Guide to Creating a Marketing Plan: Part 3

Part 3 of our Guide Marketing Plan Guide gives you insight into how to summarize all your marketing data into a strategic written and action plan.

Part 3 – Writing Down and Executing Your Marketing Plan

Part 1 of our Guide to Creating a Marketing Plan discussed market research data techniques. Part 2 discussed how to brainstorm, analyze, and develop your marketing plan. Now it’s time to get your business marketing plan onto paper and start executing it for maximum results.

Advertising and Promotion Strategies

What forms of advertising and promotion will you employ through your marketing plan? You should have a good idea which advertising strategies will reach your target audience. Here are a few ideas:

  • Advertising

    • Newspaper ads and coupons
    • Magazine ads
    • Arts and performance programs
    • Radio spots
    • TV commercials (local/regional/national)
    • Website
  • Direct Marketing

    • Brochures
    • Sales letters
    • Flyers
  • Promotions

    • Networking events
    • Presentations/seminars
    • Trade show booths
    • Published articles (print and online)
    • Product/Service demonstrations

Individual Marketing Tactics

When you form a general advertising outline for your marketing plan, you should also create a tactical plan that lists the steps you plan to take and when. For instance, which trade shows will you plan to attend, and in what cities? Do you plan to advertise in your local newspaper every week? Every month? Only before holidays? How many radio spots do you plan to record, and when do you want them played? Be specific with your tactics so you’ll know exactly what to do when you start executing your marketing plan.

Determine Marketing Budget

How much is all this going to cost? Deciding on a marketing budget is a big decision. If you have historical data on previous years’ market plan spending, use that as a guide. You can also use industry standards for market budgeting as a percentage of gross revenue. Some information about industry ratios are found online, but you can get the best information through paperback guides like the Almanac of Business & Industrial Financial Ratios. This guide is updated yearly and gives accurate ratio data for 50 operating and financial factors in almost 200 industries.

Executive Summary

The Executive Summary of your marketing plan will be at the top of your written plan, but should be composed as the last step. After your other marketing plan sections are complete, take that information and reduce it into a brief, concise summary. Use bullet points and short sentences to summarize your entire marketing plan on no more than a single page. Use the Executive Summary as a frequent reference guide when reviewing your marketing plan.

Determine How to Monitor Results

No marketing plan is complete without a method of controls and results tracking. Schedule times throughout the year to review your marketing plan. Determine at what intervals you will compare actual sales to forecasted sales against a marketing tactic. Schedule meetings with your marketing staff to review and update your plan. Remember that a marketing plan is not a set plan, but a guided loop of action, observation, re-evaluation and adjustment, and then reaction.

Your business marketing plan is your guide to successful sales. If you don’t have one already, get started on yours today, or update your plan to include all the necessary elements. Good luck!

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