How to create a small business marketing plan
Writing a marketing plan may sound daunting to some... but don't worry. We’re here to walk you through how to create a marketing plan, step by step. And once you get organised and put your ideas down on paper, it’s actually pretty easy – and maybe even a little fun.
So, what is a marketing plan anyway? In a nutshell, it's a document that outlines your high-level marketing strategy, efforts and results. Your marketing plan should directly ladder up to your overall business goals and mission. The good news is that a marketing plan doesn’t have to take a lot of time, money or effort. It just needs to be researched, well thought-out and executed in a timely fashion.
At the end of the day no matter how good your product or service is, if you don’t have customers or don’t know how to reach any customers, you're not going to meet your goals. That’s why having a small business marketing plan is so important – it will help you stay focused on finding (and retaining!) customers.
You often hear about businesses that stumble upon success and achieve their goals overnight. In reality, most businesses aren’t that fortunate. More typical is the tale of the suburban couple who spend their last penny buying tons of beads and wire to start a jewellery company and then realise they don’t have any money left to market their new venture.
Moral of the story? A marketing plan is crucial for any small business and should be at the forefront of your mind when creating your overall business plan. Now that you know what a marketing plan is, let’s talk about how to start writing one for your small business.
According to small business experts, a marketing plan is comprised of three main parts:
- Customers. Who exactly is your target audience? Be specific! More details and data will make it easier to focus your marketing efforts.
- Competition. Who are you competing against? Learn as much as you can about your competitors so you can determine how to best position and promote yourself.
- Strategy. How will you attract your customers? A marketing strategy should include everything you'll do to promote your product or service – and turn a profit.