How to Write a Marketing Plan?
If you are looking for some helpful suggestions on how to write a marketing plan, then you are just in the right place. Our guide will become a great instrument for improving your marketing plan writing skills. You probably understand that marketing is a particularly dynamic field that is developing with the incredible speed due to diligence, creativity, and hard work. Nowadays, all businesses face fierce competition when it comes to funding and brand awareness. If you want to succeed in this field, you should know how to write an effective marketing plan. So, what is a marketing plan? A marketing plan is a document that includes the strategies that helping the company become more popular and successful. Each company that is aimed at success should have a well- written marketing plan. Thus, we recommend you familiarize yourself with the essential stages of writing a marketing plan:
- Think of your goal setting
To write a great marketing plan, you should clearly understand the market and laws existing in it. To succeed in creating your plan, you should clearly understand the goals you are going to pursue. Sometimes, it may take a few hours or even days. However, it is the basis of your writing process, thus this stage should not be ignored. In case you are writing a marketing plan for a great corporation, you need to combine the mission and vision statements. If you lack the marketing plan ideas or inspiration, you can always look for some samples available on the web;
- Do market research
In this part, you need to gather information about the market and place of your company in it. In particular, you need to focus on market dynamics, customers, products, sales, suppliers, etc. Besides, you need to find a target market for your product and describe it in detail;
- Indicate your product or service
Clearly indicate what products or services you provide and how they fit your target market;
- Tell about your market strategies
Next, you need to explain what strategies you are going to use to achieve the expected outcome. These strategies may include direct and personal selling, networking, website, training programs, advertising, direct marketing, etc.;
- Focus on pricing, positioning, and branding
Based on the information given in the previous parts of a marketing plan, explain how did you determine the price for your product, how your product will be positioned in the market, and how you are planning to achieve your brand awareness;
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- State your budget
Finally, you need to provide your reader with the budget that will allow you to implement your project and reach the anticipated result. Pay attention that your budget should be reasonable.
Marketing Plan Structure
Without any doubt, the marketing plan structure is the main thing you should consider when working on this document. If you are willing to pursue your degree in business, marketing, management, or any other related field, you should definitely learn more about the key elements of a marketing plan. Knowing all the key parts of the marketing plan, you will be able to organize the writing process properly and succeed. Let`s have a closer look at the main components of marketing plan:
- Title Page
It should include the name of the company, the time period the plan covers, the company`s logo, as well as product designs;
- Table of Contents
In the marketing plan table of contents, you need to include the titles of the main parts of the marketing plan with their page numbers to help the reader navigate through the document easier;
- Cover Letter
Basically, a cover letter is a personalized summary of your plan. In this letter, you need to highlight the most important sections of the plan and explain how your objectives will allow your business to succeed;
- Marketing Plan Introduction
As well as in any other official document, an introduction should grab the reader`s attention and provide them with a brief portion of the information that will help them understand your goals and objectives better. Your introduction should be detailed, informative, and engaging enough to convince your reader that you know what to do. As for the length, it depends on the length of the whole document;
- Mission Statement
In a few sentences, you need to indicate your mission explaining why you are selling your product, what you are selling, and whom you are selling it;
- Historical Background
Help your reader understand your product better telling them when and how you got the idea. Mention the influence of other people on the development of your business vision, as well as explain in what way your future success is attributed to the strategies indicated in your marketing plan. Finally, explain the importance of sticking to the objectives, targets, and deadlines indicated in the plan;
- Tables, Graphs, and Images
For some readers, it is pretty difficult to understand the specific ideas you are discussing in your plan. Thus, you need to use the graphs, tables, and pictures to foster their understanding.
Briefly describe your product focusing on its strengths and explain why your product is a good fit for the market chosen;
- Marketing Plan Conclusion
In the conclusion of your marketing plan, you need to summarize everything that was told in the document without suggesting new details. Keep in mind that the conclusion is your last chance to make an impression on your audience. Thus, you need to make it strong, accurate, and thought-provoking.
Pay Attention to the Correct Marketing Plan Format
One more thing you should consider when working on your document is the marketing plan format. Being formatted poorly, this document will have low chances for success. As such, if you want to impress your audience with a well-written, structured, and formatted marketing plan, you need to do everything well:
- Pay close attention to the first and the last sections of your marketing plan as they will become the main focus of your reader. If you want to succeed with the document, these parts should be just perfect because very often, only these parts are studied by the reader as they help understand if your work has any sense;
- Make sure to carry out good external and internal knowledge. You cannot write a good marketing plan based only on the knowledge you have. Therefore, you have to consider many factors and nuances that will help you develop your ideas better. Pay attention to the law regulations, environmental issues, ethical policies, and technological aspects, and you will convince your reader that you know your subject well;
- Clearly state your objectives. Even if the rest of your marketing plan is well-written, having shallow objectives, you will never get the anticipated result. As such, after the in-depth investigation of the market, make sure to write a set of clear objectives that will help your reader understand what are you planning to do;
- Choose the right marketing strategy. Having a good strategy, you will be able to develop a great step-by-step approach that will help you implement your ideas in practice. To write a great strategy, you need to explore the needs and expectations of your target audience as it will help you understand the direction in which you will need to move.
Remember that a well-formatted marketing plan is halfway to your success. So, forget about procrastination and start working on your document early. Pay attention that the more time and effort you spend on working on your document, the better result you will get.
Marketing Plan Objectives
Below, you will find the key marketing plan objectives and goals.
Find out the industry problems and suggest strategies to challenge them. It will demonstrate that you have the foresight to predict future problems. Compare your future sales with past performance. By the thorough analysis of the industry, as well as your own performance, you will demonstrate that you are able to recognize how you compare to your main competitors, or what difficulties your industry may be facing in the future. Set benchmarks for your target sales objectives. It will help you evaluate the success of your marketing approach. Explain what market share you are going to get over the next three years, to convince your reader that you expect to advance your position.
Tell more about the main weaknesses of your competitors in order to offer better quality at a competitive price. Indicate how you are going to deal with high prices for poor quality or service. Justify your prices for your service trying to think like a customer. Make a survey of your customer group and ask people what they think about your competitors, services, industry prices, as well as areas for improvement.
Tell how you are going to invest your profit margin in future strategies. Do not underestimate the future of your plan because you will have to postpone the costs you have. Keep in mind that the best marketing plan should do a more than “pay for itself” and its activities.
Make sure to focus on the wants, perceptions, and needs of your customers, as well as potential leads. If there are some service problems in your industry, make sure to tell about them. Tell how you are going to attract new consumers and keep the ones you already have. Finally, explain how you will improve the quality of your services to meet the demands of your consumers.