What is a Marketing Plan?back to blog
This seems to be a common question and I have been asked time and time again. This question specifically comes into the picture when someone is trying to determine the difference between a marketing plan and a marketing strategy. Sometimes people use the terms interchangeable and other times they are referred to as the same thing. What is the difference? Really, what is a marketing plan and what is a marketing strategy? A strategy guides a marketing plan and should be in place first. It is the foundation for a plan.
On to the Plan
You need to plan on how to make the strategy come to fruition. Often the four P’s are referred to as the elements to consider when you build a plan on how to reach a customer and get them interested in your product or service. They are usually defined as the following:
Product – What about your product is unique and can be presented to a customer as something they need
Pricing – What will your pricing structure be, will it match competitors, be lower or higher based on sales goals?
Place – How and where you are you going to be selling your product or service?
Promotion – How will you get to your potential customers?
On to the Tactics
Once you have identified the four p’s you can move onto the vehicles for your marketing efforts. The set of tactics you employ will be largely dependent on your audience. Who are they? Where are they? What is the best way to reach them? What buying influences do they have? These factors will choose the right path for the message and were to find your audience at the right time.
The Right Tactics for the Right Audience
Choosing the right tactics can sometimes be tricky and almost all of the time driven by budget and audience of course. Each tactic will be based on what will work best for the segment or part of an audience you are trying to reach with a specific goal in mind. Taking a close look at the audience will help you make the best decision on what will reach them when you want them. Below is a list of audience specific tactics to consider using in a marketing plan that can be cost effective and very targeted:
- Social Media
- Email Marketing
- Banner Advertisements
- Direct Mail
- Print advertisements
When creating a solid marketing plan you should consider everything that you can do to convince a potential customer or existing one for that matter that your service or product can benefit them Secondly, pick the correct channel to make sure your message is heard by the people you want at the right time.