difference between a business plan and marketing plan

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• Marketing Plan

Marketing plan vs business plan: What’s the difference?

For business owners, nonprofit directors, and community group leaders, the process of writing a business plan or creating a marketing plan can seem intimidating. They may know the ins and outs of what they do every day and have fantastic ideas on how to grow and market their organizations, but the act of putting it on paper often feels like stepping into a world with opaque rules and confusing jargon.

Fortunately, the reality of both business and marketing plans is that they aren’t nearly as complicated as many people think. In fact, most business owners have written both without realizing it, even if only in an informal manner.

Creating a formal business or marketing plan uses a lot of the same steps business owners already take when sketching out new marketing ideas on a napkin or doing some quick back-of-the-envelope math to figure out how to expand into a new city.

But before moving forward with the process, it’s important to know which one you need. In other words, what’s the difference between a marketing plan and a business plan?

Create a marketing plan that works for your business with Jotform’s easy-to-use marketing form templates .

The biggest difference between a business plan and a marketing plan is the scope of what they cover. While both documents can be quite lengthy and thorough, they don’t address the exact same information.

A business plan is typically a much broader document that covers every aspect of your business: operations, supply chains, human resources, materials costs, and — yes — marketing. In fact, a marketing plan will usually be a section of a business plan.

Marketing plans tend to focus much more narrowly on the specifics of making customers aware of and likely to buy a product or service. A marketing plan may touch on some of the same things a business plan does, like the cost of goods sold, but only as they relate to being able to sell those goods to consumers.

Another key difference between the two is how far into the future they look. Business plans, for example, tend to cover a much longer period than marketing plans. A typical window for a business plan, for example, is about five years. A typical window for a marketing plan, on the other hand, will be a year to three years.

The two are updated differently as well. Business plans rarely need to be replaced or updated unless there’s a significant change in the business — a completely new product category, a new business model, or some global event that changes the way a company performs its core function.

Marketing plans are often updated every year. They tend to be part of the yearly budgeting activities that help business owners plan how they will allocate resources to various departments.

This makes sense when you think about it. Companies change their marketing much more often than they change their business model.

The reasons for creating a marketing plan and a business plan are often similar but not identical. Most often, business owners create both to secure financing. Banks and investors frequently ask for business and marketing plans before agreeing to loan money or invest in the company.

But external demands aren’t the only or even the most important reasons to write both kinds of plans. A business plan is a great way to formalize the ideas behind how and why a company works the way it does. It’s a fantastic way for business owners to put down on paper many of the things they’ve been intuitively doing, and cement processes and procedures for running a company.

Business plans are also great at helping you to prepare for future needs. By going through the exercise of writing a full business plan, business owners get an idea of where they are and what kinds of initiatives and resources they need to meet their goals.

Marketing plans are also incredibly useful internally. As we mentioned above, they are an important part of the annual budgeting process. Sitting down and thinking through all of the marketing needs can help both validate a company’s marketing initiatives as well as determine the ideal amount of money to allocate toward marketing.

The bottom line

A marketing plan is a part of a business plan. That’s the easiest way to remember the difference between the two. The business plan shapes everything about the way a company works, and lays out big-picture goals and ideas.

The marketing plan paints a more detailed picture of how the company will use marketing to achieve the goals laid out in the business plan. The marketing plan is department level and has to coexist with plans for other departments — HR, operations, legal and regulatory, and others.

Both plans are important in successfully running a company, but the business plan is more important because it will at least outline some marketing initiatives. For business owners who only have time to create one, the business plan is the logical choice.

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243 days ago

dear as far as i read your passage about marketing and business plan i would like to request that you send me some samples of business and marketing plan in FMCG scope thank you

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Business Plan vs. Marketing Plan

Back to Business Plans

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on March 3, 2023

Starting a business usually requires both a business plan and a marketing plan. The first has many components, including a marketing section, and covers all facets of the business. The second is essentially an expanded and more detailed version of the marketing section of your business plan.

Both are dynamic documents that will change over time as you learn more about your business. This guide lays out all the details of what goes into a business plan and what is in a marketing plan.

• Business Plan Components

A business plan has eight essential components .

1. Executive Summary 

The executive summary opens your business plan, but it’s the section you’ll write last . It summarizes the key points and highlights the most important aspects of your plan. Often investors and lenders will only read the executive summary; if it doesn’t capture their interest they’ll stop reading, so it’s important to make it as compelling as possible.

The components should include:

• The business opportunity – what problem are you solving in the market?
• Your idea, meaning the product or service you’re planning to offer, and why it solves the problem in the market better than other solutions.
• The history of the business so far – what have you done to this point? When you’re just getting started, this may be nothing more than coming up with the idea, choosing a business name , and forming a business entity.
• A summary of the industry, market size, your target customers, and the competition.
• A strong statement about how your company is going to stand out in the market – what will be your competitive advantage?
• A list of specific goals that you plan to achieve in the short term, such as developing your product, launching a marketing campaign, or hiring a key person. 
• A summary of your financial plan including cost and sales projections and a break-even analysis.
• A summary of your management team, their roles, and the relevant experience that they have to serve in those roles.
• Your “ask”, if applicable, meaning what you’re requesting from the investor or lender. You’ll include the amount you’d like and how it will be spent, such as “We are seeking $50,000 in seed funding to develop our beta product”. 

Remember that if you’re seeking capital, the executive summary could make or break your venture. Take your time and make sure it illustrates how your business is unique in the market and why you’ll succeed.

The executive summary should be no more than two pages long, so it’s important to capture the reader’s interest from the start. 

2. Company Description/Overview

In this section, you’ll detail your full company history, such as how you came up with the idea for your business and any milestones or achievements. 

You’ll also include your mission and vision statements. A mission statement explains what you’d like your business to achieve, its driving force, while a vision statement lays out your long-term plan in terms of growth. 

A mission statement might be “Our company aims to make life easier for business owners with intuitive payroll software”, while a vision statement could be “Our objective is to become the go-to comprehensive HR software provider for companies around the globe.”

In this section, you’ll want to list your objectives – specific short-term goals. Examples might include “complete initial product development by ‘date’” or “hire two qualified sales people” or “launch the first version of the product”. 

It’s best to divide this section into subsections – company history, mission and vision, and objectives.

3. Products or Services Offered 

Here you’ll go into detail about what you’re offering, how it solves a problem in the market, and how it’s unique. Don’t be afraid to share information that is proprietary – investors and lenders are not out to steal your ideas. 

Also specify how your product is developed or sourced. Are you manufacturing it or does it require technical development? Are you purchasing a product from a manufacturer or wholesaler? 

You’ll also want to specify how you’ll sell your product or service. Will it be a subscription service or a one-time purchase?  What is your target pricing? On what channels do you plan to sell your product or service, such as online or by direct sales in a store? 

Basically, you’re describing what you’re going to sell and how you’ll make money.

4. Market Analysis 

The market analysis is where you’re going to spend most of your time because it involves a lot of research. You should divide it into four sections.

Industry analysis 

Research and describe exactly what’s happening in your industry, such as growth rate, market size, and current trends. Where is the industry predicted to be in 10 years? Provide links to your sources. 

Detail your company’s place in the market. Will your product fit a certain niche? Is there a sub-industry your company will fit into? How will you keep up with industry changes? 

Competitor analysis 

Now you’ll dig into your competition. Detail your main competitors and how they differentiate themselves in the market. For example, one competitor may advertise convenience while another touts superior quality. Also highlight your competitors’ weaknesses.

Next, explain how you’ll stand out. Detail your competitive advantages and how you’ll sustain them. This section is extremely important and will be a focus for investors and lenders. 

Target market analysis 

Here you’ll describe your target market and whether it’s different from your competitors’.  For example, maybe you have a younger demographic in mind? 

You’ll need to know more about your target market than demographics, though. You’ll want to explain the needs and wants of your ideal customers, how your offering solves their problem, and why they will choose your company. 

You should also lay out where you’ll find them, where to place your marketing and where to sell your products. Learning this kind of detail requires going to the source – your potential customers. You can do online surveys or even in-person focus groups. 

Your goal will be to uncover as much about these people as possible. When you start selling, you’ll want to keep learning about your customers. You may end up selling to a different target market than you originally thought, which could lead to a marketing shift. 

SWOT analysis 

SWOT stands for strengths, weaknesses, opportunities, and threats, and it’s one of the more common and helpful business planning tools.   

First describe all the specific strengths of your company, such as the quality of your product or some unique feature, such as the experience of your management team. Talk about the elements that will make your company successful.

Next, acknowledge and explore possible weaknesses. You can’t say “none”, because no company is perfect, especially at the start. Maybe you lack funds or face a massive competitor. Whatever it is, detail how you will surmount this hurdle. 

Next, talk about the opportunities your company has in the market. Perhaps you’re going to target an underserved segment, or have a technology plan that will help you surge past the competition. 

Finally, examine potential threats. It could be a competitor that might try to replicate your product or rapidly advancing technology in your industry. Again, discuss your plans to handle such threats if they come to pass. 

5. Marketing and Sales Strategies

Now it’s time to explain how you’re going to find potential customers and convert them into paying customers.  

Marketing and advertising plan

When you did your target market analysis, you should have learned a lot about your potential customers, including where to find them. This should help you determine where to advertise. 

Maybe you found that your target customers favor TikTok over Instagram and decided to spend more marketing dollars on TikTok. Detail all the marketing channels you plan to use and why.

Your target market analysis should also have given you information about what kind of message will resonate with your target customers. You should understand their needs and wants and how your product solves their problem, then convey that in your marketing. 

Start by creating a value proposition, which should be no more than two sentences long and answer the following questions:

• What are you offering
• Whose problem does it solve
• What problem does it solve
• What benefits does it provide
• How is it better than competitor products

An example might be “Payroll software that will handle all the payroll needs of small business owners, making life easier for less.”

Whatever your value proposition, it should be at the heart of all of your marketing.

Sales strategy and tactics 

Your sales strategy is a vision to persuade customers to buy, including where you’ll sell and how. For example, you may plan to sell only on your own website, or you may sell from both a physical location and online. 

On the other hand, you may have a sales team that will make direct sales calls to potential customers, which is more common in business-to-business sales. Sales tactics are more about how you’re going to get them to buy after they reach your sales channel. 

Even when selling online, you need something on your site that’s going to get them to go from a site visitor to a paying customer. By the same token, if you’re going to have a sales team making direct sales, what message are they going to deliver that will entice a sale? 

It’s best for sales tactics to focus on the customer’s pain point and what value you’re bringing to the table, rather than being aggressively promotional about the greatness of your product.

Pricing strategy

Pricing is not an exact science and should depend on several factors. First, consider how you want your product or service to be perceived in the market. If your differentiator is to be the lowest price, position your company as the “discount” option. 

Think Walmart, and price your products lower than the competition. If, on the other hand, you want to be the Mercedes of the market, then you’ll position your product as the luxury option. 

Of course you’ll have to back this up with superior quality, but being the luxury option allows you to command higher prices. You can, of course, fall somewhere in the middle, but the point is that pricing is a matter of perception. 

How you position your product in the market compared to the competition is a big factor in determining your price. Of course, you’ll have to consider your costs, as well as competitor prices. Obviously, your prices must cover your costs and allow you to make a good profit. 

Whatever pricing strategy you choose, you’ll justify it in this section of your plan.

6. Operations and Management 

This section is the real nuts and bolts of your business – how it operates on a day-to-day basis and who is operating it. Again, this section should be divided into subsections.

Operational plan

Your plan of operations should be specific , detailed and mainly logistical. Who will be doing what on a daily, weekly, and monthly basis? How will the business be managed and how will quality be assured? Be sure to detail your suppliers and how and when you’ll order raw materials. 

