Welcome to my greatest passion: Planning. Fundamental part of the strategic marketing process; This topic is my favorite for two reasons: a well-developed marketing plan simplifies our work every day because it makes the implementation of different initiatives the right ones to implement, due to its previous analysis. Second, it is what I have dedicated myself to and specialize in, and I am really passionate about what I do.
Definition of a marketing plan
The marketing plan represents the strategic direction that must be followed in order to achieve a specific business objective. Represents the “roadmap” to achieve greater results, such as sales growth, brand recognition throughout the market and scope of distribution and marketing, optimization of the operating process, greater market penetration, measurement and control of finances , etc.
The benefits for your business
Many business owners do not see the benefits of incorporating a marketing plan into the overall strategic development process, I hope you are not one of them.
A well-crafted strategic marketing plan:
- Give your business focus and direction by identifying the best worthwhile opportunities as well as the threats to avoid
- Identify the tools that your company can use effectively to fight competition and gain market share
- Save time and money by focusing resources on attracting the right employees and investing in unique marketing initiatives that support your overall business goals.
- Differentiate your company from the competition by identifying the distinctive advantage and support elements that will make you efficient in your investments and actions
- Translate your company’s vision, mission, objectives, into marketing initiatives effectively
- Serves as the basis for all your communication and advertising campaigns
- Improve the effectiveness of the marketing message to your customers and partners (board of directors)
- Increase in sales and profits
- Create consumer preference for your brand, because you will have developed an adequate branding and positioning process to capture the attention of your target audience
- Identify the quantity and frequency of the market (qualitative and quantitative) to know and investigate various topics such as: customer satisfaction , use preferences, consumption frequencies and much more.
Business Plan versus Marketing Plan
These two concepts sometimes create great confusion among marketers and business executives. Here are some important differences between the two:
- A medium to long-term document with detailed methods to achieve the objectives of your company.
- It will not change from year to year, but only when there is a major change that affects the company as a whole: the rise of a strong new competitor, the implementation of new legislation that greatly affects the business, a sudden change in consumer needs.
- Support your business goals
- Globalize the entire operation of your company, with approved budgets and defined deadlines
- It contains a marketing plan as a section of it with a list of the initiatives to be implemented in the short term (one year).
- Annual changes based on competitive actions and short-term opportunities and threats
- Supports the marketing strategy
- The “to do list” that includes well-defined responsibilities, budgets and deadlines.
An effective marketing strategy is realistic, easy to understand, and practical to implement. It also makes communication initiatives easier to develop.
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Hello,
Hope you doing well.
I read your blog, it’s very helpful for knowing about marketing strategies. Keep posting like this type of blog and thanks for keeping us up to date
Thanks!
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Hey Lisa, this is an enlightening post for anybody who is starting a business or running a business. As you pointed out, a business plan and marketing plan are entirely two different aspects for any business, and these differences make it easy to understand them. Thank you for putting out this post.
Thanks to you for sharing this information. In this era, marketing is the only solution to growing your business. There are many different types of marketing, such as social media marketing, email marketing (email marketing is special marketing strategy), search engine optimization, etc.
thank you so much for publishing this article. it was such a good knowledge for us.
thank you for publishing this article. it was very helpful for us.