I know you might think you've reinvented the wheel with your carrot peeler dog, but maybe the kids don't give a damn about the dog and just want the peeler! You get it? Even if you're really into the dog, maybe they're not!
What does that eat in winter, a marketing plan?
When you are an entrepreneur, you have a lot of “ guides that you don’t know ” to manage for your business, including a “Marketing Plan”. Considering the fact that I know you may not have a degree in Marketing, I decided today to explain to you what a marketing plan is and what it’s for! (I’m fine too)
Quickly, I'll explain: a "Marketing Plan" is a list of promotions, campaign types and objectives that you write on something. Anything. Just write it down! Whether it's an Excel file, a Word file, a sheet of paper or even a paper towel! You choose a host of campaigns that you want to do during your year where you will do promotions, advertisements and launches for your business. It's a guideline so you don't get lost in a whirlwind of endless discounts that are made desperately in order to make sales.
Honestly, I'm sure that by reading this last line, you immediately know what I'm talking about and you already have a few company names in mind. I would like to say hello in passing... NO! Not true! HAHA I won't do that, but I'm sure you recognize a few companies or you recognize yourself.
Then the problem when we start doing promotions on all sorts of occasions is that in the end, we do them to stimulate sales, then after sales increase, so we do a new promotion to make other sales and then it works less well so we do another promotion with a higher percentage of discounts, telling ourselves that this time will be the right one, and when our customers see that we can put more discounts then they wait for another increase in discounts so we continue not to make sales so we do another promotion and.... vicious circle - vicious circle - vicious circle alert!
Are you still following me?
When you start a business, you are often driven by an overflowing passion for your project, a desire to create something unique and to bring real added value to your customers and sometimes even to society, you know, you can never see too big! On the other hand, even with the best idea and the greatest enthusiasm, it is important to understand that the success of your business cannot be based solely on discounts and promotions; we need a solid marketing plan!
What is a marketing plan and why is it SO crucial for your business?
By definition, a marketing plan is a strategic document that defines your company's marketing objectives and the means you will implement to achieve them. It is a plan that guides your actions, helps you make informed decisions and allocate your resources (budget, time or employees) wisely. Here is why a marketing plan is essential:
1. Identify and understand your target market
I know I'm constantly annoying you with my Persona mausus , but honestly, a marketing plan requires you to conduct a thorough analysis of your target market, your competitors, and the economic environment in which you operate.
This knowledge will allow you to better adapt your products or services to the real needs of your customers.
I know you might think you've reinvented the wheel with your carrot peeler dog, but maybe the kids don't give a damn about the dog and just want the peeler! You know? Even if you're really into the dog, maybe they're not!
2. Set clear and measurable goals
With a marketing plan, you will be able to define specific, measurable, achievable, realistic and time-defined objectives (SMART strategy, I'll tell you more about it below, one thing at a time!). These objectives allow you to monitor the progress of your business and adjust your actions if necessary based on the results you obtain.
3. Establish a coherent marketing strategy
A marketing plan helps you put together a coherent strategy to promote and publicize your business. This includes the communication channels you will use (social media, email marketing, online advertising, etc.) , as well as the messages you will convey to your audience/persona.
4. Optimize your marketing budget
By establishing a plan, you will be able to effectively allocate your marketing budget according to your priorities and the channels that offer the best return on investment ( let's put Facebook ads there... you really need to understand how they work to use them. When in doubt, abstain. You will waste time and money!) .
Furthermore, the BDC indicates that the average advertising budget allocation is 2% to 5% of your business income for B2B companies and 5% to 10% of your business income for B2C companies.
Of course, startups often exceed this percentage, but it's still interesting to know, isn't it?
5. Measure and analyze results
With a marketing plan in place, you can track and analyze the results of your marketing efforts. This allows you to identify what is working well and what needs to be improved to adjust your approach.
“Yes, but Steph, it takes ages to do that!”
I know! Except that if you do it for every ad campaign and every promotion you do, it will become a reflex to do it and don't forget that results are not measured only in money.
6. Strengthen your credibility with potential partners and investors
A well-designed marketing plan shows that you have a clear vision of your market and that you are serious about your business approach. This can build trust in your business from potential partners and investors. For example, when someone suggests collaborating with your company because they say you have the same target market, simply ask them what theirs is and see if the answer makes sense.
Just starting with this is already a very big step in the right direction.
People don't always know!
In conclusion, a marketing plan is an essential tool for your business. It allows you to have a clear vision of your market, establish concrete objectives, implement an effective strategy and make informed decisions to achieve long-term success.
So, don't underestimate the importance of a good plan and take the time to build it carefully to give your business every chance of success.
Finally, I'm eager to know if, firstly, you know what a marketing plan is and then, tell me if you already have one or if you're going to start one right now!
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NB
SMART marketing strategy is a concept that aims to define clear and effective objectives for a marketing campaign or a broader marketing plan. The SMART acronym is broken down as follows:
1. Specific: Objectives should be precise and clearly defined, avoiding ambiguity. They answer the questions "what", "who", "where", "when" and "why".
2. Measurable: Objectives must be quantifiable, so that their achievement can be assessed. Measurement indicators must be put in place to monitor progress.
3. Attainable: Goals should be realistic and achievable. They should be challenging, but still attainable given available resources.
4. Realistic: Objectives should be aligned with the company's capabilities and market conditions. This means establishing goals that are achievable in the current context.
5. Time-bound: Goals should have clear and specific deadlines. A deadline should be set for their accomplishment.