This should also include the roles that will be filled and the various processes that will be part of everyday business operations. Just consider all the critical functions that must be handled for your business to be able to operate on an ongoing basis. 

Technology plan

If your product involves technical development, you’ll describe your tech development plan with specific goals and milestones. The plan will also include how many people will be working on this development, and what needs to be done for goals to be met.

If your company is not a technology company, you’ll describe what technologies you plan to use to run your business or make your business more efficient. It could be process automation software, payroll software, or just laptops and tablets for your staff. 

Management and organizational structure 

Now you’ll describe who’s running the show. It may be just you when you’re starting out, so you’ll detail what your role will be and summarize your background. You’ll also go into detail about any managers that you plan to hire and when that will occur.

Essentially, you’re explaining your management structure and detailing why your strategy will enable smooth and efficient operations. 

Ideally, at some point, you’ll have an organizational structure that is a hierarchy of your staff. Describe what you envision your organizational structure to be. 

Personnel plan 

Detail who you’ve hired or plan to hire and for which roles. For example, you might have a developer, two sales people, and one customer service representative.

Describe each role and what qualifications are needed to perform those roles. 

7. Financial Plan 

Now, you’ll enter the dreaded world of finance. Many entrepreneurs struggle with this part, so you might want to engage a financial professional to help. A financial plan has five key elements.

Startup Costs

Detail in a spreadsheet every cost you’ll incur before you open your doors. This should determine how much capital you’ll need to launch your business. 

Financial projections 

Creating financial projections, like many facets of business, is not an exact science. If your company has no history, financial projections can only be an educated guess. 

First, come up with realistic sales projections. How much do you expect to sell each month? Lay out at least three years of sales projections, detailing monthly sales growth for the first year, then annually thereafter. 

Calculate your monthly costs, keeping in mind that some costs will grow along with sales. Once you have your numbers projected and calculated, use them to create these three key financial statements: 

• Profit and Loss Statement , also known as an income statement. This shows projected revenue and lists all costs, which are then deducted to show net profit or loss. 
• Cash Flow Statement. This shows how much cash you have on hand at any given time. It will have a starting balance, projections of cash coming in, and cash going out, which will be used to calculate cash on hand at the end of the reporting period.
• Balance Sheet. This shows the net worth of the business, which is the assets of the business minus debts. Assets include equipment, cash, accounts receivables, inventory, and more. Debts include outstanding loan balances and accounts payable.

You’ll need monthly projected versions of each statement for the first year, then annual projections for the following two years.

Break-even analysis

The break-even point for your business is when costs and revenue are equal. Most startups operate at a loss for a period of time before they break even and start to make a profit. Your break-even analysis will project when your break-even point will occur, and will be informed by your profit and loss statement. 

Funding requirements and sources 

Lay out the funding you’ll need, when, and where you’ll get it. You’ll also explain what those funds will be used for at various points. If you’re in a high-growth industry that can attract investors, you’ll likely need various rounds of funding to launch and grow. 

Key performance indicators (KPIs)

KPIs measure your company’s performance and can determine success. Many entrepreneurs only focus on the bottom line, but measuring specific KPIs helps find areas of improvement. Every business has certain crucial metrics. 

If you sell only online, one of your key metrics might be your visitor conversion rate. You might do an analysis to learn why just one out of ten site visitors makes a purchase. Perhaps the purchase process is too complicated or your product descriptions are vague. 

Learning why your conversion rate is low gives you a chance to improve it and boost sales. 

8. Appendices

In the appendices you can attach documents such as manager resumes or other documents that support your business plan.

• Marketing Plan Components

A marketing plan, as mentioned above, is a more detailed version of the marketing strategy section of your business plan. It includes six components.

1. Marketing Objectives

Start by detailing your short-term marketing goals. This could be “Reach 10,000 monthly site visitors by next year’” or “Acquire 500 new customers by May”. Be sure to set clear and attainable goals so your marketing team understands its targets. 

2. Target Market

You’ll want to document exactly who you’re trying to reach with your marketing. You should’ve already done a target market analysis for your business plan, and you’ll use it here. 

What Problem Are You Solving?

Whatever your product or service, it needs to solve a problem in the market. So, ask yourself, what problem does my business solve? Next, consider who faces that problem. 

A plumbing company, for instance, solves the problem of broken pipes. Who deals with that problem?  Homeowners and property owners and managers. 

Depending on your business, it may not be obvious who has the problem you’re solving. If it’s not clear, do more research. Either way, knowing who faces the problem you’re solving is just the beginning. You need to know much more about your target customers.

Research Your Market and Competition

Now, dig into your market with some online research. Do some Google and Bing searches about your target demographic, where they shop and live, what appeals to them and so on. 

Next, check out your competition to see who they’re marketing to. It may help to study their marketing through the eyes of a consumer. 

What need do they fill? Who would find their marketing appealing? Where do they advertise? If their ads appear on TikTok, they’re looking to attract a younger market. 

This market research should give you a general profile of your target market – but that’s not enough.

Talk to Potential Customers

To learn more about your target market, go straight to the source. The best way to learn their needs and wants, why they’d buy your product and how they’ll use it, is to ask them via a phone or email survey. 

If you’ve yet to make any sales, it’s probably best to post your survey online then promote it on social media by offering a small reward, such as a gift certificate. Just make sure you ask the right questions to get the information you’re looking for. 

You can also hold in-person focus groups and offer your goods at a discount for participants. 

Create Customer Profiles

Now it’s time to build detailed profiles of your target customers. You may have found that your product will appeal to more than one group of people. These are called customer segments, and all your segments together make up your target market. 

Create descriptions of each group with all the information you’re learned. These profiles should include:

• Pain points: the problems they have that you’re solving
• Benefits your product provides
• Their interests: what do they care about?
• Buying patterns: where do they shop?
• Age, location, income level, other factual information 

3. Value Proposition

Now you can use these profiles to craft a value proposition that will serve as the foundation of all your marketing. You may need to devise more than one value proposition to target different segments.

Your value propositions should be no more than two sentences long and answer the following questions:

• How is it better than competitors’ products

An example might be “Payroll software that handles all the payroll needs of small business owners, making life easier for less.” 

Remember that you need to align your value proposition with the wishes of your target market.

4. Marketing Activities

Now you’ll layout the specific marketing activities that you plan to conduct. Your target market analysis should have told you where you’re most likely to find potential customers, so if you found out that your potential customers use TikTok, you can post and run ads there. 

You’ll want to only perform the marketing activities that are most likely to reach your potential customers so that you’re not wasting marketing dollars. If getting found online is important to you, focus on search engine optimization (SEO) and social media ads.

Make the activities as specific as possible, such as “Run a TikTok ad promoting ____ for three months.”

5. Marketing Budget

Now, determine what these activities will cost and set a budget. When you go through this process, you may find that you need to adjust your marketing to stick to the budget you can afford.

Your marketing budget needs to align with your goals. If one of your goals is to obtain 500 new customers, which will generate $10,000 in revenue, you can’t spend more than that on marketing. You have to make sure you’re getting a good return on your investment, or at least breaking even. 

Now you’ll determine your key performance indicators (KPIs) to gauge the success of your marketing.

If you sell only online, one of your key marketing metrics might be your visitor conversion rate. You might do an analysis to learn why just one out of ten site visitors makes a purchase. 

Perhaps the purchase process is too complicated or your product descriptions are vague. The point is, learning why your conversion rate is low gives you a chance to improve it and boost sales. 

Similarly, if you’re not getting enough site visitors, you may need to revisit your SEO strategies. 

A business plan outlines the overall mission, objectives, and strategies of a business, encompassing aspects like operations, finances, and organizational structure.

In contrast, a marketing plan focuses specifically on strategies and tactics to promote products or services, detailing target audiences, promotional methods, and market positioning.

While the business plan provides a comprehensive view of the entire business, the marketing plan hones in on attracting and retaining customers.

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Business Plan vs. Marketing Plan: What’s the Difference?

The main difference between a Business Plan and Marketing Plan is that a Business Plan outlines overall goals and strategies for the entire company, while a Marketing Plan focuses specifically on promoting products or services.

Before we move to more differences, let’s first understand Business Plan and Marketing Plan:

Major differences between Business Plan and Marketing Plan

You can see other “differences between…” posts by clicking here .

If you have a related query, kindly feel free to let me know in the comments below.

Business Plan vs. Marketing Plan

What's the difference.

A business plan and a marketing plan are both essential documents for any organization, but they serve different purposes. A business plan outlines the overall goals, objectives, and strategies of a company, providing a comprehensive roadmap for its operations and growth. It includes sections on the company's mission, target market, products or services, financial projections, and competitive analysis. On the other hand, a marketing plan focuses specifically on the marketing activities and strategies that will be employed to promote the company's products or services. It includes sections on market research, target audience, marketing objectives, pricing, distribution channels, and promotional tactics. While a business plan provides a holistic view of the organization, a marketing plan zooms in on the marketing efforts to achieve the business goals.

Further Detail

Introduction.

When it comes to running a successful business, having a well-defined plan is crucial. Two key components of this planning process are the business plan and the marketing plan. While both plans serve different purposes, they are interconnected and play vital roles in achieving business objectives. In this article, we will explore the attributes of a business plan and a marketing plan, highlighting their unique features and how they complement each other.

Business Plan

A business plan is a comprehensive document that outlines the overall strategy, goals, and operations of a company. It serves as a roadmap for the organization, providing a clear direction for its future growth and success. A business plan typically includes sections such as an executive summary, company description, market analysis, organizational structure, product/service offerings, financial projections, and more.

One of the primary purposes of a business plan is to secure funding from investors or financial institutions. It demonstrates the viability and profitability of the business, showcasing the potential return on investment. Additionally, a business plan helps in attracting key stakeholders, partners, and employees by providing a detailed overview of the company's mission, vision, and values.

Furthermore, a business plan acts as a strategic tool for decision-making and resource allocation. It helps the management team identify potential risks, challenges, and opportunities, allowing them to develop contingency plans and allocate resources effectively. By setting clear objectives and milestones, a business plan enables the organization to measure its progress and make necessary adjustments to stay on track.

In summary, a business plan is a comprehensive document that outlines the overall strategy, goals, and operations of a company. It serves as a roadmap, attracts investors, facilitates decision-making, and provides a framework for measuring progress.

Marketing Plan

A marketing plan, on the other hand, focuses specifically on the marketing activities and strategies of a business. It is a subset of the broader business plan and provides a detailed roadmap for reaching the target market, promoting products/services, and achieving sales objectives. A marketing plan typically includes sections such as market research, target audience analysis, competitive analysis, marketing objectives, marketing strategies, budget allocation, and evaluation metrics.

The primary goal of a marketing plan is to create awareness, generate interest, and drive customer acquisition. It outlines the marketing mix, including product, price, place, and promotion, to effectively position the offerings in the market. By conducting market research and analyzing customer behavior, a marketing plan helps identify the target audience's needs, preferences, and pain points, enabling the development of tailored marketing campaigns.

Moreover, a marketing plan provides a framework for evaluating the effectiveness of marketing initiatives. It sets specific goals and key performance indicators (KPIs) to measure the success of marketing campaigns, such as customer acquisition cost, conversion rates, brand awareness, and customer satisfaction. By regularly monitoring and analyzing these metrics, businesses can make data-driven decisions and optimize their marketing efforts for better results.

In summary, a marketing plan is a subset of the business plan that focuses on the marketing activities and strategies. It aims to create awareness, drive customer acquisition, and provides a framework for evaluating marketing initiatives.

