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What is a Marketing Plan and Why Do You Need One For Your Business?
Guest post by Instagram Unpacked graduate and founder of LD Marketing, Letitia Duncan
Why do I need a marketing plan?
This is a question often considered by businesses, and there are many reasons – but the most obvious one is to increase sales and grow your business.
Sure, you might be able to wing it – and see how you go. But think about how winging it in business feels. That feeling of uncertainty and stress. Self-doubt stemming from not knowing where your next sale is coming from.
It can also be exhausting without a marketing plan. Facing unexpected slow times – where you’re scrabbling to drum-up business, or just scraping through busy times - with your service level suffering.
Perhaps you’re attracting work or clients that keep you busy and pay the bills, but it’s not the work that you’re passionate about.
Compare this to what it feels like when you do have a marketing plan. Feeling organised and in control. Promoting your business with confidence, knowing how your actions are working towards your business goals.
A marketing plan is key to creating a successful and sustainable business – and who doesn’t want that?
So… now that we’ve covered why, let’s talk about your marketing plan questions.
What does a marketing plan include?
Your marketing plan is the roadmap for how you are going to achieve your business goals. While there are many different marketing plan templates – tailored to different professions and industries, here are the common sections.
1. Business and marketing objectives
2. Target market details – capturing your ideal client
3. Analysis of your products or services
4. Pricing strategy
5. Position/place in the marketplace
6. Sales and client processes
7. Competitor analysis
8. SWOT analysis – detailing your Strengths, Weaknesses, Opportunities and Threats
9. Your Unique Selling Proposition (or positioning statement)
10. Marketing strategies
11. Marketing tactics and actions
Some plans may also include an overview of the market in which you operate, including the social, cultural, economic, regulatory and political impacts.
What are marketing strategies?
The marketing strategies section of the plan is where the magic starts to happen. This is where you consider the insights gained from the previous sections of the plan and determine how you will use this to achieve your objectives. An example marketing strategy is to cross-sell existing clients another service or product.
The marketing strategies determine the actions that you will take to bring the plan to life. These actions are outlined in the marketing tactics section, and this is often the area of the plan that excites people the most. These are the steps you’ll take to be seen by your ideal clients and achieve your objectives. This is where you can expect to find details like - what channels you’ll be using and what you’ll be offering your ideal clients.
Who develops marketing plans?
This depends on the size, structure and complexity of your business. In large organisations, marketing plans are likely to be developed by an internal marketing specialist, possibly in collaboration with an external marketing strategist. In smaller organisations, support is often sought from an external marketing specialist – who will partner with you to create a tailored marketing approach.
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How are marketing plans implemented?
Most of the tactics can usually be completed by people inside your business, with some support from external consultants where needed.
Depending on your business structure and budget, you may choose to outsource parts of your marketing plan roll-out – such as promotional tactics like your social media management and email marketing.
5 Reasons marketing plans fail
This is a tricky one, but here are my top five reasons for marketing plans failing.
1. Faulty information
The information used to inform the plan was incorrect, out of date or left out key insights.
2. No monitoring or reviewing
The marketing plan was not monitored or reviewed during its implementation. This means the plan doesn’t take into account key changes in the industry during roll-out (e.g. if you didn’t review your marketing plan during COVID-19 lockdowns!) This also removes the opportunity to respond to what’s working well, and what isn’t working.
3. Partial roll-out
This is where key elements of the plan are not actioned. This can happen when the plan doesn’t take into account your resources, budget and skill set. This can also happen when the plan is not embraced and rolled out across key areas of the business (e.g. if the customer service team is not across the plan and their role in it.)
4. Not tailored to your business
This is where businesses are following a generic, off the shelf marketing plan. One that is not tailored for your business, and possibly not even tailored to your industry or market.
5. All planning, no doing
This sounds obvious, but some businesses spend all their time in the planning stage, that they don’t leave time or energy for implementing the plan. Don’t get me wrong, the plan is important, but it’s better to implement a plan that’s 90% right, than having a plan that’s 100% right but never implemented.
How to avoid marketing plan failure
Here are my top tips for avoiding marketing plan failures.
1. Tailor your plan
Your plan should be made for your business and your marketplace, not off the shelf.
2. Involve key team members
Your team should be involved in developing the plan and providing input. This will make them more likely to embrace the plan in the roll-out stage.
3. Track your actions
Set timeframes for the delivery of each element, even for the development of the plan, to keep you on track.
4. Regular reviews
Review your marketing plan on a regular basis. Monthly or quarterly is best, but review it at least every six months. Consider what’s working, what’s not working and any changes to your industry or business – and then revise your plan to reflect this.
About Letitia Duncan
Letitia Duncan, founder of LD Marketing, has over 17 years of experience in marketing and communications across the public and private sectors,
She is passionate about helping her customers achieve their goals through positive marketing and communications strategies - taking complex situations and messages and translating them into clear communications.
Want to know more?
If you would like to know more about how a marketing plan can transform your business, book your complimentary 15-minute marketing chat with Letitia.
LETITIA DUNCAN
Marketing legend