After staffing costs, marketing is usually the biggest expense for the majority of businesses. No wonder every business owner or marketing head wants to ensure that every marketing dollar spent is used in the most productive way possible. 

One sure-shot way to ensure this is a well-thought-out marketing plan. Not sure if it’s for you? Let us convince you with these nine proven benefits of a marketing plan for your business, plus an easy five-step guide to writing an actionable marketing plan from scratch. 

What Is a Marketing Plan?

A marketing plan outlines the marketing strategy for your product and services that you’ll implement over the coming month, quarter, or year. Depending on your business, it can include the following elements:

• Marketing objectives and goals 
• Current marketing position
• Market research (insights into market trends, industry sales volume, etc.)
• Target market (customer persona including demographic and psychographic profiles)
• Marketing mix (4Ps and 8Ps)
• Marketing budget
• Performance tracking 

For example, a cloud-service providing SaaS company’s marketing plan might focus on increasing paid subscriptions by 30% and free subscribers by 60% over the next quarter. This can involve focusing on digital ads, SEO, and email marketing to reach SMBS seeking cloud storage. 

But while every business will have a different blueprint, a concrete marketing plan supports your buy-in from stakeholders. Other than directing your marketing team in the right direction (so that you don’t get sidetracked by shiny trends like TikTok).

9 Impressive Benefits of a Marketing Plan

Set and Align Clear Goals

Clarity is crucial when it comes to setting measurable business goals. Without clear objectives, your marketing team runs in all directions, chasing vague objectives such as “meeting annual sales KPIs.”

With a marketing plan, you can:

• Define specific objectives (for example, enhancing brand awareness and improving customer retention by a certain percentage).
• Set SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound) goal framework. 
• Align the goals with the company’s overall objectives (sustainable growth, market expansion, and customer satisfaction).

A Plan Provides Consistency

Think of your marketing department as an orchestra with individual players all harmonizing with one another–email, digital, organic, social media, and more. It’s true for all businesses, from the smallest teams to the largest firms, and everyone has to be on the same page. 

That’s where a marketing plan comes into play. It helps your team remain consistent in brand messaging, visual identity, content strategy, and campaigns across all fronts. 

A detailed marketing plan acts as a comprehensive guide for your organization’s overall marketing efforts. Thus clearing the way for a cohesive and effective marketing presence. 

Identifies Your Ideal Customer and Audience

An undeniably crucial part of any marketing plan is identifying the target customer and audience. Who buys your product or service? Where do they spend their time? What social media platforms do they use?

Once you narrow down a few different categories of ideal buyers (at least three), you can begin to dive deep into your customers’ characteristics, needs, wants, and challenges. And you get super specific.

This helps you form marketing campaigns that speak directly to people who want to buy from you. Therefore, a marketing plan allows you to find and reach the right people, the ones who end up being your customers.  

Pushes You to Work within a Defined Budget 

In a perfect world, the marketing department would have an unlimited budget–letting us try different strategies for maximum growth. In reality, however, you have to stay within a set budget. 

A marketing plan helps you improve budget allocation, giving you a more holistic view of what your team is working on. This lets you place importance on activities that yield the best results. 

On larger terms, it stops you from wasting resources on duplication. Thus saving you from the headache of creating strategies not worth pursuing. 

Allows You to Reexamine Old Marketing Habits

Doing what you’ve always done is not a winning strategy anymore. In the rapidly evolving world, you have to adapt your marketing consistently. 

Here, a marketing plan gives you a chance to review all your marketing efforts– those fruit baskets at Christmas or annual golf tournament sponsorship. It forces you to question everything you’ve done and how well these tactics have fleshed out for your business.

Identifies and Assesses KPIs to Measure Marketing Success

Let’s say you are launching a marketing campaign to boost your website traffic by 20% in the next quarter. But, the success of this campaign will be reflected by more than one single metric–website traffic. To get the real lay of the ground, you have to look at KPIs like daily visitors, bounce rates, most visited pages, session duration, and more.   

Here’s where a genius marketing plan shines. It doesn’t just help you define these vital KPIs but also keeps you updated with real-time feedback–ensuring your team is always on track for success. 

Moreover, including these KPIs gives a point of reference you can look at when re-evaluating your marketing strategies and plans in the future. Thus allowing you to compare real growth in different areas.