Interconnection and Complementarity

While the business plan and marketing plan serve different purposes, they are interconnected and complement each other in several ways. Firstly, the marketing plan is derived from the business plan. The overall business strategy, goals, and target market identified in the business plan provide the foundation for developing the marketing plan. The marketing plan aligns with the broader business objectives and ensures that marketing efforts are in line with the company's vision and mission.

Secondly, the marketing plan provides valuable insights and data that inform the business plan. Through market research, customer analysis, and competitive analysis, the marketing plan helps identify market trends, customer preferences, and competitive advantages. This information is crucial for developing a robust business strategy, identifying growth opportunities, and mitigating potential risks.

Furthermore, the business plan and marketing plan work together to allocate resources effectively. The financial projections and budget allocation in the business plan are influenced by the marketing plan's objectives and strategies. For example, if the marketing plan emphasizes digital advertising and social media campaigns, the business plan may allocate a larger portion of the budget to marketing activities in those areas.

Lastly, the business plan and marketing plan are iterative documents that require regular review and updates. As market conditions change, customer preferences evolve, and new opportunities arise, both plans need to be adjusted accordingly. The marketing plan provides valuable feedback and insights to refine the business plan, ensuring that the company remains competitive and adaptable in a dynamic market environment.

In conclusion, the business plan and marketing plan are essential components of a successful business strategy. While the business plan provides a comprehensive overview of the company's overall strategy, goals, and operations, the marketing plan focuses specifically on the marketing activities and strategies. Both plans are interconnected and complement each other, with the marketing plan derived from the business plan and providing valuable insights for its development. Together, these plans enable businesses to attract investors, drive customer acquisition, allocate resources effectively, and adapt to changing market conditions. By developing and implementing well-crafted business and marketing plans, organizations can increase their chances of achieving long-term success.

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• Entrepreneurship
• Starting a Business
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Marketing Plan vs. Business Plan: What’s The Difference?

by Mike Vestil  

If you’re starting a new business, you may be wondering about the differences between marketing plans and business plans. While both are crucial to running a successful company, they have important key differences to understand. 

Marketing and business plans are two essential tools, but they serve different purposes. A business plan is a more comprehensive, big-picture overview of your company’s mission. In contrast, a marketing plan is a facet of your business plan that will help you advertise and reach your target audience. 

Drafting up these plans may seem daunting at first, but once you understand how they operate, you’ll be prepared to take your business to the next level. This article will break down the difference between a marketing plan and a business plan and how both documents in tangent can help you move forward with your company’s development. Let’s dive in!

Business Plans

Image credit: PatriotSoftware.com

One of the most crucial things you can prepare is a business plan when starting or running a company. A business plan is a comprehensive document that outlines the operational and financial goals of a business and its overall strategy for achieving them. A successful business plan includes:

• The company’s mission statement.
• An analysis of its target market.
• A statement of operations.
• A detailed explanation of its services or products.

Creating a business plan is crucial because it will help you stay organized and focused on your long-term goals— essentially, it’s a roadmap of how you will achieve success and meet your business’s clearly outlined missions. The plan will aid you in making informed decisions, assessing risks, and measuring progress. 

The length and detail of this plan will vary depending on the size and type of business you are running. However, having a solid business plan is essential for any business, especially start-ups. Start-ups often don’t have the resources that more established businesses do, so owners have to work harder to convince investors to fund or loan money to their projects. A business plan can help smaller or newer companies secure loans and other forms of funding.

In the following sections, I’ll outline the various elements you need to create a successful business plan by walking you through all the steps, from writing a summary to creating a budget. 

Executive Summary

The executive summary is the first section of your business plan, and it should be approximately one to two pages long, depending on the overall size of your report. It should be well written, concise, and capture the essence of your company, as well as your aims and goals. The executive summary is crucial because it will give potential investors and lenders an in-depth look into your business plans. 

This summary will represent the entirety of your plan, so make sure the document includes an overview of the following:

• Your services and products: What will you be selling? Is it a physical good or a service? Will you sell a variety of items or focus on a specific product?
• Your optimal target market: Who is your ideal customer base? What about their demographics or interests makes them the right fit for your product? How will you advertise to them?
• Your competitive advantage: What makes your product stand out from the competition? Is there anything unique or especially compelling about what you have to offer? 
• Your financial projections: How much do you expect to profit? What financial aspects do you have to consider? How much of your budget are you allocating to various areas (from production to advertising and everything in between)?
• Your management plan: Will you hire employees, and if so, what is your management strategy? Will you have an on-site location or sell online? 

With these questions in mind, you’ll be able to write a compelling summary that covers your mission and the steps you’ll take towards achieving your goals. 

With the executive summary out of the way, I’ll now walk you through the other essential sections of your business plan.

Products And Services

This part of your report should include detailed descriptions of your business’s products and services. You should have information on pricing, how long your products last, and an overview of the production process, including information about how your goods will be manufactured and delivered. 

If you run a start-up or new business, this part of your plan is especially crucial because it will give potential investors a snapshot of what your business offers. It would be best to showcase what makes your brand unique and how you plan to compete in the market. What are your selling points? Why should customers choose you over your competitors? Highlight any benefits of your company to address how they will meet customer demand. 

If you have any patents or trademarks, you can include that information here so that potential investors know that your intellectual property is legally protected.

Marketing Analysis

This section should outline who your competitors are and their influence in your chosen field. This analysis can include information about the strengths and weaknesses of your competitors and how difficult it may be to take market share from these businesses. 

Doing detailed industry research will also help you identify areas where you could improve on what similar companies are doing. Once you know what is already offered in the market, you can develop competitive strategies to help your product stand out.

The marketing analysis can also detail your projections and expected demand for your products based on competing industries and companies. Knowing how receptive your target audience will be can help you determine your strategy, which I will go over in the next section.

Marketing Strategy

Once you’ve completed your analysis, it’s time to develop a strategy. This section should include your overall plan for how you will attract and maintain a customer base, as well as what advertising methods you will use to appeal to the right target markets.  

It would help to tailor your strategy to your ideal buyers, and it should be realistic and achievable. You should consider your company’s strengths and how you can use them to your advantage in the market. For example, suppose you have a solid online presence. In that case, you may want to focus on digital marketing strategies. Or, if you have a niche product, you can find specific sites to target potential customers. 

Additionally, you should provide information on the distribution channels you will use. This data may include where you are sourcing your products and how you plan to deliver them to your customers. 

You can also specify how your company intends to communicate with customers by having a plan for after-sales service and how you will handle customer complaints or queries.

Financial Planning

Financial planning is essential for any business, although the process will look different depending on whether you’re a startup or run an existing company. Regardless of the current state of your business, you should enlist the help of accountants and economists to create a financial plan. 

This section should include detailed information on your company's financial status, as well as projections for the future. All of this information will help to give investors a clear picture of your business' financial stability and growth potential. 

If you have an existing business, you'll need to include the following documents:

• Balance sheet: A balance sheet gives an overview of your assets and liabilities. This document includes information on your fixed and current assets, such as property, equipment, and inventory. You should also list your company's liabilities, such as loans and credit lines.
• Cash flow statement: The cash flow statement will show how much money is coming in and out of your business, including information on your sales revenue, expenses, and investments. 
• Statement of comprehensive income: The statement of comprehensive income will detail your company's profits and losses over a specific period, allowing for a more holistic view of your company’s income. 
• Report on share capital: This report showcases how much money has been invested in your company in stocks.

If you’re a start-up, you’ll need to provide estimates for the first few years of operation, including information on expected sales, profits, and expenses. You should also outline how much money you’ll need to get your business off the ground and how you plan to obtain these funds through potential investors.

Determine your long-term goals for your business and how you plan to achieve them through measurable steps. This data should include expected sales revenue and profit margins. You should also have a plan for reinvesting profits back into the company and address how you will cover any future costs or losses. 

Financial planning is an ongoing process, so you should update your business plan annually, especially if your company’s financial status changes. Keeping these documents in order will help you stay on track and ensure that your company meets its projected financial goals.

Your budget is a critical element of your financial plan and should prove to investors that you have a sense of how much money to allocate to various parts of your business. You can break down your budget into different sections, including personnel, development, production, and advertising costs. 

Additionally, you can include a sales forecast that outlines your expected revenue and profit margins. These projections will help you to determine how much money you need to cover your costs and make a profit within your allotted budget.

Marketing Plans

Image credit: MarketingDonut.co

A marketing plan is a document that outlines an organization's advertising goals and strategies. It should cover product promotion, pricing, target markets, and advertising. The focus of marketing plans should be to advertise your product to consumers who are likely to purchase from you. 

When creating a marketing strategy, you should consider your target audience, research competition in the market, and develop clear goals and strategies. It would help if you also considered what marketing channels you’ll use, including social media advertising, email marketing, influencer marketing, search engine optimization (SEO), content marketing, or other methods.

How Marketing Plans Compare To Business Plans

A marketing plan focuses solely on the marketing aspect of your business, so it is more detailed about this specific part of your plan. On the other hand, a business plan is an overarching document that outlines the company’s missions regarding product development and financial objectives and a brief overview of marketing goals and competitive challenges. 

A marketing plan, while important, is less comprehensive and doesn’t provide as much general information about the company. Therefore, it’s important to remember that a marketing plan and a business plan should work together—the marketing plan provides the overall marketing strategy while the business plan offers a detailed roadmap for succeeding on multiple levels. 

You can think of a marketing plan as a more detailed part of the overall business plan. The business plan is more important to present to potential investors because it provides a general overview of a company’s mission, but including a detailed marketing plan is an asset that will aid your business plan. 

While business plans typically don’t have to be updated frequently, you should review marketing plans periodically to adjust to the outcomes of advertising efforts and marketing trends. Therefore, it is a more pliable document and is easier to adapt as your business changes and grows.

I’ll outline what elements you need to build a successful marketing plan in the following section. 

Marketing Objectives

Your marketing objectives should be specific, measurable, achievable, relevant, and time-bound. Here are some solid examples of marketing objectives:

• Increase conversion rates by 5% in six months by investing in Facebook advertising.
• Build brand awareness by partnering with five new influencers this year.
• Conduct A/B testing over one month with two different advertisements to determine which version yields more web traffic.

Keep in mind that you should align your objectives with the overall goals of your business. Whether you hope to increase profits or reach more customers, your efforts should reflect those aspirations. For example, suppose you desire to establish a better digital presence. In that case, you can advertise on social media. Or, if you want to improve customer communication, you can launch a live chat on your website.

Market research is the process of analyzing current market trends and adjusting your business strategy to meet the projected direction of the industry. You’ll need to know your current business positioning in the field, which involves taking a close look at target markets. 

Your target market should be based on the products or services you offer. If you provide a product that appeals to a wide audience, your target market will be much broader than if you offer a product that only appeals to a niche group.

It’s also essential to understand potential buyers’ interests and where you can advertise to them. Does the majority of your target audience use social media? If so, which platforms? What publications do they read? What TV programs do they watch? You can conduct market research in several ways, including surveys, focus groups, interviews, and observational studies.

Once you have this information, you can begin developing buyer personas. A buyer persona is a fictional representation of your target customer. It includes demographic information like age, gender, income level, and job title, as well as your buyer persona’s interests, values, and needs. This information will help you determine where to focus your marketing efforts.

Competition

It's essential to understand your competition and stand out in the field if you want to succeed in the market. One of the most important things to do is research similar businesses. To learn about them, you can visit their stores or websites. What are they offering? What prices are they charging? How are they promoting their products? What do their customers say about them in reviews?

Once you find out what they offer, how much they charge, and how they’re promoting themselves, you’ll be able to address any flaws your competitors may have and develop schemes that are unique to your business. 

