How to Make a Marketing Plan

The marketing plan is, in essence, the concrete application of a company's marketing strategy.

Creating a correct and complete marketing plan is essential to organize the guidelines for commercialization and to present the company or reference product consistently in the market.

The marketing plan is developed by the marketing manager together with the CEO of the company who will provide directions on the objectives to be achieved. As we will see, the marketing manager will have to translate them into KPIs, that is, into calculable and tangible results.

Differences between marketing plan, business plan, and marketing strategy

The difference between a marketing plan and a business plan lies in the fact that the marketing plan is the practical application of the business plan, which is only theoretical.

The difference between a marketing plan and marketing strategy lies in the fact that the former includes the latter, which focuses solely on theoretical strategic analysis.

Stages of Creating a Marketing Plan

The standard stages for creating a marketing plan are:

• Market analysis and SWOT analysis: in this phase, one must define the company's mission, values, and vision. At this point, the SWOT analysis is carried out. After this strategic analysis, you will have a clear view of your own company and a complete overview of strengths and weaknesses of competitors. In this exploratory phase of the product, it is also necessary to understand at what point of development is the product itself over its life cycle. Moreover, by studying these characteristics, one will also understand what is the Please note that I've translated only up to where your provided text cuts off. If there was more text intended for translation, please provide it so I can continue. unique selling proposition of the company or product under analysis.
• Objective Definition: as mentioned earlier, in the marketing plan it is essential to identify the objectives of the marketing plan itself and translate them into measurable KPIs, then analyzing the timelines for their inclusion.
• Target Definition: here it is fundamental to understand whom you are addressing and discover, as we will see shortly, how to communicate with the right pool of users. To do this, it is crucial to find your market niche by segmenting it and finding the right positioning. Not only that, but often for identifying the target audience, at this stage, one uses the tool of buyer personas (fictional homogeneous user groups that represent the target audience).
• The subsequent phase is clearly that of communication. Advertising budgets, ad campaigns, and which channels to use are defined. Operational strategies for achieving KPIs are analyzed, choosing whether to use an inbound marketing approach (such as using a corporate blog) or to push more on sponsored campaigns on Google and Facebook.
• Analysis of results and control system: at the end of the process, data will be analyzed to understand where interventions can be made to make the project even more scalable.

Sostac model and smart objectives

In drafting a marketing plan, two distinct models are often used, one to perform a correct marketing plan, the other to assist in compiling objectives:

• SOSTAC Model: The model created by Dublin marketer Peter R. Smith, allows for the verification of the correct execution of the entire marketing plan. In practice, it retraces the points already analyzed defining them: Situation (S), this is the main phase of analysis for both the company and its competitors. Objectives (O), setting goals that can be translated into KPIs. Strategy (S), in this phase the strategy to be followed is analyzed, with the identification of Buyer Personas. Tactics (T), here specific tactics are outlined to define results. Actions (A), in this phase daily actions to be taken to achieve objectives are developed. Finally, Control (C) where results will be analyzed and actions will be taken to improve the marketing plan itself.
• SMART Objectives: this is, instead, a useful tool for defining objectives which must have certain characteristics:

Specific (S), goals should be specific, clear, and simple. Measurable (M), as mentioned, they should be quantifiable objectives. Achievable (A), goals should be attainable and feasible within the budget. Realistic (R), obviously based on previous analysis, these should be realistic and achievable. Timed (T), each goal should be scheduled with a timeline for achievement.