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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6 types of business plans, what are the benefits of a business plan.
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 .
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.
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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.
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.
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hi, i’m olivia jenkins.
I mentor visonary CEOs in the health, beauty, and lifestyle sectors, guiding them through scaling their businesses from startup to $30m turnover.
Whether you're looking to develop magnetic leadership, build a bulletproof business, or achieve iconic brand status—I'm here to support you with your ambitious growth goals to help you reach cult-like status.
In the dynamic and ever-evolving world of business, success is rarely just about luck – it’s the result of meticulous planning, thoughtful strategy, and a clear vision that guides every step forward.
Two essential roadmaps in this planning journey are the business plan and the marketing plan. While often used interchangeably, these two blueprints serve distinct purposes, each contributing uniquely to the overall success of a business.
Whether you're new to the business game or a seasoned pro looking to fine-tune your strategies, understanding these two plans' ins and outs is key. So, let’s explore what sets a business plan apart from a marketing plan.
A business plan is a comprehensive document that outlines the details of a specific business venture or project. It provides a roadmap for the successful establishment, operation, and growth of the business. A business plan typically focuses on a shorter time frame, typically ranging from one to three years.
Key components typically included in a business plan include:
A well-developed business plan serves multiple purposes. It helps entrepreneurs clarify their business concept, evaluate its feasibility, secure financing, and guide the operations and growth of the business.
A marketing plan is a detailed document that outlines the specific actions, tactics, and strategies that a business will implement to achieve its marketing goals. It serves as a roadmap that guides the execution of marketing activities and ensures alignment with the overall business objectives. A marketing plan typically includes an analysis of the market, target audience, competition, and the business's unique value proposition. It also outlines the marketing objectives, target market segmentation, positioning, pricing, distribution channels, promotional activities, and metrics for measuring success. The plan provides a clear and organised framework for implementing marketing initiatives and tracks progress towards achieving desired outcomes.
Here are some key comparisons between a Business Plan and a Marketing Plan:
Overall goals, objectives, and operations of the business | Specific marketing goals, strategies, and tactics | |
Entire business | Marketing function only | |
Usually 1-3 years | Typically 1 year, but can be shorter or longer | |
Business model, market analysis, operations, finances | Market analysis, target audience, positioning, strategies | |
Guides overall business strategy and operations | Guides marketing strategies and activities | |
Investors, lenders, partners, stakeholders | Marketing team, executives, stakeholders | |
Business model, market opportunity, financial viability | Marketing goals, customer acquisition, brand awareness | |
Serves as a foundation for marketing plan | Aligns with overall strategic and business goals |
While a business plan sets the stage and defines the big picture, a marketing plan will showcase your offerings and resonate with your audience. These plans work hand in hand, one providing the overarching structure and the other injecting the vibrancy and allure that propel your business forward.
Armed with a solid business plan and a well-crafted marketing strategy, you'll be equipped to navigate the complexities of the business world with confidence.
Not sure where to start? For just $47 you can download my Business Plan template which will help steer your business in the right direction as you grow, reach your milestones on time and help you bring on new partners or receive funding. It doesn't need to become a complicated process - all you have to do is fill in the blanks!
CLICK HERE to download your copy. 🤍
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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.
Image credit: MarketingDonut.co
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.
Image credit: MarketingInsiderGroup.com
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.
Image credit: SimplyBusiness.co.uk
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!
I've tried everything Amazon FBA, Dropshipping, Affiliate Marketing, Network Marketing, Social Media Marketing. I made the most money consistently with the Remote Sales Business, generating sales for small businesses by reading simple scripts and working closely with awesome mentors. Click below to find out more.
About the author
Mike Vestil is the author of the Lazy Man's Guide To Living The Good Life. He also has a YouTube channel with over 700,000 subscribers where he talks about personal development and personal finance.
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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 business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.
Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.
A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.
Investopedia / Ryan Oakley
Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.
Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.
A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.
There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.
While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.
A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.
While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.
Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.
The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.
Common elements in many business plans include:
Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.
Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.
A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.
How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.
The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.
A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.
As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.
University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.
Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."
Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."
Harvard Business Review. " How to Write a Winning Business Plan ."
U.S. Small Business Administration. " Write Your Business Plan ."
SCORE. " When and Why Should You Review Your Business Plan? "
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.