You can also use tools like the SWOT analysis to analyze your competitors’ strengths and weaknesses. This information can help you decide which strategies to use by addressing both internal and external factors. 

Now that you understand how to conduct market research and evaluate competing businesses, let’s look at the various strategies you can implement to ensure that your advertising efforts elevate your business.

Marketing Mix

A marketing mix combines marketing activities that you use to reach your target audience—product, price, place, and promotion. 

The product description should include information on what you are selling, how you source it, and the benefits that it will provide to potential buyers. You can include high-quality images or models to showcase these goods. 

You’ll also need to include price information, including how much it costs to produce your product and what price you are selling it for, based on your market research on similar items.

The place category will determine where customers can purchase your product. You can outline where your goods will be available, whether on online marketplaces, your website, or in-store.

The promotion section will include information on your advertising campaigns, including email campaigns, social media campaigns, SEO optimization, and more.

Marketing Strategies

Now that you have your objectives and marketing mix in place, it’s time to implement them. Each activity should have a goal associated with it. For example, if one of your goals is to increase website traffic, your next move could be to promote a contest on social media. Or, if you want to raise brand awareness, you can reach out to influencers for a paid partnership. 

The more specific information you have about this audience, the better chance of reaching potential customers through advertising campaigns or social media posts that speak directly to their interests and concerns. If done correctly, this could lead to higher conversion rates from potential customers, as well as increased brand awareness among those who may not have been aware of your product before seeing these advertisements.

You should also allocate a budget for each objective and a timeframe for completing your goals. Be realistic about what you can achieve in the given timeframe, and make sure you allow enough time to see the results of your efforts.

Key Performance Indicators (KPI)

Key Performance Indicators (KPI) are metrics that measure how well you’re achieving your objectives. There are many different KPIs you can use, depending on your goals. Common KPIs include website traffic, conversion rate, leads generated, and customer satisfaction. You can also check out my article about how to use KPIs for email marketing for more ideas about KPIs that you can set in your business.

You should track your KPIs regularly and adjust your marketing activities as needed. If you find that you’re not achieving your goals, it’s time to reevaluate your plan and make changes.

Marketing Budget

Though you will likely already have an overall budget at this point in your business plan, the marketing budget can provide more detail on the distribution of your company’s financial resources towards advertising and promotions.

You should determine what percentage of your funds will go towards advertising efforts— the general advice is between 6-20% of your total budget. 

How A Marketing Plan And A Business Plan Work Together

Image credit: MarketingInsiderGroup.com

Companies should have both a business and marketing plan—the business plan outlines the structure and goals of the company. In contrast, the marketing plan explains how you will achieve those goals through marketing activities. If you seek loans or meet with investors, having both of these documents at the ready will benefit your business. 

I’ve already established their different purposes, but when used together, there are many benefits to having these documents.

These range from increased sales to more realistic projections. The following section will detail the perks of creating and implementing both plans.

Increased Sales

Business plans define the company’s goals, and the marketing plan provides specific steps to achieve these aims. When you have both plans in place, it’s easier to track your progress and make changes as needed, increasing the chances of achieving your objectives and improving sales. 

If the overall goals of the business change, the marketing plan may also need to be altered. For example, if the business decides to focus on international sales, the marketing plan will need to reflect this change. Luckily, marketing plans are easier to update, so you can adjust the details as your business expands and evolves. 

The more detail you put into these plans, the more likely you are to reliably and consistently track your progress based on your preset goals. While drafting them may be a lot of work initially, staying organized and adjusting your plans as needed will help increase sales in the long-run.

Realistic Projections

When creating these plans, it’s important to be realistic about what you can achieve by setting achievable goals and estimating the time it will take to complete each activity.

Once you write these plans, you’ll have a better idea of initial projections based on the in-depth market research required to make a budget and set your prices. You’ll also have more information about how to accurately track your marketing efforts using data collection tools and KPIs.

Consistency

If the business plan and marketing plan are consistent, it will be easier to achieve your objectives. The business plan provides a broad overview of the company, while the marketing plan explains how each marketing activity will help achieve the business’s goals.

Having these plans in place makes it easier to keep your business on track and on-brand. You can adjust your marketing plan as you go to keep up with new objectives or projects, keeping your business organized and streamlined.

Surpassing Your Competition

Creating these plans will help you surpass your competitors—when you clearly understand what you’re up against, it’s easier to create a strategy that will help you stand out.

Business plans help you understand your competition, like what strategies work and what aspects you can improve on. This knowledge will allow you to use your funds and resources on marketing channels to bring optimal value and income.

Once you have implemented these plans, it’s essential to monitor their effectiveness. By keeping track of how well your company matches your projections, you can identify patterns and adapt these plans according to your future goals.

Your business plan can be reviewed annually, which will give you an overview of where you are meeting your goals and what areas you may be falling short in. Does your work meet the standards and guidelines you initially planned? 

In comparison, you should review marketing methods quarterly to track which ones are working best and which you can adjust to run your operation more successfully.

FAQ—Marketing Plan vs. Business Plan

Are marketing plans the same as business plans.

A marketing plan is a component of a business plan, but it is not the same thing. A business plan provides a structure and goals for the company, while the marketing plan explains how each marketing activity will help achieve those goals.

What Comes First, Business Plans Or Marketing Plans?

Creating a business plan before making a marketing plan is generally recommended. Keep in mind that the two projects should be consistent with each other and work together to present the most comprehensive, detailed overview of your business goals as possible.

What Is The Difference Between Marketing Plans And Business Plans?

Business plans are longer, more comprehensive documents that cover all aspects of your company’s operations and include the following:

• An explanation of your company’s mission and an executive summary of your goals.
• In-depth details about your products and services, including how they are produced and shipped.
• A marketing analysis that provides detailed industry research and a comparison to similar brands.
• Financial aspects of your business, including a budget.

Alternatively, marketing plans cover only the marketing aspect of your company and address the following areas:

• Marketing objectives.
• Marketing strategies.
• Key performance indicators (KPIs).
• Marketing budget.

While these plans serve different purposes, they can be used together to present an in-depth overview of your company to potential investors and are both valuable assets to track your business goals, successes, and areas to improve on.

Image credit: SimplyBusiness.co.uk

Although a business plan and marketing plan are two different documents, they work together to create a well-rounded view of the company. A good business plan will have realistic goals based on sound market analysis, while a good marketing plan will outline specific objectives to help achieve those projections. 

When these two plans are put together, they can increase sales, create realistic projections, and help your business overcome competitive challenges. Therefore, drafting both is essential for having an organized, consistent, and lucrative business. 

So, what are you waiting for? Using this guide for reference, start creating your marketing and business plans today!

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About the author 

Mike Vestil

Mike Vestil is the author of the Lazy Man's Guide To Living The Good Life. He also has a YouTube channel with over 700,000 subscribers where he talks about personal development and personal finance.

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The Difference Between a Marketing Plan & a Business Plan: How to Distinguish Between the Two (& Use Both to Accelerate Your Success)

Table of contents.

Planning to succeed

They say that ‘if you fail to plan, you plan to fail.’ This is a major factor in why 9 out of 10 businesses never make it past the 5-year mark. So if planning is on your mind, you are already ahead of the game.

But when you start to look at possible plans for your new enterprise, it gets confusing very quickly. You may have heard people talking about both business plans and marketing plans. Are these the same thing, or are there differences? If so, which should you choose—or do you need both?  

In this article, I’ll take a close look at business and marketing plans, discussing how they fit into your overall success strategy. I’ll clarify what each plan is for and explain how to leverage them to your advantage.

Business plan vs. marketing plan

Business plans and marketing plans are distinct and have different purposes. Yet they both play a vital role in ensuring business success. So how are they different?

Business plan

A business plan sets out the overall strategy for your business. It defines the company’s overall aims, and objectives then maps out a course for achieving them.

This plan keeps the executive team focused on the right goals, ensuring that everyone works together to achieve success. It also plays a crucial role in helping the start up and small business raise money. Banks and other investors will expect to see a business plan that clarifies how their money will be used—and how they will achieve a return on investment.

A sound business plan will typically include:

• Market research data
• Competitive analysis
• A mission statement
• Financial projections
• A sales and marketing strategy
• An operating plan

Marketing plan

A marketing plan is much narrower in its focus. As the name suggests, it is only concerned with how you will achieve sales. Of course, every business needs healthy sales to survive, so marketing deserves special attention.

A typical marketing plan might cover:

• The target market
• The value proposition of the brand
• The sales targets for future quarters
• Campaigns to be executed
• A timeline for completing campaigns
• The metrics used to measure success

A marketing plan is essentially a sub-set of a business plan, providing extra detail on one critically-important area of operation.

Creating your business plan

There are many ways to write your business plan, but the two most popular options are:

• Traditional business plan format
• Lean startup plan format

Let’s examine how you should structure each of these:

Traditional business plan

Conventional business plans are more comprehensive, including a lot of detail. This format is a good choice if you’re aiming to raise money from banks or financial institutions. Your plan is likely to include these elements:

• Executive summary: a top-level overview of what the business will do and why it’s likely to be successful
• Company description: detail about the problems your business solves and why your company is qualified to provide solutions
• Market analysis: insights into the current state of the market, strengths and weaknesses of competitors, and opportunities to innovate
• Organizational structure: details concerning the legal structure of the business and the executive team who will lead operations
• Products and services: explain the offers you will present to the market and how you will gain a competitive advantage
• Marketing and sales: your strategy for reaching potential customers and achieving sales
• Operating plan: outline how the business will operate in terms of locations, number of employees, etc.
• Funding requirements: detail the financial requirements of the business and how you expect these to be fulfilled
• Financial projections: show your forecasts for revenue and expenses in the quarters ahead
• Appendix: add any additional supporting documents that strengthen your case

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Lean startup plan

If you’re looking to raise money from venture capital companies or angel investors, the lean startup plan might be the right choice. This format is designed to be a quick read, giving busy investors the critical info they need to make a decision.

  Core components of a lean startup plan typically include:

• Business overview: provide a clear overview of what your business will do and how it will operate
• Key partnerships: list the manufacturers, suppliers, subcontractors, and other strategic partners critical to your success
• Key activities: describe how your business will gain an edge over competitors (from innovative technology to a more efficient sales system)
• Key resources: explain how intellectual property, staff, capital, or other assets will help you succeed
• Value proposition: provide a compelling statement that shows how your company is different and what this means to investors and stakeholders
• Customer relationships: show how your business will interact with prospects and clients (define the entire customer experience)
• Customer segments: demonstrate a clear understanding of who your most important prospective customers are
• Channels: define the key channels you will use to reach people in your target market
• Cost structure: explain whether you will prioritize reducing costs or maximizing value to customers
• Revenue streams: break down all the income streams your company will use to generate sales and profit

Creating your marketing plan

Once you’ve achieved any funding required and gotten your business off the ground, it’s time to focus on your marketing strategy. You can use the ‘Marketing & Sales’ element in your business plan as your starting point, expanding as necessary to create a comprehensive and detailed marketing plan.

You may include any or all of the following elements:

• Business objectives: it’s essential that your marketing plan stays aligned with the overall business targets, so this is an excellent place to start
• Marketing goals: define exactly what you want to achieve in terms of increased sales, higher margins, improved average order value, etc.
• Market research: provide informed insights into the size and growth of your intended market, together with the opportunities it presents
• Target audience: identify the demographics of your intended audience, and describe your ‘perfect customer’ avatar
• Messaging: describe the brand messages, unique selling propositions, and competitive advantages you intend to convey
• Pricing and positioning: determine whether you will be seeking volume sales with lower prices or higher margins with premium positioning
• Budget: outline the spending requirements for your proposed campaigns, ensuring that all likely costs are included
• Timing: set out a timeframe for executing the marketing plan, including timescales for all advertising and promotional campaigns
• Roles: clarify who will be involved in putting the plan into action, including managers, employees, agencies, and suppliers
• Key Performance Indicators: define what success will look like in terms of metrics that move the needle in your business

Get the right plan

Whatever the nature of your business, you should have both a business plan and a marketing plan in place. These will be the guides that keep you firmly on track for success.

