Five Steps to Make a Highly Effective Marketing Plan

Lifestyle and channel marketing are widely recognized as the most powerful tools to build brands and increase awareness anywhere. Period. No matter how hard companies try to boost revenue targets, get new retailers onboard, or introduce alternative sales channels, reality is that every piece of sales effort lies on just one simple action, pay attention to the most valuable factor in the equation, MARKETING.

A marketing plan must include several elements, yet in this week’s newsletter we are going to cover the 5 most important. From market research and competitor analysis to target audience, budget, and a mission statement, these components are crucial to achieve success. What brands should be expected to, is to find the right balance to attract new clients and more importantly, to retain legacy customers.

1. Market Research: This is the first step to kick off a marketing plan. A thorough research is the process of collecting, analyzing, and digesting data about the market, product or service, and customer. Once the market research is done, it provides you with insightful information to understand and identify all the other elements of the following steps. The longer companies dive into this step, the more relevant and accurate material is gathered to make informed decisions. Understanding all the variables is key as those help steer the marketing plan in the right direction.
2. Competitor Analysis: As the process moves forward, a competitor analysis must be carried out with all the data gathered from the initial step. The reason why the market research is the primary element, is because not all the players within a certain industry are direct competitors. Some of them just do not compete directly with us because of factors such as average ticket price, target audience, etc. Once the direct competitors are targeted, the idea is to outpace them by structuring and implementing sharper strategies that resonate better with our target audience.?
3. Target Audience: As important as the previous two steps are, defining the target audience is also an essential step while developing a marketing plan. This is the group of consumers who are most likely to purchase the products or services offered. An audience is defined by identifying factors such as gender, age, location, income, and interests. Again, not everyone is expected to be our buyer persona, instead, companies should be looking for the most precise profile. Targeting the right audience will reduce the cost of acquisition, therefore, increase conversions significantly.
4. Budget: This step is critical when it comes to establish an appropriate marketing plan. In fact, a budget analysis is what most alarm companies given that it directly impacts the profitability of a business. However, this is why a budget is best determined after learning about the market, competitors, and the target audience. The idea here is to allocate the correct amount of marketing funds to execute and perform the activities that are vital for driving awareness and conversions. Once the first three steps have been cleared, brands are able to make a full list of the required actions across the different platforms (in-store, online, and social media). Keep those that are indispensable and avoid those that are not.
5. Mission Statement: This is the final of the five essential steps. The reason a mission statement is so important in building a marketing plan is because it keeps all members within the marketing team aligned with the company’s vision and purpose. It helps maintain a clear focus on the why, what, and how. To avoid any confusion, a mission statement will be the roadmap all marketers will look at to fine-tune or readjust the established actions along the way. Make sure to include it on your marketing plans.

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