A marketing plan is often called one of the core elements of any company’s success. It not only clarifies which direction to move in but lets you allocate resources effectively and make the most of what the market offers. In this article we discuss what a strategic marketing plan is, how it works and which strategies can be applied. We also offer practical advice on where to start when building one, and an example of how such a plan can be put into practice. Along the way we give particular attention to building a unique value proposition, structuring the sales funnel, developing ad angles, applying the AIDA method (Attention, Interest, Desire, Action) and defining a target audience.

What is a marketing plan?

A marketing plan is a kind of document setting out how a company intends to reach the marketing goals it has set. It carries a thorough analysis of the market, competitors, target audience and unique value proposition, along with the strategies for presenting a product or service to the market effectively. A marketing plan is an essential tool, letting a company act consistently and methodically in pursuit of higher sales and greater brand awareness.

How does a marketing plan work?

A marketing plan works as a set of guidelines helping a company pursue its marketing goals deliberately. First it identifies the target audience and what they need, then formulates the unique value proposition that separates the company’s product from its competitors. The plan also establishes which channels and methods will be used to communicate with target customers, using the sales funnel and ad angles. A marketing plan’s effectiveness is measured against various metrics: sales volume, customer engagement and brand awareness.

What kinds of marketing strategy are there?

Marketing strategies vary and depend on a company’s goals, market conditions and target audience. 

Product differentiation – bringing out the distinctive features that set a product apart from competitors.

Market segmentation – dividing a market into smaller groups with similar needs and characteristics.

Pricing strategy – setting a price that appeals to customers and remains profitable.

Promotion strategy – advertising campaigns and sales promotion aimed at raising awareness and sales.

Distribution strategy – the ways a product or service reaches the customer, including direct sales, e-commerce and intermediaries.

Where do you start when building a strategic marketing plan?

Step 1 – Analyse your market

Market research – market research helps you understand market trends, the competitive environment and what customers need. Use surveys, interviews and market reports to gather the information you need.

Competitor analysis – identifying your competitors and analysing them thoroughly. You need to establish their strengths and weaknesses, their opportunities and the threats they face. Find out how they attract customers and which strategies they apply.

Customer segmentation – identify your target audience and build buyer personas. That will help you understand what customers need and expect.

Step 2 – Set your marketing goals

It matters to set goals that are specific, measurable, achievable, relevant and time-bound (SMART). 

Step 3 – Prepare your marketing strategy

Positioning – define how you want your brand to be perceived in the market. Build a distinctive value proposition so you stand apart.

The marketing mix:

• Product: What are you selling?
• Price: What is your pricing strategy?
• Place: Which distribution channels will you use?
• Promotion: Which marketing and communication tactics will you use?

Building the sales funnel:

Define your sales funnel — the process by which potential customers move from interest to purchase. It covers several stages: discovery, consideration and decision.

The sales funnel is an essential part of marketing strategy, because it lets you manage and optimise customer acquisition and conversion methodically. With clearly defined stages you can better understand behaviour and needs, and so shape marketing activity more precisely and effectively. The funnel also lets you monitor and analyse how well each stage performs, which helps you keep refining the strategy and improving results.

We are glad to be able to say that the Waymakers advertising agency uses sales funnel methodology systematically in its daily practice, helping clients attract and convert prospects effectively.

Ad angles:

Develop a range of ad angles and ideas to attract different target audiences. Emphasise the product’s benefits, the problems it solves, or particular offers.

Ad angles are the specific approaches or perspectives from which a product or service is presented in an advertising campaign. They help emphasise different advantages and adapt the communication to different target audiences. Each angle concentrates on a distinctive feature or benefit, in pursuit of the greatest possible effectiveness and the widest range of prospects. We continually propose different advertising perspectives to our clients and help put them into practice, so that campaigns work as hard as they can.

The AIDA model:

Use the AIDA model (attention, interest, desire, action) when building advertising messages. It will help move customers through the funnel effectively.

The AIDA model is widely used in advertising agencies — ours at Waymakers included — when building advertising and marketing strategy. It helps marketers understand how to structure their communication so it works at every stage of the customer journey. Applied properly, it lets you build coherent, persuasive campaigns that lead people methodically from the first moment of attention through to the final action: the purchase. 

Step 4 – Plan your marketing tactics

Digital marketing:

• Social media marketing
• Content marketing
• Email marketing
• Search engine optimisation (SEO)
• Paid advertising (PPC)

Traditional marketing:

• Press advertising
• Direct mail
• Events and exhibitions

Step 5 – Set your budget

It matters to set aside an appropriate budget for marketing activity. Allocate it across the different channels. Set out an example of a simple marketing budget.

Step 6 – Build a schedule

Prepare a marketing calendar covering the important seasonal periods and key dates. Set out an example of a marketing timeline.