  But putting these plans together from scratch can be daunting. That’s where I can help. As a marketing broker with over ten years of experience, I’ve helped countless businesses get their startup off the ground.

  If you need help turning your new venture into an unstoppable success, be sure to get in touch. We can talk through your business and marketing needs, keeping you on track to grow sales and profits.

  With the right plan to follow, there’s no limit to how much you can achieve. Let’s make it happen!

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What Is the Difference Between a Marketing & Business Plan?

The business plan and the marketing plan are both essential aspects of successful businesses. These plans not only help businesses organize their operations, but help benchmark their success or failure. Since business industries change with customer demand and the economic environment, the business plan and marketing plan must evolve throughout the lifespan of the business.

The Positive ROI of Business Plans

The business plan provides a wide overview of the business, which includes information on staff, operations, location, marketing and financial aspects, as well as clearly outlined missions and goals. Often used as a financial tool, the business plan provides lenders with necessary details to determine if the business is viable, financially sound and able to repay.

Although business plans are most commonly known for assisting new businesses, they should be used throughout the life of the business. Not only does it help to develop competitive strategies, the business plan can determine if the actual activity of the business matches the forecasted plans. Founders who write business plans are 2.5 times as likely to start businesses than individuals who miss this vital step, reports careers agency TopTal.

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What is a short-term marketing plan, 6 types of business plans, what are the benefits of a business plan, checklist for a business plan, what objectives should be used for a business proposal, marketing plan helps you strategize.

The marketing plan details the specific marketing actions that achieve the company's missions and goals. For instance, this plan identifies the price points for the products you are selling, target markets and competition. It explains how the business generates customers through advertisements, trade show participation and new referrals. By explaining how the business will overcome competitive challenges by other companies, the marketing plan is a key section within the business plan and requires detailed industry research and consideration.

Marketing plans are, by definition, strategic, reports the industry magazine Business 2 Community. They force you think about how you will get your product in front of customers, and gets you used to working with timelines and key performance metrics. Investors want to make sure you have these ducks in a row before you invest.

Business Development Vs Marketing Vs Sales

The business plan and marketing plan are interdependent and must be consistent with one another if you are to generate sales. The business plan identifies the goals and missions of the business, while the marketing plan explains how the business will achieve, if not exceed, those goals and missions. If the plans of the business change, the business's course of action also changes. A good marketing plan should never deviate from the objective of the business plan.

Things to Consider

Both plans should be reviewed periodically. While the business plan can be reviewed once a year, the marketing plan should be reviewed once per quarter at the beginning of the fiscal year. Reviewing periodically ensures that the business is operating according to outlined strategies. Comparing actual versus outlined activities helps measure business success and identify any new or updated strategies that are in-tune with current economic environment.

There are no length requirements for the business plan or the marketing plan. However, both plans should be long enough to provide concise and detailed information. The benefits of marketing and business development are only realized if the information within the plans is well-researched and includes supporting evidence for facts presented. The goals, missions and strategies within these plans should be measurable and attainable, and reviewed and updated as the business evolves.

• TopTal: The Undeniable Importance of a Business Plan
• Business 2 Community: 6 Reasons Your Marketing Plan is More Important Than the History of Your Business

What is a Marketing Plan & How to Write One [+ Examples]

Published: August 07, 2024

One of my favorite ways to break through writer’s block, whether the assignment is a marketing plan or a short story, is simply reading more examples. (I also recommend taking a long walk; you’d be surprised.)

I can’t take you on a walk, but I can give you some examples, some inspiration, and some guidelines to get your creativity humming.

If you don’t know where to start, we’ve curated lists of marketing plans and marketing strategies to help you write a concrete plan that will produce results.

Let’s start by understanding the differences between the two.

Featured Resource:   Free Marketing Plan Template

Looking to develop a marketing plan for your business?   Click here to download HubSpot's free Marketing Plan Template to get started .

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A marketing plan is a strategic road map that businesses use to organize, execute, and track their marketing strategy over a given period. Marketing plans can include different marketing strategies for various marketing teams across the company, all working toward the same business goals.

The purpose of a marketing plan is to write down strategies in an organized manner. This will help keep you on track and measure the success of your campaigns.

Your marketing plan lays out each campaign‘s mission, buyer personas, budget, tactics, and deliverables. With all this information in one place, you’ll have an easier time staying on track with a campaign, and you can figure out what works and what doesn’t.

To learn more about creating your marketing plan, keep reading or jump to the relevant section:

A marketing plan is a strategic document that outlines marketing objectives, strategies, and tactics.

A business plan is also a strategic document. But this plan covers all aspects of a company's operations, including finance, operations, and more. It can also help your business decide how to distribute resources and make decisions as your business grows.

A marketing plan is a subset of a business plan; it shows how marketing strategies and objectives can support overall business goals. And if you need an assist executing a marketing plan, might I recommend HubSpot’s marketing hub ?

Marketing Strategy vs. Marketing Plan

A marketing strategy is the part of your marketing plan that describes how a business will accomplish a particular goal or mission.

This includes which campaigns, content, channels, and marketing software you’ll use to execute that mission and track its success.

A marketing plan contains one or more marketing strategies. It's the framework from which all your marketing strategies are created, and it helps you connect each strategy to a larger marketing operation and business goal.

For example, suppose your company is launching a new software product, and it wants customers to sign up. The marketing department needs to develop a marketing plan that'll help introduce this product to the industry and drive the desired sign-ups.

The department decides to launch a topical blog, debut a YouTube series to establish expertise, and create new X and Instagram accounts to join the conversation around this subject. All this serves to attract an audience and convert this audience into software users.

To summarize, a business' marketing plan is dedicated to introducing a new software product to the marketplace and driving sign-ups for that product. The business will execute that plan with three marketing strategies : a new industry blog, a YouTube video series, and an X account.

Of course, the business might consider these three things as one giant marketing strategy, each with its own specific content strategies. How granular you want your marketing plan to get is up to you. Nonetheless, every marketing plan goes through a particular set of steps in its creation.

• State your business' mission.
• Determine the KPIs for this mission.
• Identify your buyer personas.
• Describe your content initiatives and strategies.
• Clearly define your plan's omissions.
• Define your marketing budget.
• Identify your competition.
• Outline your plan's contributors and their responsibilities.

1. State your business' mission.

Your first step in writing a marketing plan is to state your mission. Although this mission is specific to your marketing department, it should serve as your business' main mission statement.

In my experience, you want to be specific, but not too specific. You have plenty of space left in this marketing plan to elaborate on how you'll acquire new customers and accomplish this mission.

For those of you running startups or small businesses, HubSpot’s starter bundle is a great all-in-one solution — it can help you find and win customers, execute content marketing plans, and more.

If your business' mission is “to make booking travel a delightful experience,” your marketing mission might be “to attract an audience of travelers, educate them on the tourism industry, and convert them into users of our bookings platform.”

Need help building your mission statement? Download this guide for examples and templates and write the ideal mission statement.

2. Determine the KPIs for this mission.

Every good marketing plan describes how the department will track its mission‘s progress. To do so, you need to decide on your key performance indicators (KPIs) .

KPIs are individual metrics that measure the various elements of a marketing campaign. These units help you establish short-term goals within your mission and communicate your progress to business leaders.

Let's take our example of a marketing mission from the above step. If part of our mission is “to attract an audience of travelers,” we might track website visits using organic page views. In this case, “organic page views” is one KPI, and we can see our number of page views grow over time.

Also, make sure to check whether your current reporting software facilitates the KPIs you need. Some reporting tools can only measure a set of pre-defined metrics, which can cause massive headaches in particular marketing campaigns.

However, other tools, like HubSpot’s analytics software , can offer full flexibility over the KPIs you wish to track.

You can generate custom reports that reveal average website engagement rates, page visits, email, social media traffic, and more.

These KPIs will come into the conversation again in step 4.

3. Identify your buyer personas.

A buyer persona is a description of who you want to attract. This can include age, sex, location, family size, and job title.

Each buyer persona should directly reflect your business' current and potential customers. All business leaders must agree on your buyer personas.

4. Describe your content initiatives and strategies.

Here‘s where you’ll include the main points of your marketing and content strategy.

Because there‘s a laundry list of content types and channels available today, you must choose wisely and explain how you’ll use your content and channels in this section of your marketing plan.

When I write this section, I like to stipulate:

• What types of content I'll create. These might include blog posts, YouTube videos, infographics, and ebooks.
• How much I'll create. I typically describe content volume in daily, weekly, monthly, or even quarterly intervals. It all depends on my workflow and the short-term goals for my content.
• The goals (and KPIs) I'll use to track each type. KPIs can include organic traffic, social media traffic, email traffic, and referral traffic. Your goals should also include which pages you want to drive that traffic to, such as product pages, blog pages, or landing pages.
• The channels on which I'll distribute my content. Popular channels include Facebook, X, LinkedIn, YouTube, Pinterest, and Instagram.
• Any paid advertising that will take place on these channels.

5. Clearly define your plan's omissions.

A marketing plan explains the marketing team's focus. It also explains what the marketing team will not focus on.

If there are other aspects of your business that you aren‘t serving in this particular plan, include them in this section. These omissions help to justify your mission, buyer personas, KPIs, and content.

You can’t please everyone in a single marketing campaign, and if your team isn’t on the hook for something, you need to make it known.

In my experience, this section is particularly important for stakeholders to help them understand why certain decisions were made.

6. Define your marketing budget.

Whether it's freelance fees, sponsorships, or a new full-time marketing hire, use these costs to develop a marketing budget and outline each expense in this section of your marketing plan.

You can establish your marketing budget with these 8 free marketing budget templates .

7. Identify your competition.

Part of marketing is knowing your competition. Research the key players in your industry and consider profiling each one.

Keep in mind that not every competitor will pose the same challenges to your business. For example, while one competitor might rank highly on search engines for keywords that you’re also chasing, another competitor might have a heavy footprint on a social network where you plan to launch an account.

Easily track and analyze your competitors with this collection of 10 free competitive analysis templates .

8. Outline your plan's contributors and their responsibilities.

With your marketing plan fully fleshed out, it‘s time to explain who’s doing what.

I don’t like to delve too deeply into my employees’ day-to-day projects, but I know which teams and team leaders are in charge of specific content types, channels, KPIs, and more.

Now that you know why you need to build an effective marketing plan, it’s time to get to work.

Starting a plan from scratch can be overwhelming if you haven't done it before.

That’s why there are many helpful resources that can support your first steps. We’ll share some of the best guides and templates to help you build effective results-driven plans for your marketing strategies.

Ready to make your own marketing plan? Get started with this free template.

The kind of marketing plan you create will depend on your company, your industry, and your business goals. We compiled different samples to suit your needs:

1. Quarterly or Annual Marketing Plans

This marketing plan by Visit Oxnard, a convention and visitors bureau, is packed with information: target markets, key performance indicators, selling points, personas, marketing tactics by channel, and much more.

It also articulates the organization’s strategic plans for the upcoming fiscal year, especially as it grapples with the aftereffects of the pandemic.

Lastly, it has impeccable visual appeal, with color-coded sections and strong branding elements.

• It states clear and actionable goals for the coming year.
• It includes data and other research that shows how the team made its decisions.
• It outlines how the team will measure the plan’s success.