Defines Your Unique Selling Point

A marketing plan needs you to define the position of your product and services in comparison to your competitors in the market–your Unique Selling Point (USP). 

This lets you see how a potential customer compares your offerings. Thus helping you find the sweet spot where what you do best meets your target audience’s needs. 

Not to forget how a marketing plan will ensure that your USP is consistently communicated across all marketing channels.  

 Exposure to More Investors

As your business grows, you’ll need sizable investment to keep expanding. Here, a marketing plan will help make a compelling case for your product. 

Investors will be more likely to take interest in your plan if you include:

• Advertising expense
• Competitive analysis
• Executive summary
• Market analysis
• Target audience
• Marketing and sales strategy
• Financial projection
• Performance metrics and KPIs 
• And more…

Armed with these details, you will be more capable of communicating the viability and scalability of your business to potential investors. Overall, a well-crafted marketing plan with these features portrays a professional, prepared, and data-driven approach to business growth. This instills confidence in investors and increases their likelihood of investing in your venture.

The more they can accurately know what to expect from your plan, the more likely they’ll understand its potential. It’s a good idea to give a good presentation of the plan, which should include the information you know they will need, while leaving out all the details that are irrelevant to them.

Increases Accountability 

This is especially important in a larger corporation that often feels its marketing function doesn’t operate with the same kind of accountability as the rest of the company.  

However, a marketing planning process allows both your marketing and business development team to set quantifiable milestones and goals and how the progress towards them will be measured. 

Other than motivating the marketing team to hit the set target consistently, it also makes management more accountable for providing enough resources so that your team has all it needs to succeed. 

Write an Actionable Marketing Plan 

We know you are convinced of the power of an actionable marketing plan. But how do you write one for your business?

Here’s an easy five-step process: 

Conduct In-Depth Research

Start your research with a SWOT analysis to understand your company’s strengths, weaknesses, opportunities, and threats. You also need a good picture of how the brand compares to your competitors–competitor analysis will come in handy here.

This will help you spot all the gaps (and hidden opportunities) in the competitors’ marketing approaches. What more value/ competitive advantage can you provide your audience? Where are they missing out on acquiring/converting customers? Find answers to these and more questions to figure out exactly what your customers need.   

Leverage knowledge management tools to document the research and findings. Centralize information storage so that your team members can easily access, collaborate, and share this decision-making information.

Define Your Target Audience

Organize your customers into different categories–by industry, transaction size, or demographics. Then, zero in on defining these groups–who they are, their wants, how much they buy, the kind of content they consume, and more. 

The idea is to paint a crystal clear picture of your target audience, including age, gender, profession, income level, and motivation. Ask why they should choose you and what might keep them away from your competitors. 

Set Clear Objectives

Now, it’s time to answer the big question–what’s the goal of your marketing plan? Set SMART goals. In this step, you can use sales targets from your business plan like those related to

• Total number of customers and customer retention
• Market share
• Average purchase size 

However, not every goal has to be financial. Define what you want to achieve regarding digital engagement on social media, emails, and other media. 

Your website is another important metric. Using tools like Google Analytics, track your visitors, conversion rate, and more–all of these will be crucial indicators of your brand and marketing efforts reach. 

Analyze Your Tactics

At this point, you’ve to figure out the strategies and tactics you want to pursue to achieve the goal. It includes finding the right channels, campaigns, and action items to focus on.

For example, if your goal is to increase website traffic by 10% in the next three months, your tactics may include SEO, content marketing, and paid advertising. Meanwhile, if you want to increase email marketing ROI, content personalization, mobile optimization, and email automation will be the focal point of your plan. 

Therefore, once you are set on the goals, define tactics. With that said, avoid pursuing every tactic on the lists (unless you have an infinite budget). Let’s talk about the next step.

Set Your Budget

Before you begin implementing your incredible ideas, know your marketing budget because everything comes at a cost–engagement, advertisement, outsourcing. 

While writing your marketing plan, be sure to note an estimated budget for each tactic. Also, list down the approximate time every taste will take before generating a return on investment (ROI). 

Start Writing Your Marketing Plan

There you have it, nine proven benefits along with a five-step guide to writing a winning marketing plan. 

So, create your well-researched and well-executed business plan to help you better target potential customers, win new leads, and retain existing ones. All this will lead to increased market share and greater overall business success–we are rooting for you!