What to Include in your Startup’s Strategic Marketing Plan
A great marketing plan doesn’t have to be complex. In fact, the less complex, the more likely it is to be implemented. If you want a plan that is likely to deliver solid results, these are the five things to cover.
START with STRATEGY
You know what your business is and who it serves — but do you take actions that take you in that direction, and do you avoid actions that will lead you away from it?
The first step in a good marketing plan is to distill your marketing strategy so that the rest of your plan can detail how your company will implement it.
Stick to a few practical questions to clarify and confirm your company’s strategy:
a. Define and segment your target market.
b. Determine your positioning per segment; choose your differentiator.
c. Determine your messaging. Implement your positioning by clearly conveying why customers should buy from you.
DECIDE on your TACTICS
This is the toughest area to decide on. There are many marketing tactics, from sales tools to trade shows, social media, and on and on.
Here are a few of the considerations when choosing tactics:
· The industry you operate in
· The target market you’re pursuing
· The position your company has and wants to have in the market
· How much marketing you’ve been doing
· What your competitors are doing
· Your budget
MANAGE TIME
The third essential component of a simple, successful, strategic marketing plan is a Marketing Calendar. When you’re building a marketing plan, double the amount of time you think things will take. That way, you won’t get caught out if you’ve underestimated.
SET a BUDGET
Have a committed marketing budget for the year so marketers will be able to plan accordingly.
Set a budget and stick to it! Don’t take it away if the going gets tough.
Be realistic about how much tactics actually cost.
Committing to your marketing budget is the same as committing to your marketing. It will show your team you support them, which will give them the confidence they need to succeed.
DEFINE METRICS
What gets measured gets done!
Measurement is essential to successful marketing. Set five key marketing metrics to measure regularly.
Combine activity metrics with results metrics, and you’ll get a clear picture of the returns you’re getting on your marketing spend.
Address these five areas, and you’ll have a solid strategic marketing plan. The secret is to keep it simple. Then check back on the plan regularly, and you’ll see your marketing get better year over year.