4. Safe Haven Family Shelter

This marketing plan by a nonprofit organization is an excellent example to follow if your plan will be presented to internal stakeholders at all levels of your organization.

It includes SMART marketing goals , deadlines, action steps, long-term objectives, target audiences, core marketing messages , and metrics.

The plan is detailed yet scannable. By the end of it, one can walk away with a strong understanding of the organization’s strategic direction for its upcoming marketing efforts.

• It confirms ongoing marketing strategies and objectives while introducing new initiatives.
• It uses colors, fonts, and formatting to emphasize key parts.
• It closes with long-term goals, key themes, and other overarching topics to set the stage for the future.

5. Wright County Economic Development

2. Ilona Maher, U.S. Olympic women’s rugby player and Secret deodorant brand ambassador

• “Going viral” isn’t a goal; it’s an outcome.
• Be surprising. Subvert expectations.
• Be weird and niche if you want to be weird and niche, but establishing a shared cultural understanding might result in a bigger audience.

Pridemore Properties’ Instagram smash hit is unexpected, to say the least. You think you’re getting a home tour that takes your figurative breath away; you get a home tour that takes the agent’s literal breath away.

Verizon’s toe-tapping, hip-shaking Totalmente (aka Total by Verizon, a contractless phone plan) ad debuted during Univision’s Spanish-language broadcast of Super Bowl LVIII. The ad reinvents the 1998 Elvis Crespo song “Suavemente,” an earworm if I’ve ever heard one, replacing the lyrics with Total by Verizon features.

Verizon Value’s CMO and VP of Marketing, Cheryl Gresham, has admitted that she didn’t know much about marketing to a majority-Latinx audience.

In an interview with Campaign Live , she said she didn’t think the idea would have gotten off the ground “if it had just been me and a lot of other people that had a background like myself in that room.”

CampaignLive wrote, “Gresham says the team opted for a creative concept that spoke to all the Latinos in the room — despite Gresham herself not understanding the connection.”

Gresham’s marketing strategy hinged on knowing her audience and, just as importantly, trusting her fellow marketers who knew how to reach that audience.

Strategic Takeaways for Demographic Marketing

• Know what you don’t know.
• Foster diversity in marketing leadership and staff.
• Know your audience.

The catchy tune and the great storytelling certainly don’t hurt.

But more than that, Ogilvy and Verizon dug deep into Latinx culture — more than 25 years deep — to craft an ad that doesn’t feel like it’s just responding to the latest trend. They also tapped Venezuelan American comedian, musician, and producer Fred Armisen to direct the spot.

6. Chappell Roan

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• What is the Difference Between Business Plan and Marketing Plan?

The main difference between a business plan and a marketing plan lies in their scope and focus. Here are the key differences between the two:

• Scope : A business plan is a comprehensive document that covers all aspects of a company's operations, including finance, operations, supply chains, human resources, and marketing. On the other hand, a marketing plan is a more focused document that outlines a company's marketing strategies, tactics, and activities, focusing on the four Ps of marketing: product, price, place, and promotion.
• Purpose : A business plan serves as a decision-making tool and is typically used to secure funding from investors, as well as to guide the company's decision-making processes and operations. A marketing plan, on the other hand, is used to guide the implementation of marketing activities and campaigns, with the aim of achieving the company's overall goals and objectives.
• Period : Business plans usually cover a longer period, such as five years, while marketing plans typically cover a shorter period, such as one year.
• Interdependence : The business plan and marketing plan are interdependent and must be consistent with one another. The business plan identifies the goals and missions of the business, while the marketing plan explains how the business will achieve, if not exceed, those goals and missions.

In summary, a business plan is a broad document that covers all aspects of a business, while a marketing plan is a focused document that outlines a company's marketing strategy, tactics, and activities. Both plans serve different purposes and cover different areas, but they are interconnected and should be consistent with one another.

Comparative Table: Business Plan vs Marketing Plan

The main difference between a business plan and a marketing plan lies in their scope and focus. Here is a table comparing the two:

A business plan is a comprehensive document that outlines the overall goals, objectives, strategies, and operations of a business. On the other hand, a marketing plan is a specific document that focuses on the marketing strategy, tactics, and activities that facilitate the sale of the company's products or services.

• Marketing Strategy vs Marketing Plan
• Marketing vs Business Development
• Corporate Strategy vs Marketing Strategy
• Marketing vs Selling
• Business Model vs Strategy
• Market vs Marketing
• Sales vs Marketing
• Branding vs Marketing
• Product Marketing vs Service Marketing
• Marketing vs Advertising
• Marketing vs Promotion
• Market Research vs Marketing Research
• Corporate Planning vs Strategic Planning
• Strategic Marketing vs Strategic Management
• Corporate Strategy vs Business Strategy
• B2B vs B2C Marketing
• Action Plan vs Strategy
• Selling Concept vs Marketing Concept
• Marketing vs Public Relations

What Is The Difference Between A Business Plan and A Marketing Plan

hi, i’m olivia jenkins.

I mentor visonary CEOs in the health, beauty, and lifestyle sectors, guiding them through scaling their businesses from startup to $30m turnover.

Whether you're looking to develop magnetic leadership, build a bulletproof business, or achieve iconic brand status—I'm here to support you with your ambitious growth goals to help you reach cult-like status.

In the dynamic and ever-evolving world of business, success is rarely just about luck – it’s the result of meticulous planning, thoughtful strategy, and a clear vision that guides every step forward.

Two essential roadmaps in this planning journey are the business plan and the marketing plan. While often used interchangeably, these two blueprints serve distinct purposes, each contributing uniquely to the overall success of a business.

Whether you're new to the business game or a seasoned pro looking to fine-tune your strategies, understanding these two plans' ins and outs is key. So, let’s explore what sets a business plan apart from a marketing plan.

What is a Business Plan?

A business plan is a comprehensive document that outlines the details of a specific business venture or project. It provides a roadmap for the successful establishment, operation, and growth of the business. A business plan typically focuses on a shorter time frame, typically ranging from one to three years.

Key components typically included in a business plan include:

• Executive Summary – A concise overview of the business plan that highlights its key points and provides a snapshot of the business opportunity, market, and financial projections.
• Business Description – A detailed description of the business, including its legal structure, mission statement, products or services offered, target market, competitive advantage, and unique selling proposition.
• Market Analysis – A thorough analysis of the target market, industry trends, customer demographics, competition, and market size. It helps identify the target audience and understand the market dynamics and potential opportunities.
• Organisation and Management – Information about the legal structure of the business, key management team members, their roles and responsibilities, and the organisational structure. This section demonstrates the qualifications and expertise of the management team.
• Product or Services – A description of the products or services offered by the business, their features, benefits, and unique selling points. It highlights how the offerings fulfill customer needs and differentiate the business from competitors.
• Marketing and Sales Strategy – A detailed plan for marketing the products or services and attracting customers. This includes branding, pricing strategy, distribution channels, promotional activities, and customer acquisition tactics.
• Operational Plan – An outline of the day-to-day operations and processes required to deliver the products or services. It covers aspects such as location, facilities, production or service delivery methods, suppliers, and quality control measures.
• Financial Projections – Detailed financial forecasts, including income statements, balance sheets, cash flow statements, and break-even analysis. It includes projected sales, expenses, profitability, and funding requirements. This section demonstrates the financial viability and potential return on investment.
• Funding Request – If seeking external funding, this section outlines the funding requirements, the purpose of the funds, and the proposed repayment or return on investment terms. It provides a compelling case for investors or lenders to support the business.
• Risk Assessment – Identifying potential risks and challenges that the business may face and developing strategies to mitigate or manage them. This includes market risks, operational risks, legal and regulatory risks, and financial risks.

A well-developed business plan serves multiple purposes. It helps entrepreneurs clarify their business concept, evaluate its feasibility, secure financing, and guide the operations and growth of the business.

What is a marketing plan?

A marketing plan is a detailed document that outlines the specific actions, tactics, and strategies that a business will implement to achieve its marketing goals. It serves as a roadmap that guides the execution of marketing activities and ensures alignment with the overall business objectives. A marketing plan typically includes an analysis of the market, target audience, competition, and the business's unique value proposition. It also outlines the marketing objectives, target market segmentation, positioning, pricing, distribution channels, promotional activities, and metrics for measuring success. The plan provides a clear and organised framework for implementing marketing initiatives and tracks progress towards achieving desired outcomes.

Here are some key comparisons between a Business Plan and a Marketing Plan:

While a business plan sets the stage and defines the big picture, a marketing plan will showcase your offerings and resonate with your audience. These plans work hand in hand, one providing the overarching structure and the other injecting the vibrancy and allure that propel your business forward.

Armed with a solid business plan and a well-crafted marketing strategy, you'll be equipped to navigate the complexities of the business world with confidence.

Not sure where to start? For just $47 you can download my Business Plan template which will help  steer your business in the right direction as you grow, reach your milestones on time and help you bring on new partners or receive funding. It doesn't need to become a complicated process - all you have to do is fill in the blanks!

CLICK HERE to download your copy. 🤍 

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which sounds

Most like you.

I'm a 6-7 figure CEO looking for an expert Coach to improve my CEO confidence within the areas of strategy, marketing, brand and sales.

I'm a 6-figure to 8-figure brand looking for a hybrid approach, including strategic advisory and execution, to support me in transforming my brand to cult-like status.

I'm in the startup stage and need support in learning how to establish the foundations for my business, including CEO mindset, generating more leads, and achieving consistent sales.

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• Choosing a selection results in a full page refresh.
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Business Plan vs Marketing Plan: What’s the Difference?

You can’t expect the win the confidence of investors unless you prepare the right documents. Investors are highly selective when choosing businesses in which to invest. If they believe your business is poised to grow and succeed, they may offer to purchase an ownership stake in it. You’ll have an easier time winning investors’ confidence by providing them with a business plan and marketing plan. What’s the difference between these two documents exactly?

What Is a Business Plan?

Many investors will require you to provide a business plan when seeking financing for them. Some banks require a business plan for financing as well. Whether you’re trying to obtain equity financing from an investor or debt financing from a bank, you’ll probably need to prepare a business plan.

What Is a Marketing Plan?

A marketing plan, on the other hand, is a smaller and more specific document that focuses strictly on your business’s marketing activities. Marketing, of course, is the promotion of your business and its goods or services. While different businesses sell different types of goods and services, they all engage in marketing activities to attract customers. In a marketing plan, you can explain how your business intends to attract new customers through marketing activities.

You can include your marketing plan in your business plan. Alternatively, you create a separate marketing plan that’s distinguished from your business plan. Most business plans have a section for marketing. After creating a marketing plan, you can either place it in this section or use it as a separate and independent document.

Differences Between Business Plans and Marketing Plans

Business plans and marketing plans aren’t the same. Business plans consist of multiple parts, each of which covers a specific aspect of your business. Most of them contain an executive summary, business description, goods and services and marketing section. In comparison, marketing plans only cover your business’s marketing activities.

This article was brought to you by� Intrepid Private Capital�Group �� A Global Financial Services Company. For more information on startup and business funding, or to complete a funding application, please visit our� website .

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8.5 Marketing Strategy and the Marketing Plan

Learning objectives.

By the end of this section, you will be able to:

• Distinguish between a marketing strategy, a marketing plan, and a pitch
• Describe the elements of a marketing plan

Now that you have a better idea of what marketing is, you are ready to start developing a marketing strategy and plan. A marketing strategy describes how a company will reach consumers and convert them into paying customers. Having a solid-yet-flexible marketing strategy is a good business practice, no matter what kind of business you are in.

A marketing plan is a formal business document that is used as a blueprint or guide for how a company will achieve its marketing goals. A marketing plan differs from a business plan in that it focuses more on market research, attracting customers, and marketing strategies, whereas the business plan covers much more than that, as you will see in Business Model and Plan .

