The marketing schools are getting smarter and smarter. They know that an M.B.A., or even an engineering degree, will not give you the skills you need to succeed in marketing.
How To Write A Marketing Plan in 2023
So they are starting to offer students the opportunity to learn specific skills that they need to succeed.
Unfortunately, most students don’t have a marketing degree and therefore find themselves in a very different situation. Almost none of their coworkers have marketing degrees, so they find themselves needing to deliver results without the right tools when they get into their first job after school.
They feel like they’re using technologies from the 80s and 90s while everyone else is using technologies from the 2010s.
To develop new skills and deliver exceptional results, you’ll need a marketing plan. Without it, you might be able to get your project off the ground, but it will be extremely difficult to get traction.
So what’s a marketing plan?
The marketing plan is a list of goals created by the business owner and marketing manager that will be assigned to each marketing campaign to meet the goals set by the business.
This plan is tied to the mission statement, and it is vital to use your mission statement as a guideline for your marketing plan. You can check here a good marketing plan example.
The marketing plan can be as complicated or simple as you would like it to be. The size and details of your marketing plan are dependent on your budget and the objectives you are trying to complete.
Regardless of the size, a marketing plan should always have the following components; Objective: specific, measurable, and attainable (S.M.A.R.T.):
S – specific – the market you are planning to target will need to be clearly defined, as this will help to develop a marketing budget
M – measurable – quantify the return on each marketing activity
A – attainable – set realistic and attainable targets for each activity, as this will help to define if it is going to hit its target audience
R – realistic – again, the goal needs to be realistic and achievable; list the available resources and of course, a time frame
T – time-based – include regular reviews of the marketing plan at set intervals
The marketing plan will need to include the following:
- A detailed SWOT analysis.
- An overview of your competitors, including their market share and their known tactics.
- How you will communicate with customers and prospects, including email, telephone calls, and the website.
- How much it will cost to implement the plan. (These amounts may vary depending on the size of your business at the time.
Final Thoughts
The marketing plan is a fundamental part of marketing activity. The plan’s purpose is to outline the strategy, tactics, and budget for a certain period and establish management accountability.
Investment planning for current and future initiatives or any other short-term financial planning is best done as part of the annual budgeting cycle.
Writing a marketing plan as a stand-alone exercise tends to be more appropriate for high-growth firms in their strategic life cycle growth phase.