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
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.
By: Author Tony Martins Ajaero
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Between a business plan vs a marketing plan, which is more important to your small company? Here is a detail comparison and difference between a business plan and marketing plan. The purpose of every business is to make profit, and for that profit to start rolling in early enough, certain plans and processes have to be put in place. No business succeeds without planning and research, and it is the act of carrying out that research that gave birth to business plans and marketing plans.
Entrepreneurs are advised to create detailed business and marketing plans when starting up a new business in order to help their businesses along the road to sustainability and profitability. Business plan and marketing plan are similar even as they are different, but to enable us explore the similarities and differences of them both, let us first see what they mean.
A business plan is a formal statement of business goals, reasons the goals are attainable, and plans for reaching the said goals. It summarizes the operational and financial objectives of a business, and it contains detailed plans and budgets showing how those objectives are to be realized.
A complete business plan is bound to have several other components like executive summary, company description, products/services, market analysis, strategy and implementation, organization and management team, financial plan and projections.
A business plan is mostly written when an entrepreneur is seeking financial assistance from lenders or investors, because it is the only document that provides lenders with necessary details to determine if the business is or would be viable, financially sound and able to repay the loan.
Not only does it help to develop competitive strategies, the business plan can determine if the business’ actual activity matches the forecasted plans. In fact, a business plan contains the big picture about your business and it cannot be done without.
A marketing plan is a comprehensive document or blueprint that outlines a business’ advertising and marketing efforts. In layman’s lingo, a marketing plan is basically plans you have made on how to sell your product/service. It describes activities that accomplish specific marketing objectives within a set time frame.
According to studies, the typical marketing plan contains four factors which are:
These are known as 4Ps. The Ps help you to describe what your product is, how much would it would be sold, how to make your target customers aware of your product/service, make them like it enough to buy it, and where your product/service would be distributed.
It explains how the business generates customers through advertisements, trade show participation and new referrals. By explaining how a business will overcome competitive challenges from other companies, the marketing plan is regarded as a key section within the business plan and requires detailed industry research and consideration.
A complete marketing plan is a separate, comprehensive document that goes into more details about objectives, goals and tactics. This document guides a company’s marketing, sales and advertising departments on how to implement effective marketing efforts.
Though business plan and marketing plan have certain similarities, they are different in their own right based on the roles they play in the advancement of a business. Business plan and marketing plan differ from each other in the following ways;
1. A business plan is drawn up to enable a business identify its goals and missions, while the marketing plan explains how the business will achieve, if not exceed, those goals and missions.
2. 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; while the marketing plan identifies the business’ price points, promotional strategies, target markets and competition as well as how to use this to achieve the company’s mission and goals.
3. Cash flow is vital for a business plan, but not usually included in a marketing plan. Marketing plan focuses on getting the cash while business plan focuses on how to utilize the cash to achieve business goals.
4. Business plan is basically written for key executives within the company and external members of the financial community.
It is mostly used to target potential investors, lenders, stockholders and accountants in order to generate the funds that would provide working capital for the business; while the contents of a marketing plan are aimed at consumers and clients and it is usually shared only with those responsible for marketing, sales and advertising efforts.
5. Marketing plan can be used to run a business effectively without a business plan. This is mostly noticed in small businesses that are able to provide their own startup capital. A lot of small businesses carry out marketing plans rather than business plans because their job or their attention or their focus is on getting paying customers, not on the whole business.
6. A business plan is written for an audience to get them to buy into a concept, while a marketing plan is written for the staff or team members in order to execute the day-to-day actions which must be met in order to achieve the larger business goals or corporate vision.
For every business that seeks to be successful, the business plan and marketing plan are both essential aspects. These plans not only help businesses organize their operations, but it also helps them benchmark their success or failure. Without proper marketing efforts, the <a class="wpil_keyword_link" title="Business model" Business model will fail; conversely without a well-researched business plan, no amount of marketing will help the business.
Planning is a must for any business that wants to succeed, but choosing the right type of plan to define your strategy and structuring it can be difficult. Especially since there are so many different types of marketing plan within marketing and business, all with a different scope.
The challenge is compounded if you are new to creating plans, or to the culture of planning within a business. It seems that the difficulty of choosing the right type of plan and how to structure it to deliver results stops many in their tracks.