Marketing plans are important tools because they act as roadmaps for everyone involved in an enterprise. Writing a marketing plan forces you to specify goals and develop strategies to reach them, and encourages you to research markets and competition. A strong marketing plan will encourage entrepreneurs to think deeply about their business and profit potential, helping them make better business and marketing decisions. Additionally, a marketing plan can create greater involvement and cohesiveness among employees by clarifying goals and expectations.

A variety of marketing plan templates are available that can be modified to fit your business’s product and/or services. One thing to consider is why you are writing your plan and who your audience is. In addition to planning for your venture, will it be used by employees or potential investors? Different audiences will require different kinds of information. If it’s an employee, then you must include extra details about the operation of the business. If the plan is geared toward acquiring an investor, be sure to highlight the value that will be gained from investing.

Keep in mind that the various parts of a plan do not need to be written in a certain order. Plans should also be seen as flexible guides rather than absolute rules. All good marketing plans are living, breathing documents that help you measure success while allowing for course corrections when necessary. Table 8.8 provides the standard components of a marketing plan.

Executive Summary

The executive summary is just that—a clear and concise summary of the major points of your marketing plan. Though it is placed first, it is generally written last because it is based on the information presented in other subsequent sections.

The executive summary is typically one or two pages long and includes key indicators of success for the business and its stakeholders, which may include company owners, managers, consultants, investors, and banks. Your goal is not merely to summarize everything in your plan but to highlight why people should be interested in your venture. Whether the reader is an employee or a potential partner or investor, the executive summary should seek to not only inform but to excite.

Focusing on the opportunity at hand, what makes your business model special, and the potential financial reward is a good way to capture a reader’s attention. For example, if your business’ strengths include a great marketing team and a significant competitive advantage, you should highlight them as reasons for success. Some readers may only read this section, so make sure you highlight what makes your company special and how you plan on turning that into profit.

Situation Analysis

In many ways, the basis of your marketing plan is found in your situation analysis , which is an examination of the internal and external circumstances relevant to your business and product. A good analysis will provide the logical support for the strategies you choose. For example, the research you conduct here explains why you will develop a certain product, how you will price it, and what you will do to reach your target market.

Good situation analyses often include a SWOT analysis , which looks at a company’s strengths, weaknesses, opportunities, and threats. They also look at future and current competitors, and include market validation research that has surveyed potential customers. This information is critical because it proves that you have done your due diligence on your product and market.

Marketing Opportunity

Assuming your background research has led you to determine that there is a business opportunity, this is where you explain what and where that opportunity is. For example, if your research led you to discover a gap in the market for educational children’s toys, this is where you explain the depth of the opportunity. Here you use your research as evidence to prove to your reader that there is a market gap and that you know how to fill it. If your goal is to get an investor interested, this is where you would let them know what they stand to gain and when they would gain that.

Link to Learning

The US Small Business Administration strives to help business owners initiate and succeed in developing enterprises. Their website is loaded with helpful information, classes, and templates that can help the entrepreneur navigate the intricacies of marketing, as well as provides helpful tips on developing a marketing plan.

Business Model

In this section, your job is to marry the opportunity you saw with the solution you have created. Here you articulate how your competitive advantage and points of differentiation (nature of the solution and its key features and benefits) will provide value to customers and earn profits that will sustain your business into the foreseeable future. What will you do to create value that attracts customers? How will you generate sales? Who is your target market? If you were opening a gym, this is where you would lay out how you will capture customers, the value they will receive, what types of membership contracts will be available to them, and so on.

A great tool for capturing this information is the Business Model Canvas ( Figure 8.13 ), which is discussed in Launch for Growth to Success and Business Model and Plan . The nine building blocks of this model will help you to determine the targeted customer segment, value proposition that you will present each of your segments, channels for the distribution of the proposition or touchpoints, type of customer relationship you will build with your target, types of cost structures and revenue streams based on pricing means, and key resources, activities, and partners that will help you to succeed.

The canvas also allows the entrepreneur to innovate and to change if something doesn’t work out. The point of this tool is to put the pieces of a plan together. 16

Marketing Objectives

Here you present your specific goals and their tangible outcomes. It is not enough to say that you will be very successful without defining what exactly success means. The point of this section is to quantify your goals as units sold, sales/revenue, market share, or some other practical metric. Goals can also include creating measurable brand awareness and developing a certain number of distribution channels.

For example, good, measurable goals might be selling 300 units per month, selling $600,000 worth of product in a year, or gaining brand awareness of 10 percent of your target market in three months. Avoid goals that are unmeasurable or vague, as they won’t help you now or later.

No matter what your goals are, they should be reasonably achievable and as specific as possible. The reason for this is so that later on, you can determine whether you have been successful. If you haven’t, you will know something needs to change.

Marketing Strategies

As mentioned earlier, having a good marketing mix will help your business succeed. As an entrepreneur, you want to segment the market and figure out if there are possible pockets of people whom you can serve. The process of segmenting, targeting, and positioning (STP) will help you figure out who is your best customer and allow you to allocate your resources effectively to serve that market.

After going through this process, you can look at the marketing mix, and depending on whether you have a product, service, or a mixture of both, which is usually the case, you will outline your approach to the 7Ps of the marketing mix.

Action Plan

In the action plan, you detail how things will get done in your business on a day-to-day basis, when they will get done, and who will be doing them. Often, new business owners develop extensive strategies, but they don’t have the people power to implement them. Obviously, ensuring that you have the necessary human resources in place to execute your goals is important. This is the section where you make it clear that you do. For example, if you have a marketing team in place, highlighting their ability to execute your plans will help convince potential investors that you can put your plan into action.

Here you include budgets, forecasts, and any other information that will give readers and potential investors a clear picture of your business’s financial situation. Being transparent and truthful will create trust and goodwill between your company and potential investors.

This section is also important because it will help you determine how profitable your business might be. One place to start is by determining your expenses and future profits. Since most entrepreneurs tend to overestimate these numbers, it is best to develop financial projections for best- and worst-case scenarios, as well as a projection for an average case scenario.

Many entrepreneurs develop one-, three-, or five-year projections to get a sense of future profits and to prove that their business model is sustainable over the long run. Figure 8.14 provides an example.

Key Performance Indicators

Finally, you need to determine your key performance indicators , or how you will evaluate the effectiveness of your strategies, by looking at the progress you have made during a specific timeframe. These include the quantitative milestones that will tell you if you are on the right track, help you analyze your decision-making process and focus on specific strategies, and make changes if these don’t work.

For example, one of your milestones might be a sales goal of $50,000 within the first six months. If you are not on track by the time you hit this milestone, it can be an indication that you either overestimated your sales or your strategies are not working. In either case, you will need to make actionable steps to revise your projections or find more effective strategies.

• 16 “The Business Model Canvas.” Strategyzer . n.d. https://strategyzer.com/canvas/business-model-canvas

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• Authors: Michael Laverty, Chris Littel
• Publisher/website: OpenStax
• Book title: Entrepreneurship
• Publication date: Jan 16, 2020
• Location: Houston, Texas
• Book URL: https://openstax.org/books/entrepreneurship/pages/1-introduction
• Section URL: https://openstax.org/books/entrepreneurship/pages/8-5-marketing-strategy-and-the-marketing-plan

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Business Tips , Marketing

Understanding the difference between a business plan and a marketing plan.

• December 29, 2023

As a business owner, you are responsible for creating plans to guide your business activities and make informed decisions. Two of the most important plans are the business plan and the marketing plan. While some may think that these two plans are the same, they actually have different purposes and functions. Understanding the difference between a business plan and a marketing plan can help you make better use of each one to grow your business.

What is a Business Plan and What is its Purpose?

A business plan is more than just a document to secure financing or to present to investors. It is a comprehensive guide that outlines the strategy, goals, and potential obstacles of a business. Think of it as a roadmap to success. A well-written business plan should include an executive summary, market analysis, company description, product or service offering, marketing and sales strategy, organizational structure, and financial projections. The process of creating a business plan also forces entrepreneurs to critically evaluate their ideas and identify areas that may need improvement. Whether you’re a seasoned business owner or just starting out, a thorough and thoughtful business plan is essential to ensuring the growth and sustainability of your venture.

Your business plan enables you to identify potential problems and develop solutions before they escalate. By clarifying your mission and vision, you can easily communicate the purpose of your business to stakeholders, investors, and potential partners. It provides a framework for decision-making, setting budgets, and operational planning. In short, a business plan ties together all the elements needed to execute a successful business strategy. It is a fundamental tool that every entrepreneur should have on their journey towards building a successful enterprise.

What is a Marketing Plan and What is its Purpose?

A marketing plan is a crucial component to any successful business strategy. Essentially, it outlines the tactics and techniques that a company will use to promote and sell their products or services. This plan should be well-structured and include detailed information about the target audience, market analysis, budget, and specific goals. Crafting a marketing plan requires a thorough understanding of your customers, competition, and industry trends. Without a marketing plan, businesses risk wasting time and resources on ineffective campaigns that don’t resonate with their audience. By creating a solid marketing plan, businesses can identify their strengths and weaknesses, capitalize on opportunities, and ultimately, drive growth.

Marketing plans hold a crucial role in the success of any business or organization. Simply put, the purpose of a marketing plan is to identify your target audience, understand their needs, and develop a roadmap to communicate your products or services to them in a way that resonates. A well-designed marketing plan allows you to clearly define your business goals, outline strategies to achieve them, and ultimately measure success. In today’s fast-paced business environment, where consumer trends change quickly and competition is tough, a strong marketing plan is essential to stay ahead of the game and stay relevant to your customers. By investing the time and resources to develop a comprehensive marketing plan, you can take your business to the next level and ultimately achieve greater success.

Key Differences Between a Business Plan and a Marketing Plan

Having a solid plan for your business is crucial for its success, but it’s important to understand the differences between various types of plans. A business plan outlines the overall strategy for your company, including your financial goals and operations. On the other hand, a marketing plan focuses specifically on your promotional efforts and how to connect with your target audience. While both plans are important, they serve different purposes and require unique approaches. Without a clear understanding of how to differentiate between the two, your business may struggle to effectively execute on either plan. So, make sure you have a solid understanding of the key differences between a business plan and a marketing plan to ensure you have a comprehensive strategy that will help your business thrive.

The main difference between a business plan and a marketing plan is their purpose and scope. A business plan covers the entirety of your business and its long-term goals, while a marketing plan specifically focuses on promoting your products or services to your target audience. A business plan is more general and provides a framework for your business operations, while a marketing plan is more specific and focuses on how to reach your target market and increase sales.

How Business Plan and Marketing Plan Work Together

Although business plans and marketing plans are distinct from one another, they both play an important role in the success of your business. A well-designed business plan should include a comprehensive marketing plan that outlines how to reach your target market. The marketing plan, in turn, should be aligned with your business goals and objectives to ensure that you are achieving your overall business objectives. Regularly reviewing and updating your business plan and marketing plan can help you stay on track and achieve your business goals.

In the world of business, developing a comprehensive marketing plan is a critical component for success. However, without a solid business plan, the marketing efforts may not be effective in achieving overall goals. The business plan sets the foundation for the company’s actions and identifies the target audience, finances, and resources. Meanwhile, the marketing plan outlines specific strategies to reach the audience, increase visibility, and successfully promote the company’s products or services. The business and marketing plans work hand in hand to ensure that all aspects of the company are aligned and moving in the same direction. By combining the two plans, companies can create a solid roadmap for success and achieve their desired outcomes.

