There’s lots to think about when you start a new business, but a marketing plan should be towards the top of your list. A marketing plan is a comprehensive document that outlines your business’s marketing strategy and tactics for attracting and retaining customers.

Think of it as a marketing roadmap, providing a structured approach to reaching target customers, promoting products or services, and ultimately driving profit.

It’s also the chance to assign responsibilities and deadlines, making it clear who in your team is responsible for various aspects of your marketing strategy. This accountability helps ensure that tasks are completed on time and goals are met.

Creating a marketing plan for your small business is an important way of reaching your target audience, promoting your products or services, and pushing your business forward. It helps to make sure everyone in your business is on the same page and working towards common objectives. It’s very similar to your business plan in that respect, but more focused on a specific area.

A decent marketing plan can also help you allocate your budget

Small businesses often have limited resources and cash flow, and a marketing plan helps allocate these resources effectively. By specifying how much you can spend on various marketing activities, you can avoid overspending and focus on things that offer the best return on investment.

It’s a great chance to look at how efficient your business is too

With a marketing plan, you can set priorities and avoid wasting time and money on marketing activities that don’t meet your business objectives. This efficiency is crucial for small businesses that need to make the most of their limited time and money.

Competitive advantage

A well-thought-out marketing plan also gives your business a competitive advantage by allowing you to get an edge over your competitors. It helps you identify your unique selling points and create a strategy to highlight them in your marketing efforts. It also means you can better adapt to market fluctuations, emerging trends, and competitive challenges.
 

Small businesses usually aim for long-term growth because this helps to ensure survival. A marketing plan can help you establish a solid foundation for sustained growth by being clear about long-term marketing objectives and the steps to achieving them.

 
Thinking about these potential risks and challenges allows you to develop contingency plans to address them. It’s a proactive way of minimising any negative impacts on your business if something bad happens.

Measuring your results

A marketing plan typically includes metrics and key performance indicators (KPIs) that allow you to track the success of your marketing efforts. This data-driven approach enables you to make informed decisions and fine-tune your plan for better results. Otherwise, it’s really hard to know if your marketing efforts have actually been successful.

Here are some key components that are well worth including in your marketing plan to make it really top notch.

Executive summary and business overview

Provide a brief overview of your business, its mission, and marketing objectives. Describe what you do, the history of your business, and its products or services. Identify your target market and who your customers or clients are. What is your unique selling point (USP) or what sets your business apart from competitors?

Market research

Carry out a market analysis to understand industry trends, market size, and competition. Identify your competitors, their strengths, weaknesses, and market positioning. You could also use the SWOT analysis method, and write down in detail what you see as your business’s strengths, weaknesses, opportunities, and threats (SWOT).

Marketing strategies, tactics, and planning

Outline your overall marketing strategies, such as content and social media marketing, email marketing and more. Specify how you’ll position your brand and engage with your target audience.

SMART goals: Set specific, measurable, achievable, relevant, and time-bound (SMART) marketing goals. Be really clear about what your objectives are around brand awareness, lead generation, sales, or other key metrics.

• Advertising and promotion: Decide if you want to use any paid advertising methods, such as Google Ads, Facebook Ads, or sponsored content. Set a budget and monitor the performance of your ad campaigns to see how they’re working too.
• Branding and messaging: Work out what your brand identity is, as well as your logo, colours, and visual elements. Make sure your brand messaging is consistent, compelling and resonates with your audience.
• Content strategy: Plan your content creation, including blog posts, videos and infographics. How often do you intend to post on social media for example, and on what channels?
• Email marketing: Develop an email marketing strategy for building your email list. Plan email campaigns, including newsletters, product announcements and promotions.
• SEO: Make sure Google can find your business website by optimising it for search engines. Research relevant keywords and create a plan for on-page and off-page SEO (Search Engine Optimisation).

List specific things like how you plan to launch your website, run social media campaigns, or attend trade shows. Include a timeline with deadlines and responsibilities for each one.

Budget

Detail your marketing budget, allocating funds for various marketing activities. Think about what your fixed and variable costs are too.

Contingency plans

Develop strategies to address unexpected challenges or changes in your business or in the market generally. Things can change quickly and any down time in your business can cost time and money, not to mention your reputation.

Legal and compliance

Make sure that your marketing efforts comply with relevant laws and regulations, including privacy and advertising standards.

It’s easy to put together a marketing plan and then just let it gather dust. But it’s actually a dynamic document that should evolve with your business. Make sure you regularly go back to it to help your business stay on track and remain competitive.

Learn more about our online accounting services for businesses. Call 020 3355 4047 to chat to the team, and get an instant online quote.