Learn How to Create a Marketing Plan & Budget

Do you have a written marketing plan? Many small businesses go? to market in a haphazard way. There is no organized plan or? budget. They work from inspiration and impulse. Unfortunately, a? slapdash approach usually yields in slapdash results.

Marketing is so important to business success that it’s certainly? worth devoting your time and resources to crafting a plan. A? marketing plan is not a sales activity plan, but rather everything? outside the actual sales process. Marketing is used to generate? leads, establish branding, grow mind share, and create? differentiation—in other words, all those activities that compliment? and support your sales process. Think as though you are building a? building. Marketing is the architect—they design the building.? Sales is the builder—they implement the plan.

When it comes to developing a marketing plan, the first step is to? define your objectives. You should be asking yourself the? following questions:

? What do I want to achieve? (Why do I want to achieve it?) ? Who do I want to sell to?

? What products or services do I specifically want to sell them? ? What price do I want to sell them at?

? By what percentage do I want to increase sales?

First activity, do you need a macro or micro marketing plan. A? macro plan is going after a larger set of prospects, and a micro plan? is identifying the particular target and tailoring a plan just for that? target.

When it comes to macro marketing programs, you have infinite? options, from email campaigns, to trade shows, to advertising, to? social media. You must decide which of these options will be both? effective and cost effective. And you can’t weigh your options until they are all written down. Then, choices and alternatives? become clear. (Expect the first draft of your marketing plan to vary widely from the final version.)

In addition to itemizing the specific initiatives you will take, your? marketing plan should contain the following components:

A Defined Marketing Budget

A shocking number of new peer group members admit they have? no formal marketing budget—they just spend money when they? think it’s a good idea.

But if you don’t have a firm budget, you won’t have a real plan.? You will end up spending too little—or too much—on hit-and miss marketing efforts.

So allocate a set amount of dollars for marketing activities, and? break your budget down into components—say, production versus? the cost of the actual marketing activity.

For example, if you decide to undertake a local advertising? campaign, you will be paying both production costs (the cost to get? those ads written and designed) and placement costs (the cost? charged by magazines, newspapers, etc. to run the ads).

A Defined Goal for Your Marketing Activities

What result do you want to reap from your marketing programs?? You can express them in terms of dollars of items sold, number of? new leads, expanded mind share, or whatever way makes sense for? you. The point is, if you don’t state your goal in measurable terms,? how can you determine the value and effectiveness of your? marketing activities?

In general, marketing delivers the leads and sales converts the? prospects into customers. How many qualified leads do you need? to get to your sales goal? (See the section on Sales Funnels.) One? consideration many small businesses do not consider is putting the? marketing emphasis on the highest, most saleable gross profit? products or services. They get in the habit of looking at overall? sales instead of where the profit is generated.

A Specific Time Schedule

Attaching deadlines to each marketing initiative in your plan helps? ensure they actually get done. It also ensures a year of steady,? consistent marketing activity—not a crazed reaction to a dip in? sales or a flurry of year-end panic.

Defined Accountability

Delegating segments of your marketing plan to specific employees? will make the plan more achievable, while creating an opportunity? to measure performance. You can also benefit from the synergy of? shared ideas and the camaraderie of a group effort.

Your marketing plan is like a product blueprint or architect’s? drawing. It’s an organized process that minimizes risk while? helping you get the biggest bang for your buck. It ensures that all? your marketing efforts send a consistent, branded message. It also? eliminates impulse decision-making. And, most importantly, it? brings you closer to your goals.

Creating a comprehensive Marketing Plan worksheet is beyond the? scope of this workbook—it’s a workbook in itself. But because? creating a marketing budget is the first step for most entrepreneurs,? complete the Marketing Budget worksheet to get started.

If you liked this information, Click the link to receive a Free Digital Copy of the Small Business Toolbook. This book is filled with Small Business concepts to help you grow your business.

https://forms.gle/X9gVgkWYHNmGcciW7