Most marketers market without a plan and for those who dare to plan, their plan is shallow and based on achieving some short term goals only. So, you might be reading this article because you want to improve on the marketing plan of your organization, learn how to create a marketing plan, get professional support or enhance your research work.
What then is a marketing plan? Simply put, it is a set of marketing activities that are designed to achieve broad organizational goals. Such broad goals form the basis for quarterly and monthly milestones as the case may be. Lets cut the stories, how can you create a marketing plan;
1. Understand the Business Plan: smart organizations create a business plan every year and in a business plan, there are financial projections in terms of how much revenue and profit the business intends to generate for the given financial year. What works for us at Oliveserah is starting with the projected revenue for that year.
2. Clarify and Define your Objectives: After looking at the revenue projections, then its time to carve your marketing goals for that financial year which will include goals for reaching the revenue target, positioning the brand to achieve such target and improving brand reputation among others.
3. Re-evaluate the market: the financial projection would have been based on the assumptions and research of a business plan developer but that does not say it all. You need your own research to find out what the market indicators are for the given financial year. So, you might want to look at your PESTLE outcome, Porter 5 Forces and SWOT of your brand among others. This may assist you in improving your objectives as in No.2 above
4. Highlight Strategies (Marketing Brainstorming): guided by your objectives and the market realities, now think of the strategies you need to put in place and activities to conduct in other to achieve the brand objectives i.e. organize promo in XYZ state which has a potential market of 500,000 consumers, implement referral marketing in the corporate segment, etc. Just take time to pencil down as many as you can think of with the help of your team.
5. Convert Strategies into Plans (Strategy2Plan): After reflecting and critically assessing the strategies, then it is time to put pen to paper by determining which strategies to implement in Month 1, Month 2, and Month 12. You can also determine macro-scale strategies to implement on a quarterly basis or twice a year. The strategies organized into monthly, quarterly and annual activities with SMART milestones is a crucial part of your marketing plan.
6. Determine other Support Systems: with the timeline aspect concluded, you can now think of other support systems such as what will it cost to implement the strategy as segmented? How many team members are required? What special training is required? What incentives should be put in place? What Standard Operating Protocol (SOP) needs to be developed? Which media channels will be utilized and what are the cost implications? Will consultancy support be required?
7. Develop your Marketing Plan document: All these will be organized into your Marketing Plan document which will have to be approved by the Management of your organization. Approval activates the plan and it serves as a benchmark for implementing, reviewing, reporting and evaluating the outcome of marketing activities.
How can we help?
Over the last 9 years, Oliveserah Business and Academic Concepts has been supporting local and international businesses and brands in developing Marketing Plans for their operations. We also provide growth business plans on a financial year basis to stimulate the efficient operations of your organization. Chat with our Consultant on Whatsapp: +234-706-818-0074