7 Steps To Make An Effective Marketing Plan For Your Business
The marketing plan is an indispensable element for a business. Building an effective and flexible plan is one of the necessary conditions for businesses to attract customers, optimize conversions and increase sales.
What is a Marketing Plan?
The marketing plan is a plan that includes the content and scope of Marketing activities. Mainly includes content such as Objectives, tasks, situation analysis, opportunities, budget, target market, and implementation time.
This is the basis to help businesses develop products/services in the business to meet the needs of the target market, and attract customers compared to competitors.
7 steps to build an effective Marketing Plan
Step 1: Define Marketing Plan goals
To define your destination and what you want to achieve, you must first define your goals. Businesses need to state long-term or short-term goals in a marketing plan.
Businesses should use the SMART model to define goals:
- S – Specific: Specific, easy to understand.
- M – Measurable: Measurable.
- A – Attainable: The goal is achievable.
- R – Relevant: Practicality.
- T – Time Bound: Limited time to complete.
Using this model helps businesses determine the appropriate goals, realize the advantages and disadvantages, and complete the marketing strategy.
You can read the previous article here: 6 Topics To Avoid Discussing At the Workplace
Step 2: Analyze customer needs and behavior (Customer Insight)
To build an effective marketing plan, businesses must thoroughly analyze Customer Insight.
If businesses analyze Customer Insight effectively, they can target the right needs of customers and attract them. Through that, businesses can implement activities to improve product quality and effective business strategies to attract customers and increase sales.
Step 3: Strengths, weaknesses, opportunities, and threats of the business
Businesses can apply the SWOT analysis model to list:
Through the above model, businesses can understand their strengths and weaknesses to compare with competitors to find a competitive advantage.
Step 4: Build an overall Marketing Plan Strategy
There are 4 effective marketing strategies for businesses:
- Marketing Plan Strategy Differentiation.
- Strategy according to the product cycle.
- Strategic positioning.
- Strategy leads the market.
Step 5: Set up Marketing KPIs
Marketing KPIs play an important role, in helping businesses evaluate the effectiveness of their Marketing Plan. As well as understanding which ad campaigns need to be optimized or which channels are working best.
Summary of 14 basic KPIs:
- Lead: Potential customers need.
- Qualified Lead: The number of qualified leads.
- Cost per Lead: The cost earned by a potential customer.
- Cost per Conversion: The cost of conversion.
- Website Traffic: The number of website visits.
- Average Session Duration: Average session duration.
- Bounce Rate: Average bounce rate.
- Organic Traffic: The number of people accessing the natural source.
- Google PageRank: Increase the rank of the page.
- Check keyword rankings.
- Number of Backlinks.
- Potential customers.
- ROI of advertising strategies.
Step 6: Determine the budget (Marketing Budget)
Determining the marketing budget includes the following main parts:
- Expenses related to the running campaign.
- Cost of tools and software.
- Training costs.
- Payments for the Marketing team.
Step 7: Build an Action Plan
Businesses need to develop a specific action plan.
To be able to build a successful plan, businesses can answer the following questions:
- Who will be in charge of each of those jobs?
- What marketing strategy should be implemented?
- When will it be completed?
- How much does a Marketing Plan cost?