In order for you to know where your business needs to go, you need a roadmap. That’s why you create a business plan. The same goes for every aspect of your business, including marketing. In fact, having a clear and thorough marketing plan is essential if you want to maximize your marketing efforts and make the most of your precious resources.
Your business’s marketing plan is part of your overall business plan. But while the business plan covers every aspect of your business, your marketing plan deals with only marketing.
Your marketing plan includes everything from analyses of your market, your business, and your products, to marketing goals and the strategies that will help you reach those goals.
The key elements of a marketing plan are:
- Market Analysis – This is a detailed analysis of your market, your customers, your competitors, and other factors.
- Marketing Goals – A definition of your marketing goals and how they tie in to your overall business goals.
- Marketing Mix – Your marketing strategy and the tactics you will use to realize your goals in terms of the 4 P’s: Product, Price, Place, and Promotion.
- Marketing Budget – A budget for your marketing expenses and revenues.