Step 7 – Measure and analyse the results

It matters to monitor how effective your marketing activity is. Define the key performance indicators (KPIs) you will track and use tools such as Google Analytics or a CRM system to measure results. Adjust your plan against the data you gather where needed.

An example of a marketing strategy

Imagine a company launching a new healthy food product — organic snack bars. Here is how a marketing strategy might look.

Market analysis – it is established that more and more people are choosing a healthy lifestyle, but the market lacks snacks that are both tasty and convenient.

Target audience – active people who lead a healthy lifestyle, aged between 25 and 45, living in the larger cities.

Unique value proposition – the organic bars have no added sugar, use natural ingredients, and are easy to carry and eat anywhere.

Goals – to reach a 10% market share in the healthy snack segment within the first year.

Marketing strategies and tactics

Product differentiation – emphasising that the product is natural and healthy.

Promotion strategy – social media campaigns, influencers, tastings at sporting events.

Distribution strategy – working with sports clubs, health food shops and e-commerce platforms.

Budget – 50% to social media advertising, 30% to influencers, 20% to tastings and events.

Action plan

• Launch the social media campaign in the first month.
• Agree contracts with sports clubs over the first few months.
• Organise tastings in the larger cities during the first six months.

This example illustrates how a structured, well-considered marketing plan can help a company introduce a new product to the market effectively, reach its target audience and grow sales.

What mistakes are most often made when building a marketing plan?

One of the principal mistakes is an insufficient understanding of the target audience. Knowing the demographics is not enough; you also need to understand buyers’ behaviour, needs, problems and expectations. Many businesses build marketing plans on assumptions or generic data, without going into the specifics of their own customers. That leads to poorly targeted activity and inefficient use of budget.

Another common mistake is marketing goals that are undefined or far too abstract. Without SMART goals (specific, measurable, achievable, relevant and time-bound) it can be unclear what you are actually trying to achieve and how success will be judged. “Increase sales” is far too general a goal, whereas “increase sales by 20% over the next 6 months” is more specific and easier to measure.

Many companies also give insufficient attention to analysing competitors. Understanding what your competitors are doing can help you avoid mistakes and find distinctive opportunities. Ignore them and you may miss important market trends and fail to adapt as the market changes.

An insufficient marketing budget, or one poorly allocated, is another common mistake. Many companies fail to account for all the costs of their marketing activity, or put too much into one channel and forget the others. That can leave marketing activity running below its potential, or leave important projects short of funds.

Marketing plans are often built on unrealistic expectations, both of cost and of results. Planning has to take account of real market conditions and avoid excessive optimism. Unrealistic expectations lead to disappointment and can affect a team’s motivation.

In today’s digital world many companies still do not make full use of what digital marketing tools and platforms offer. Give insufficient attention to social media, SEO, PPC and the other digital channels and you can lose important market opportunities and audiences.

Who can help prepare a company’s marketing plan?

If your company has its own marketing department or specialists, they may be the first choice for preparing a marketing plan. Internal staff understand your company’s work, its culture and its goals thoroughly, so they can produce a plan aligned with the wider strategy. Marketing specialists can carry out market research, build campaigns, analyse results and adapt the plan as conditions change. And with direct links to the other parts of the company, they can coordinate easily and keep the communication coherent.

If your company has no internal marketing specialists, or you want an outside perspective, you can use a marketing agency. Agencies often have experience across a range of clients and markets, so they can offer new ideas and innovative solutions. They can carry out a thorough market analysis, build a strategy and run the campaigns. Agencies also often have access to advanced marketing tools and technology a company may not have.

Marketing consultants and independent experts are another option. They can provide specialist knowledge and advice on preparing an effective marketing plan. Consultants often work on particular projects or provide periodic advice, so they can help at both the strategic planning and the execution stage. They can carry out market research, analyse competitors, build strategies and help deliver marketing activity. Their services are particularly useful to small companies that may not have the resources to employ a permanent marketing specialist.

Another way to prepare a marketing plan is by attending training and seminars. Various organisations and universities offer marketing training that can provide new knowledge and skills. Attending helps staff acquire new knowledge and get to know current marketing trends and good practice. That can be particularly useful for small companies wanting to strengthen their internal capability without large investment in outside services.

To sum up, a marketing plan is an inseparable part of any company’s success. It gives a clear understanding of the target audience, formulates a unique value proposition and lets you plan marketing activity effectively. Careful market analysis, strategy development and action planning help not only allocate resources optimally but make the most of what the market offers. It matters to remember tools such as the sales funnel, ad angles and the AIDA method, in order to reach and engage a target audience as effectively as possible. And by monitoring and evaluating the results continuously, you can adjust the strategy in good time and secure lasting success. A marketing plan is not a one-off document — it is a living tool, continually refined, that helps a company grow and adapt to market conditions that never stop changing.