Our research shows that, shockingly, as many as half of businesses don't have a digital marketing plan or, perhaps worse, a marketing plan on which to base it.
Our free marketing plan template structured around RACE, helps you achieve your goals by selecting the best marketing strategies and channels to acquire and retain your customers.
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Thousands of marketers around the world are applying the RACE Framework to help them react to the changing environment and adapt their marketing strategies to attract and retain new customers.
Strategic marketing planning is crucial to making the right decisions to execute an efficient and effective marketing strategy.
Our marketing funnel, the RACE Framework, offers a simple structure for marketers to quickly get to grips with the customer data and behavior insights needed to improve their marketing funnel across:
A single plan would be ideal, but in practice, different types and scales of businesses will need a different type of plan.
It can help to define the scope and purpose of each one, you should define, for example for a multichannel marketing plan, this could be:
While you're at it, don't forget to check our top 18 digital marketing techniques recommended by Dr. Dave Chaffey in his dedicated blog - What is digital marketing?
Here's another way to understand the context of a plan, to put it into context with other types of plan as shown in this table.
1) Business | Define strategies for growing profitability over a long-term period | Annual to three-yearly - New product development - Revenue sources and cost management |
2) Marketing | Define strategies to engage audiences to achieve business objectives | Typically annual |
3) Brand marketing | Define audience engagement to achieve brand sales | Typically annual |
4) Digital marketing plan or transformation plan | Define how to compete more effectively with digital marketing | Typically annual Transformation plans may be longer - Review digital capabilities - Define digital marketing technology - Define resource requirements for digital |
5) Multichannel marketing | A long-term integrated communications plan for using different digital media to hit lead or sales targets | Annual plan - Engaging audiences - Content marketing - Integrated media schedule of always-on and campaign activities |
6) Marketing campaign plan | A shorter-term integrated communications plan for using different digital media to hit lead or sales targets | Shorter-term plan - Engaging audiences - Content marketing - Integrated media schedule |
7) A 90-day marketing management plan | A short-term plan of activities to review and optimize activities need to hit targets for other plans | Review of actions - Covers always-on and campaign activity |
Depending on the type and scale of business there may be even more plans for individual channels where different people are responsible for each. For example:
That’s a lot of plans and a lot of complexity! So we provide guidance on all of these at Smart Insights. Yet, all of these types of plans are used in different ‘use-cases’ in different types of business. It’s likely that only in the very largest types of business you would need all of them and to be honest, we wouldn’t advise that.
But if you only have one marketing plan, we recommend using a multichannel marketing plan structured across the RACE Framework.
The RACE Framework will give you a focus to boost your leads and sales with a planned approach that enables you to select the best strategies and marketing channels to improve your results.
We designed our RACE Framework to help marketers keep their marketing strategies simple, streamlined, and actionable.
As you can see below, with our lifecycle marketing model it's easy to identify what's working and what isn't, so you can make data-driven decisions to improve your marketing.
Through RACE planning you can quickly identify the action needed to optimize your customer journeys. Find out how to create or optimize your marketing plan with our free marketing plan template .
Here are our top five types of plans that our Business Members are using to transform their approach to marketing.
You can read about each type of plan by clicking through to the guide
Marketing plan.
We also cover how to structure a GTM strategy and plan - with a template in this separate article. GTM plans focus on product launch campaigns - see examples .
To help with the 'planning challenge', we have created a concise list of the important plans you need to consider. Here's a summary of what we see as the essential 2 types of plan a medium to large business needs.
This is a must! It outlines objectives, goals, and strategies in order to achieve those objectives. Your business plan should outline how you will change and become more competitive in the future. Remember to include strategies,
Typically, you should be looking at 1-3 years with the aim to answer the most important question of any business: how do I plan to make my business succeed? This is the end goal - a successful business with clients (or customers) and profit. You need to include 3 key points:
But when should you use a business plan?
A marketing plan should include your organization's target market, marketing objectives, and the activities to achieve those objectives and budget.
Your marketing plan should define strategies to help you achieve business objectives. Think about including information such as:
Download our FREE Resource - Understanding different types of marketing plan
We have created this guide to help you understand the different types of plans, when and why those plans should be used, potential drawbacks and how to structure them.
