share .
Marketing strategies : The development of marketing strategies to be employed in the coming period. These strategies will include promotional strategies, advertising, and other marketing tools at the disposal of the organization.
Marketing budget : A detailed outline of the organization’s allocation of financial resources to marketing activities. The activities will need to be carried out within the marketing budget .
Monitoring and performance mechanism : A plan should be in place to identify if the marketing tools in place are bearing fruit or need to be revised based on the past, current, and expected future state of the organization, industry, and the overall business environment.
A marketing plan should observe the 80:20 rule – i.e., for maximum impact, it should focus on the 20% of products and services that account for 80% of volumes and the 20% of customers that bring in 80% of revenue.
The purpose of a marketing plan includes the following:
The structure of a marketing plan can include the following sections:
This section outlines the expected outcome of the marketing plan with clear, concise, realistic, and attainable objectives. It contains specific targets and time frames.
Metrics, such as target market share, the target number of customers to be attained, penetration rate, usage rate, sales volumes targeted, etc. should be used.
Market analysis includes topics such as market definition, market size, industry structure, market share and trends, and competitor analysis. Consumer analysis includes the target market demographics and what influences their buying decisions – e.g., loyalty, motivation, and expectations.
This defines the target customers by their demographic profile, such as gender, race, age, and psychographic profile, such as their interests. This will assist in the correct marketing mix for the target market segments.
A SWOT analysis will look at the organization’s internal strengths and weaknesses and external opportunities and threats. SWOT analysis includes the following:
The marketing strategy section covers actual strategies to be included according to the marketing mix. The strategy centers on the 8Ps of marketing. However, firms are also at liberty to use the traditional 4 P’s of marketing – product, price, place, and promotion. The 8 P’s are illustrated below.
The correct marketing mix is determined by the target market. The most expensive options are advertising, sales promotions, and PR campaigns. Networking and referrals are less costly.
Marketers also need to pay attention to digital marketing strategies that make use of technology to reach a wider market and have also proven to be cost-effective.
Digital marketing channels, which became popular in the early 21 st century, may eventually overtake traditional marketing methods. Digital marketing encompasses trending methods, such as the use of social media for business.
Other strategies within the marketing strategy include pricing and positioning strategy, distribution strategy, conversion strategy, and retention strategy.
The marketing budget or projection outlines the budgeted expenditure for the marketing activities documented in the marketing plan. The marketing budget consists of revenues and costs stated in the marketing plan in one document.
It balances expenditures on marketing activities and what the organization can afford. It’s a financial plan of marketing activities to be carried out – e.g., promotional activities, cost of marketing materials and advertising, and so on. Other considerations include expected product volume and price, production and delivery costs, and operating and financing costs.
The effectiveness of the marketing plan depends on the budget allocated for marketing expenditure. The cost of marketing should be able to make the company break even and make profits.
Performance analysis aims to look at the variances of metrics or components documented in the marketing plan. These include:
Revenue variance analysis : An analysis of positive or negative variance of revenue. A negative variance is worrisome, and reasons should be available to explain the cause of deviations.
Market share analysis : An analysis of whether the organization attained its target market share. Sales may be increasing whilst the organization’s share of the market is decreasing; hence, it is paramount to track this metric.
Expense analysis : An analysis of marketing expense to sales ratio . This ratio needs to be compared to industry standards to make informed comparisons.
The ratio enables the organization to track actual expenditures versus the budget. It is also compared to other metrics, such as revenue analysis and market share analysis. It can be dissected into individual expenditures to sales to get a clearer picture.
The marketing plan should be revised and adapted to changes in the environment periodically. The use of metrics, budgets, and schedules to measure progress towards the goals set in the marketing plan is a continuous process by marketing personnel.
There should be a continuous assessment to verify that the goals of the marketing plan are being achieved. The marketing manager should be able to review if the strategies documented are being effective, given the operating environment.
It is irrational for the marketing manager to notice anomalies and wait to review at year-end when the situation might have already deteriorated.
Changes in the environment may necessitate a review of plans, projections, strategies, and targets. Therefore, a formal periodical review – such as monthly or quarterly – may need to be in place. This may mean preparing an annual marketing plan but reviewing the plan quarterly to keep targets and plans aligned closely to environmental changes. It goes without saying that plans are as good as their feasibility to succeed in the given environment.
