Marketing Plan Essay

795 Words4 Pages
How to Develop a Marketing Plan that Will Add Value to Your Business
Studies show that companies with a marketing plan in place are more likely to be successful in their marketing efforts. One study showed that businesses that plan grow 30% faster. According to another study, 71% of fast-growing companies have plans. Those companies create budgets, set sales goals, and document marketing & sales strategies.
A solid marketing plan will help you generate leads, build awareness with your target audience, develop relationships with your customers, and ultimately boost profitability.
Your marketing plan also serves as a blueprint that helps to build energy, morale & accountability throughout the organization. It’s a strategic tool that helps to
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Learn more about defining your target market.
• SWOT Analysis. SWOT stands for Strengths, Weaknesses, Opportunities & Threats. A firm understanding of your businesses strengths, weaknesses, etc. as well as those of your competition, provides you with better direction for positioning your company and knowing which opportunities you are in a strong position to leverage. Check out this simple SWOT analysis sample.
• Develop S.M.A.R.T. Goals. As you establish objectives for your marketing plan, use the S.M.A.R.T. acronym as a reminder that all objectives should Specific, Measurable, Achievable, Realistic and Time-bound. HubSpot offers a free template for setting S.M.A.R.T. goals.
• Formulate supporting strategies and tactics. This is where a lot of your earlier work will come into play. Understanding your audience, knowing which opportunities you’re in the best position to take advantage of and which tools will be best for reaching your audience are all part of creating strategies that will help you reach your goals. It’s important to stay in tune with customer buying habits and marketing trends so that you have the insights necessary to put the right strategies into place. For example, according to Gartner, properly executed inbound marketing tactics are 10 times more effective for lead conversion compared to more traditional outbound methods. In addition to a plethora of evidence confirming the ROI of inbound marketing methodologies,
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