Access the How to structure different types of marketing plans
By Dave Chaffey
Digital strategist Dr Dave Chaffey is co-founder and Content Director of online marketing training platform and publisher Smart Insights. 'Dr Dave' is known for his strategic, but practical, data-driven advice. He has trained and consulted with many business of all sizes in most sectors. These include large international B2B and B2C brands including 3M, BP, Barclaycard, Dell, Confused.com, HSBC, Mercedes-Benz, Microsoft, M&G Investment, Rentokil Initial, O2, Royal Canin (Mars Group) plus many smaller businesses. Dave is editor of the templates, guides and courses in our digital marketing resource library used by our Business members to plan, manage and optimize their marketing. Free members can access our free sample templates here . Dave is also keynote speaker, trainer and consultant who is author of 5 bestselling books on digital marketing including Digital Marketing Excellence and Digital Marketing: Strategy, Implementation and Practice . In 2004 he was recognised by the Chartered Institute of Marketing as one of 50 marketing ‘gurus’ worldwide who have helped shape the future of marketing. My personal site, DaveChaffey.com, lists my latest Digital marketing and E-commerce books and support materials including a digital marketing glossary . Please connect on LinkedIn to receive updates or ask me a question .
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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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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.
For business owners or other company leaders, understanding the differences between having a business plan and a marketing strategy are two critical elements that should be at the forefront of your business. While these terms may sound synonymous, they are built and reflected differently throughout successful companies.
Several key stakeholders should be aware of the business plan to ensure alignment and effective execution. These include the executive team (CEO, COO, CFO), senior management (department heads, managers, and team leaders), Board of Directors, key employees, and advisors or consultants. Ensuring these stakeholders know and understand the business plan promotes alignment, accountability, and a unified approach to achieving the company’s goals.
A business plan serves as the blueprint for your business. It can include your vision and mission statements, services you offer, accountability chart, SOPs, financials, sales, and marketing plans. Consider it the “big picture” or roadmap to success that guides all other aspects of your business.
Your business plan will ultimately set your team up for success. When creating this plan, consider your industry and what your clients care most about—ensure all that information lives within it!
On the other hand, your marketing strategy is only a piece of your business plan. It zooms in on the tactics and techniques you will employ to grow your business. It’s a dynamic roadmap delineating how to effectively market your products or services to your target audience, leveraging channels, messaging, and campaigns.
Your business plan and marketing strategy are intertwined but essential for different reasons. A well-crafted business plan provides the strategic framework and direction for the entire organization. By aligning the marketing strategy with the broader business objectives outlined in the plan, every marketing initiative becomes purposeful and contributes to the overarching goals.
“As a business owner, it is your responsibility to ‘steer the ship.’ Having a well-documented business plan not only makes it easier for your team to understand your vision and expectations but also helps any partner to jump in and help execute. The most successful marketing programs I have participated in are those based on collaboration and trust. When the client sets the goals and vision, our team can create the roadmap for getting there!” – Jenna Sherrick, Senior Marketing Manager
Thinking big picture, a business plan sets up more than just your marketing up for success. Business plans eliminate internal conflict by reducing confusion and getting your team thinking with one goal in mind. Successful teams work together in harmony when they know what they are doing, why they are doing it, and for what purpose or end goal. It can also be a great resource for new leadership employees during the onboarding process.
Evolve Systems has managed the marketing strategy and website development for KeyeStrategies and Poised for Exit for over five years. During our time with this client, we have seen their online engagement grow, which is a positive sign that the marketing is “working.”
Our team works directly with the KeyeStrategies project manager on strategy and implementation, with monthly status reports, quarterly planning, and weekly check-ins. All of these initiatives have enabled a small firm to do BIG things! Speaking of big things, our team was recently tasked with merging the Poised for Exit website with the primary website, KeyeStrategies. We created a landing page to connect the two websites seamlessly.
A business plan and a marketing strategy are the building blocks for a strong foundation for your organization. But, business owners must recognize the differences between the two and the role each plays in driving sustainable growth and success. By synergizing these two pillars, businesses can confidently navigate the complexities of the marketplace, ultimately realizing their full potential and achieving enduring prosperity.
At Evolve, we love working with business owners and other organization members as a key player in your marketing strategy. Our team of experts wants to guide you through all the areas of marketing and website development to reach your full potential. If you are looking for a partner in your marketing strategy, let’s start the conversation today !