Thank you for reading CFI’s guide to Marketing Plan. To keep learning and advancing your career, the additional CFI resources below will be useful:
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While the business plan provides a comprehensive view of the entire business, the marketing plan hones in on attracting and retaining customers. Discover the distinctions between a business plan and a marketing plan. Understand their unique roles, structures, and how they interplay in business success.
Another key difference between the two is how far into the future they look. Business plans, for example, tend to cover a much longer period than marketing plans. A typical window for a business plan, for example, is about five years. A typical window for a marketing plan, on the other hand, will be a year to three years.
Banks and other investors will expect to see a business plan that clarifies how their money will be used—and how they will achieve a return on investment. A sound business plan will typically include: Market research data. Competitive analysis. A mission statement. Financial projections. A sales and marketing strategy.
Marketing plan vs. business plan. While both marketing plans and business plans are crucial documents for businesses, they serve distinct purposes and have different scopes. Here's a breakdown of the key differences: Business plan is a comprehensive document that outlines all aspects of your business, including:
The marketing plan aligns with the broader business objectives and ensures that marketing efforts are in line with the company's vision and mission. Secondly, the marketing plan provides valuable insights and data that inform the business plan. Through market research, customer analysis, and competitive analysis, the marketing plan helps ...
A marketing plan emphasizes customer acquisition and retention strategies. A business plan is comprehensive, encompassing all aspects of a business. A marketing plan hones in on specific marketing goals and methods. A business plan typically includes an executive summary and market analysis. A marketing plan includes a detailed marketing budget ...
Marketing Plan vs. Business Plan. A marketing plan is a strategic document that outlines marketing objectives, strategies, and tactics. A business plan is also a strategic document. But this plan covers all aspects of a company's operations, including finance, operations, and more. It can also help your business decide how to distribute ...
The business plan identifies the goals and missions of the business, while the marketing plan explains how the business will achieve, if not exceed, those goals and missions. If the plans of the ...
If the business plan and marketing plan are consistent, it will be easier to achieve your objectives. The business plan provides a broad overview of the company, while the marketing plan explains how each marketing activity will help achieve the business's goals. Having these plans in place makes it easier to keep your business on track and ...
Sign up for a free Jotform account at: https://link.jotform.com/wxTzmhZQqE Do you know the difference between a marketing plan and a business plan? While the...
In a marketing plan, you can explain how your business intends to attract new customers through marketing activities. You can include your marketing plan in your business plan. Alternatively, you create a separate marketing plan that's distinguished from your business plan. Most business plans have a section for marketing.
The Bottom Line. A marketing plan is the advertising strategy that a business implements to sell its product or service. It determines the target market, how best to reach it, at what price point ...
The difference between business plan and marketing plan is that a company's business plan provides an overview of every aspect of a company while its marketing plan focuses on strategies and efforts to generate sales and revenue. Tip. A marketing plan is part of a business plan; a business plan is an organization-wide plan that covers every ...
Creating a marketing plan is a step-by-step process. Make sure you take your time with each step before moving on to the next one. 1. Create an Executive Summary. An executive summary is a ...
Marketing Plan vs. Business Plan. Understanding the distinction between a marketing plan and a business plan is crucial for any organization aiming to navigate the complexities of strategic planning and resource allocation. Marketing Plan: This is a focused document dedicated to the marketing segment of an organization's strategy. It ...
That ship needs a direction in which to travel (i.e., a strategy) and the sails to power it (i.e., a plan). Marketing strategy and plan work hand in hand, with the latter taking cues from the former. Everything laid out by your strategy should be addressed with a plan — one that defines the processes for tactical marketing.
Edit and Download. Remember to create SMART goals for your marketing plan and strategy. SMART goals are Specific, Measurable, Attainable, Relevant and Time-Bound. In the template above, notice how the target is defined as a percentage. You can also add a deadline to your marketing goal to make it time-bound.
The purpose of a marketing plan includes the following: To clearly define the marketing objectives of the business that align with the corporate mission and vision of the organization. The marketing objectives indicate where the organization wishes to be at any specific period in the future. The marketing plan usually assists in the growth of ...