4 Steps to Creating a Money-Making Marketing Plan in 2023

by | Dec 22, 2022

It’s no secret that in order to be successful, small businesses need to have a marketing plan. Without a plan, your business will lack focus and could wind up wasting valuable resources on ineffective marketing campaigns.

A well-developed marketing plan can help you to target your audience more accurately, measure the success of your campaigns, and allocate your budget more wisely. So why wait? Start developing your marketing plan for 2023 today!

Why You Need a Marketing Plan

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:

Understand your business. Conducting thorough research on current market conditions and where your company stands can help you identify the strengths and weaknesses of your business, as well as new opportunities.

Align marketing goals with business goals. Without a plan, it can be easy to lose your sense of direction. A marketing plan helps you ensure that your marketing goals are aligned with the vision, mission statement, and goals of your business.

Ensure everyone is on the same page. Having a working document of your marketing makes it easier for not just your team, but also the entire company to work together towards a common goal.

Stay focused on what’s important. A marketing plan is a constant reminder of your goals and strategies, which keeps you from getting sidetracked.

Make better decisions. Planning ahead of time can prevent you from making hasty decisions when difficult situations arise.

 

How to Create a Good Marketing Plan

Create an executive summary

Marketing campaigns should not be considered individual functions. Marketing is the story of your brand as told to customers; like any narrative, its tone and characters should remain consistent. An executive summary details your marketing goals for the next year and helps tie each campaign together. 

When establishing your marketing goals, they should be specific, measurable, attainable, relevant, and time-bound – or SMART. These goals should work together to achieve both internal and external harmony, telling a consistent story that informs customers of your exact message while building on its previous chapters. 

Conduct Market Research

Here’s where you’ll conduct some basic market research. If your company has already done a thorough market research study, this section of your marketing plan might be easier to put together.

Ultimately, this element of your marketing plan will help you describe the industry you’re selling to and your buyer persona. A buyer persona is a semi-fictional description of your ideal customer, focusing on traits like:

  • Age
  • Location
  • Title
  • Goals
  • Personal challenges
  • Pains

 

Identify Your Marketing Channels

After identifying your best prospective customers and the right branding, entrepreneurs will be able to better select the best-fitting marketing and advertising channels.

There is no single right answer. What’s best will be a little different for every startup. It may include social media, TV, outdoor display advertising, print ads, email, popup shops or retail storefronts, apps, affiliate platforms, live events, or outbound calls.

Just make sure you have a well-rounded marketing mix, leave room for trial and error and testing, and give yourself enough time for these channels to payoff and reach critical mass.

 

Develop Your Marketing Goals

Armed with your business strategy, market research, and defined marketing channels, you are now ready to create your marketing goals. Goal setting is critical to aligning your marketing organization, narrowing your focus, and setting your overall marketing strategy.

Documenting your goals ensures your team is aligned with your top marketing priorities and what you expect to achieve through your marketing efforts. Your goals can be externally focused, internally focused, or perhaps a mix of both.

Write your goals in the SMART format that helps ensures accountability. SMART stands for:

  • Specific
  • Measurable
  • Attainable
  • Realistic
  • Time-Bound

For example, your SMART marketing goal could be to “20% increase in the number of qualified leads passed to sales in the B2B market by Q4 2021”. Develop at least three, and no more than five, SMART marketing goals.

In Summary

Creating a marketing plan is essential for any business in order to achieve success. By taking the time to develop a well-thought-out marketing plan, you can ensure that your campaigns are focused and effective, resulting in more sales and profits for your company. With a solid marketing plan in place, your business will be poised for success in 2023 and beyond!

Begin your marketing plan by chatting with an expert today!