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Home » Marketing Strategy vs. Marketing Plan? (The Difference)
A company’s success relies heavily on the right marketing strategy supported by a robust marketing plan.
That said, beginning marketers often confuse these two concepts and consider them to mean the same thing.
But they are very different. Here’s how:
A good exercise to think clearly about the differences between a marketing strategy and a marketing plan is to compare a SWOT analysis against the Marketing Mix . A SWOT analysis is a structured review of the organization while the marketing mix plans the activities to bring your product or service to market.
A marketing strategy and a marketing plan are different in three distinctive ways:
A business strategy informs what goes into a marketing strategy.
A marketing strategy explains why you intend to perform specific marketing actions.
For example, if your startup wishes to scale up, the marketing strategy you develop will help you reach this goal, perhaps by building a customer base or through social media marketing.
On the other hand, a marketing plan describes how you intend to implement the actions laid out in the marketing strategy.
It provides the specifics regarding branding, scheduling the communication channels you intend to use.
A marketing plan comes after a marketing strategy.
Moreover, one of the main focal points of any good marketing plan is monitoring the success of your marketing actions using key performance indicators (KPIs) .
These KPIs are crucial not only for measuring progress but also in ensuring the marketing plan lines up with the marketing strategy. A regular SWOT analysis is also a helpful activity to help you with your marketing strategy.
A marketing strategy consists of the following practical steps.
Building a robust marketing plan will include the following components:
A buyer persona is a company’s depiction of an ideal customer. When developing this persona, an organization must consider several aspects, including:
For instance, Netflix and other streaming services use behavioral segmentation. Here, the company knows which content to recommend based on watch history. Another example would be to look at fashion brands’ buyer persona. Zara’s buyer persona is a fashion-forward customer with mid-range income who lives in an urban area.
As mentioned earlier, you should typically model your marketing strategy after your overall business goals. Plus, such a strategy will remain consistent. And will only change if your team meets its marketing goals.
Moreover, you may also need to revise these goals if there are any significant market changes, for instance, new technological trends or if you launch new products/services. Standard marketing goals include:
Market research is one of the essential elements of a marketing strategy. It helps you build the right buyer persona, stay updated on market changes and boost your business performance. Like other steps mentioned earlier, it would be wise to set clear goals for market research. Doing so reduces the scope making it easier to get accurate and relevant results.
Market research involves gathering information such as the market size, demographics, trends, and growth. Pay attention to specific matters like data availability and credibility when undertaking this process.
The competitive analysis provides valuable information about your competitors, including their pricing, advertisement strategies, plus strengths and weaknesses. Moreover, this process lets you in on your unique value proposition.
To understand your competitor’s strategies, ask yourself the following questions. Are your competitors:
Once you’ve made a competitor profile, here’s how to go about the analysis.
Here are two notable successful marketing strategies.
Spotify, a music streaming service, found a way to provide its listeners with a unique user experience, setting it apart from other providers. Besides the standard genre filters, Spotify offers users a chance to select music based on their current mood.
Sephora introduced a “Beauty Insider” loyalty program that rewards shoppers based on their spending levels.
The success of an organization’s marketing actions requires a great marketing strategy and a good marketing plan. While different, a marketing strategy and plan mesh together to improve brand awareness, facilitate customer acquisition, provide a competitive edge, boost sales performance and ultimately gain a customer and keep a customer.
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TABLE OF CONTENTS Marketing Strategy | Marketing Plan | What’s the Difference? | Creating a Strategy | Creating a Plan | Which Is Best?
You’re posting on social media and you have blog posts on your website, but you’re not seeing any results. What’s the deal? The problem likely isn’t where you’re sharing content — it’s why you’re sharing content.
If your marketing efforts aren’t backed up by a strategy, then you probably won’t see results. Although marketers often use “plan” and “strategy” interchangeably, they are actually two different things.
Learn more about the components of both so you can start creating your own foolproof marketing machine.
Shaped by your business goals, your marketing strategy is your purpose. It’s what solution you offer, how it aligns with your company’s mission, and why it’s the key to solving your prospect’s challenges.
While many people think about jumping into action when it comes to marketing, having a clearly defined marketing strategy is incredibly important for your business's growth. Once you have your strategy, only then will you be able to develop an effective marketing plan.
Driven by your strategy, your marketing plan is the execution — the roadmap of tactical marketing efforts that will help you achieve your marketing goals. Your plan is your detailed campaign of what you will do, where you will do it, when you will implement it, and how you will track success.
Laura Laire, Vice President of Creative Strategy and Co-Founder at LAIRE, breaks down the topic in this quick video:
The main difference is that your strategy is the “why” behind your efforts, while your plan is how you’re going to execute the strategy. The table below details the specific differences.
The main difference is that your strategy is the “why” behind your efforts, while your plan is how you’re going to execute the strategy. The chart below details the specific differences.
The “ ” behind your marketing efforts | The ; the execution “plan” |
What offering you will deliver, who you will deliver it to, how you will deliver it, and who your competitors are | What you will do, where you will do it, when you will implement it, and how you will track success |
Its purpose is to describe how your marketing goals will help you achieve your business goals | Its purpose is to lay out your marketing campaign efforts on a tactical level |
It helps you , keep your marketing focused, and measure your sales results | It and is the action plan you’ll use to implement your marketing efforts |
While a marketing strategy is a high-level overview, there are still a few key considerations you must understand and document.
Consider the executive summary an outline or table of contents before you jump into the comprehensive strategy.
The background describes your business goals, marketing goals, and challenges. It can also include your previous marketing activities and initiatives.
This asset describes the market opportunities, sizing, segments, and potential impacts, such as trends, the economy, and seasonality. A SWOT (strengths, weaknesses, opportunities, and threats) analysis will help you capture this piece of your marketing strategy.
This section of your marketing strategy is the detailed version of your buyer personas and their characteristics, including demographics, goals, pains, and buying patterns. In this section, you’ll also want to include examples of negative buyer personas.
Next, include the different categories of competitors and their characteristics including threats, market share comparison, differentiation, and barriers to entry. This will provide an overall look at what your competitors are doing digitally and how their activities seem to be performing from a keyword, paid advertising, and social perspective.
This includes what product or service you deliver to the market, the features and benefits for each segment, and how you intend to deliver those features and benefits. You’ll also want to document how your product or service is better than competitors’ offerings.
Your message is your opportunity to show prospects that you understand their challenges and that your offering is the key to solving those challenges. It should have variations that speak directly to each of your personas rather than trying to reach everyone with a single message.
Write down the channels you sell through and who is involved in selling through each step of the sales process. This is also a good place to document whether this is an impulse or planned purchase for your audience.
Additionally, describe the steps customers take through each stage of the buyer journey and understand their buying criteria. This will inform the content you can create and use in your marketing materials.
Every customer has unique needs. In some cases, the price may not be an important criterion in the buying process. Is this true for your segment?
What is your pricing model? Is it tiered? Are there discounts? Make sure to include competitive pricing, the perceived value of your product or service compared to the price, services that you include in the price, and how consumer trends could drive the price up or down.
From your website to social media to all the other channels through which you will engage with potential clients, your marketing plan is a critical component to achieving your business objectives and producing results for your company.
Unlike your marketing strategy, you'll revisit your marketing plan frequently , referring back to it as you implement your tactics and monitor your findings. Here are the various elements you’ll need to create an effective marketing plan.
This is a high-level overview of your marketing goals and how you intend to achieve them.
Your KPIs measure the success of your marketing campaign. Here are some examples:
Describe your goals, strengths, weaknesses, environmental factors, and market analysis to clearly articulate your challenges and impacts on your business moving forward.
What channels will you use to reach your audience? Where are they most active? Where do they seek advice? Ask your personas which channels they are on.
Does your website messaging resonate with your personas? Is it optimized for lead generation?
Even if a potential buyer isn't ready to purchase your service or product today, it doesn't mean they won't later. Establish yourself as a thought leader, providing helpful content on your website to bring in leads until they are ready to buy from you.
Look at what content already exists on your website and determine whether it makes sense for your marketing campaign. Do you need to update the messaging so it better captivates and engages your audience? Are there additional questions or common objections you can address?
How is your business using social media ? Make sure you have a plan for engaging with thought leaders, replying back to happy clients, and how frequently you will post. Also, make sure you’re clear on what KPIs you’re tracking to measure success.
Where and how often will you communicate with customers? What marketing materials can you create to facilitate this communication? Think about how customers might like to hear about you and your products or services, as well as the most relevant and effective channels for communication.
Ensure that you have a timeline for your campaign. Over time, this will help you measure the overall success and effectiveness of your marketing efforts.
What is the amount you will allocate to advertising, digital, website, event marketing, etc.?
Identify who is responsible for each part of the implementation. Is one person creating all the designs? Do you have a content writer responsible for blogging and posting on social media?
Your marketing plan acts as your roadmap, clearly identifying the plan of action for your marketing efforts. Your marketing strategy, on the other hand, describes the overarching reason for how your marketing efforts will help you achieve your goals.
MARKETING PRO TIP To be successful and generate a marketing ROI, you must ensure that your team is executing a plan that backs up your strategy.
Understanding the current state of your digital presence can identify what you really need from a marketing strategy. A free 20-minute consultation with LAIRE CEO and Co-Founder, Todd Laire, will show you how you're ranking against your competitors, opportunities for improvement, and more.
Schedule a free marketing consultation today.
B2B Sales and Marketing Leader | CEO at LAIRE, a Digital Growth Agency - Co-Founder, Entrepreneur, Public Speaker, Marketer, Sales Team Builder, and Change Advocate.
Unlocking success: how martech consulting can transform your business, 3 types of marketing strategies: map vs workbook vs ai, 10 digital marketing trends for 2024 and beyond.
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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 ...
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.
A business plan covers the entire business, from strategy and mission to financial plans, and operational strategy. A marketing plan contains specific strategies for getting the product to market ...
Marketing Plan: A marketing plan is a plan that explains how a business will let people know about its products or services. It includes ways to reach customers, like ads or social media. The goal is to make people interested in what the business offers. Now, let's get to Business Plan vs Marketing Plan: Major differences between Business ...
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 ...
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.
In the dynamic and ever-evolving world of business, success is rarely just about luck - it's the result of meticulous planning, thoughtful strategy, and a clear vision that guides every step forward. Two essential roadmaps in this planning journey are the business plan and the marketing plan. While often used interchan
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 ...
2. Feasibility Business Plan. This type of business plan focuses on a single essential aspect of the business — the product or service. It may be part of a startup business plan or a standalone plan for an existing organization. This comprehensive plan may include: A detailed product description. Market analysis. Technology needs. Production ...
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. Differences Between Business Plans and Marketing Plans. Business plans and marketing plans aren't the same. Business plans consist of multiple parts, each of which covers ...
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
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 ...
A business plan and a marketing plan are both important documents that help guide the direction of a business, but they serve different purposes and cover different areas. A business plan is a ...
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 ...
Business plan and marketing plan differ from each other in the following ways; 1. A business plan is drawn up to enable a business identify its goals and missions, while the marketing plan explains how the business will achieve, if not exceed, those goals and missions. 2. The business plan provides a wide overview of the business which includes ...
Annual plan. - Engaging audiences. - Content marketing. - Integrated media schedule of always-on and campaign activities. 6) Marketing campaign plan. A shorter-term integrated communications plan for using different digital media to hit lead or sales targets. Shorter-term plan. - Engaging audiences. - Content marketing.
Here are some other differences between a marketing plan and a marketing strategy: Definition: The marketing strategy is the reason you have marketing efforts. This can be because the business needs to earn more money to support its growth, or the organization requires more brand recognition to secure long-lasting customers.
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 planningis one oft-used phrase that can create confusion.
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 ...
Your business plan and marketing strategy are intertwined but essential for different reasons. A well-crafted business plan provides the strategic framework and direction for the entire organization. By aligning the marketing strategy with the broader business objectives outlined in the plan, every marketing initiative becomes purposeful and ...
A marketing strategy and a marketing plan are different in three distinctive ways: by definition, purpose, and. focus. A business strategy informs what goes into a marketing strategy. A marketing strategy explains why you intend to perform specific marketing actions. For example, if your startup wishes to scale up, the marketing strategy you ...
The main difference is that your strategy is the "why" behind your efforts, while your plan is how you're going to execute the strategy. The chart below details the specific differences. Marketing STRATEGY. Marketing PLAN. The "why" behind your marketing efforts. The roadmap; the execution "plan". What offering you will deliver ...