The Importance of Having Both Plans

Having both a business plan and a marketing plan can help your business grow, attract investors, and secure funding. A business plan provides a high-level view of your business, whereas a marketing plan is more goal-oriented and focuses on specific marketing tactics to help achieve those goals. As a business owner, it is important to have both plans in place to ensure the success and growth of your business.

The bottom line is that a business plan and marketing plan are two vital documents that every business owner should have in place. A business plan provides an overview of your business, while a marketing plan focuses on specific marketing goals and strategies to increase sales. Understanding the differences between business plans and marketing plans, and how they work together, can help you grow your business and achieve greater success. Remember to update your plans regularly to keep up with changes in the market, technology, and customer needs. By combining both plans, you can have a solid roadmap for your business to achieve its goals.

Are you looking to take your business to the next level and make profit a central focus? Look no further than the 5-Step Roadmap to a Profitable Biz . This comprehensive guide offers valuable insights and proven strategies to help you build a profitable business from the ground up. Whether you’re a seasoned entrepreneur or just starting out, this roadmap will give you the tools and resources to create a sustainable and prosperous business.

Download your free copy today and get on the road to success!

Melissa Houston

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Marketing Strategy vs. Marketing Plan: What’s the Difference?

Is there really a difference between a marketing strategy and a marketing plan? Are they two sides of the same marketing program coin?

While the terms are commonly used interchangeably, they’re two very different concepts in the real world. It may seem like splitting semantic hairs, but understanding the difference between marketing strategy vs. marketing plan is crucial to the success of your campaigns and your progress toward overarching business goals.

Let’s compare and contrast the concepts in greater depth so you’re prepared when it comes time to take your marketing to the next level .

What Is a Marketing Strategy?

A digital marketing strategy is the “why” behind your marketing. Every piece of marketing collateral you create will be informed by this documentation, which means it works hand-in-hand with your content strategy .

Basically, a marketing strategy is a reflection of your short-term and long-term business approach. This strategy should also be a distillation of your brand values, voice, mission and messaging. For example, if your business aims to scale up quickly, the strategic marketing vision you develop needs to support that objective, perhaps by focusing on consumer acquisition or ramping up your online presence.

A good marketing strategy will encompass your unique selling proposition, all that your business hopes to achieve and its brand identity.

What Is a Marketing Plan?

Your marketing plan is the “how” to your strategy’s “why.” Ideally, a marketing plan should be just that — a plan of action for how you will execute your strategy to accomplish each marketing goal.

The process of creating a tactical marketing plan is about addressing the real-world steps you will take to create, promote, track and measure your campaign, programs and assets. The workflows and procedures you develop will provide a roadmap for making your strategy actionable.

How a Marketing Strategy and Plan Work Together

To use a not-at-all-complicated metaphor, let’s say your business needs a ship to sail through your marketing campaign. That ship needs a direction in which to travel (i.e., a strategy) and the sails to power it (i.e., a plan).

Marketing strategy and plan work hand in hand, with the latter taking cues from the former. Everything laid out by your strategy should be addressed with a plan — one that defines the processes for tactical marketing.

However, the lines can be a bit blurred. Strategic planning is one oft-used phrase that can create confusion. In reality, strategic planning is just high-quality planning informed by a thorough marketing strategy.

Needless to say, a strategy without planning is like a winning idea without a way to realize it; and planning without a strategy will lead to a rudderless ship.

How to Create a Marketing Strategy

Strategy is not an amorphous concept. It takes real work and thinking to establish a good marketing strategy that ultimately facilitates business success.

Here are some basic steps to crafting a comprehensive strategy:

• Identify each marketing objective: Strategy begins with your goals, both now and in the future. For example, if your business plan is to expand into new markets, the strategic marketing approach may be to make inroads with new customer segments. Brainstorm how your marketing can reflect other short-term goals and long-term ambitions, like becoming an authority in your industry.
• Refine your audience: Defining your audience enables you to resonate with buyers and push customers through the marketing funnel. A strategic marketing priority is to develop buyer personas. These personas will be central to deciding on the angle and value prop of the marketing you create.
• Establish your brand guidelines: Your brand needs to be codified in a way that ensures every piece of marketing content will be identifiable and conforms to your standards. This means outlining editorial voice, graphic design preferences and all other critical brand elements. Having a unified presence leads to a better customer experience. Without a single source of truth for how the brand should be represented, your actual marketing may devolve into disparate shots in the dark.
• Assess opportunities and threats: Your level of strategy will influence how prepared you are to capitalize on a market research opportunity or manage risks. Research competitors to understand what they’re doing — and, more importantly, what they’re not doing. Know how you’ll leverage your competitive advantage to meet a new market need or shifting consumer preferences.

Importantly, strategy is not static. It needs to be constantly updated and fine-tuned to keep your business on track and achieve changing marketing objectives.

How to Create a Marketing Plan

Returning to the question of “how” shows us the best way to create a marketing plan that works. Ask yourself these questions as you set out to develop your plan of action:

• How will we reach consumers? The answer to this question will help define your marketing mix. What types of marketing will you utilize to reach leads, prospects and existing customers? Content marketing, digital marketing, search marketing, social media marketing , event marketing and all other types of marketing are in play here.
• How will we create marketing materials? Clearly defined workflows and processes will support the creation of high-quality marketing materials. You need to suss out who owns which project phases, how cross-functional teams will collaborate and what quality controls are in place (like checking for adherence to brand guidelines).
• How will we share content and collateral? Not only must you choose your marketing mix, but also your selection of marketing channels. Once again, there are many types to consider: direct mail, social media, email, your website, pay-per-click (PPC) advertising, organic search, etc. Each distribution channel will have its place in planning.
• How will we track campaigns and measure results? Data is the lifeblood of strategic marketing. You’ll need to create a list of key performance indicators (KPIs) with which to track campaigns. These may include anything from conversion rates to cost per lead.

Marketing Strategy and Marketing Plan Examples in Action

Let’s look at some examples of how the waterfall of business objectives to marketing strategy to marketing plan works in real life:

• Business goal: To pivot or reinvent the business, whether due to a merger, new market need or modernization effort.
• Marketing strategy: Launch a rebranding campaign; craft new messaging to align marketing with the business’s new direction; create new brand guidelines.
• Marketing plan: Pursue a website redevelopment; create a marketing plan template to ensure all new efforts adhere to guidelines; reoptimize website content and copy; coordinate a rollout of new colors, logos and fonts to all social media platforms; hire a marketing agency to consult on best practices.

It’s much easier to see the differences between marketing strategy vs. marketing plan in such a scenario, but also easier to grasp how they work in conjunction. Let’s consider another:

• Business goal: To launch a new service or product line.
• Marketing strategy: Research competitors and the existing market; develop a new set of buyer personas; outline the marketing funnel and customer journey; generate leads for the proposed expansion.
• Marketing plan: Create content around the new product for outreach (e.g., blogs, emails, white paper, one-pagers, etc.); decide which assets to gate in exchange for a name and email address; balance customer acquisition with retention by creating a loyalty program.

Getting the picture?

• Business goal: To increase revenue or raise sales by a certain percentage.
• Marketing strategy: Support sales enablement with high-quality marketing content and collateral; revitalize or refine the value proposition; reach out to new customer segments.
• Marketing plan: Track KPIs related to conversions; focus on high-performing channels; leverage customer data to make upsell or cross-sell recommendations; start a retargeting campaign.

One more for good measure:

• Business goal: To become an industry leader.
• Marketing strategy: Highlight brand strengths and competitive advantages; present the brand as friendly, knowledgeable and authoritative; raise brand awareness and cultivate brand evangelists.
• Marketing plan: Build influencer marketing relationships; publish thought leadership content and/or guest blogs; use social media for customer service and conversations; conduct webinars.

Level Up Your Marketing Campaign

When a marketing strategy and marketing plan are in harmony, what they create is music to your business’ ears. Alignment between the two gives your brand its best chance to impact consumers, raise its profile and succeed in its key business objectives.

Editor’s Note: Updated December 2022.

Dominic Tortorice

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Dom, an English major and journalism enthusiast, was just happy to get a job out of college writing and editing professionally. That it turned out to be in the burgeoning content marketing industry with Brafton was all the better.

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Difference Between a Business Plan and a Marketing Plan

by Cheryl Munson

Published on 29 Jul 2019

To understand the relationship between business plan and marketing plan, think of them in terms of a pizza. A business plan is the whole pie. A marketing plan is a slice of the pie, but a very important slice. The difference between business plan and marketing plan is that a company's business plan provides an overview of every aspect of a company while its marketing plan focuses on strategies and efforts to generate sales and revenue.

A marketing plan is part of a business plan; a business plan is an organization-wide plan that covers every aspect of a company's operation.

Business Plan Examples

A business plan typically includes the following:

• An overview of the business
• A description of products or services and how they are produced
• A description of the business model for the company
• Identification of the executive leadership and management team
• Cash flow statements
• Charts and graphs on financial projections related to sales, costs, expenditures and more.

In short, a business plan sets out the company's future objectives and strategies for achieving them in the the medium- and long-term. One aspect of the business plan may be a summary of how the company is going to market its products and services, and who it is going to market them to. This is the marketing summary; a high-level view of the marketing plan.

As a basic example, a business plan for a pizza shop would state the location of the business along with all related expenses like monthly rent and utilities, a description of the types of pizza and other foods to be produced and the costs associated with these like ingredient and labor costs, projected monthly gross and net profits based on financial data from other pizza shops in the area and a basic run-down of the company's day-to-day operation.

Parts of a Marketing Summary

An organization's marketing plan is included in the overall business plan; however, it is written in summary format. Included in a marketing summary are the marketing objectives, and the strategies and tactics the company will utilize to generate sales and revenue. The marketing summary section of the business plan also gives a general overview of advertising plans that will be implemented to achieve marketing objectives and goals.

Detailed Marketing Plan Example

The complete marketing plan is a separate, comprehensive document that goes into more detail about objectives, goals and tactics. This document guides the implementation of efforts by the company's marketing, sales and advertising departments.

One marketing plan example for a pizza shop could be an effort to attract tourists during the summer vacation season. After identifying the marketing goal, the plan details the ideal consumer persona, the shop's competitors, the marketing campaign's cost and the type of marketing the pizza shop will employ to attract its ideal consumers, such as offering an order of wings with every large pie sold.

The marketing department uses the plan to align how products and services are to be positioned in the marketplace in terms of distribution channels and pricing. The plan describes in detail monthly, quarterly and annual sales volume goals that need to be reached by the sales team.

The plan also includes a section that sets forth the communications platform for the advertising team and/or outside advertising agency to use to develop advertising, promotions and events that align with the communications messaging strategy to reach customers and clients in the marketplace.

Business Plan Audience

Generally speaking, the business plan is shared only with key executives within the company and external members of the financial community. It is typically written to target potential investors, stockholders and accountants. It is most often used to generate funds to provide working capital to execute the plans and programs the company has identified as necessary to maintain a competitive position and sustainable success in the marketplace.

When a business plan is shared with these individuals and groups, it may be presented with one or more marketing plan examples and the presentation may even illustrate the relationship between business plan and marketing plan in an effort to sell the idea more effectively.

Marketing Plan Audience

The marketing plan is not shared with consumers and clients, but the contents are aimed at them. The complete plan is an internal document that is usually shared only with those responsible for marketing, sales and advertising efforts. The marketing plan includes results from research that help identify tactics to communicate with customers to get them to purchase products.

The plan includes strategies on pricing and incentives to gain new clients for a service-oriented business and increase sales volume with retail distributors. The marketing plan is an internal strategic document developed to win customers, clients, achieve sales and distribution goals, compete with other businesses and increase the company’s market share.

Understanding The Differences Between A Business Plan and Marketing Strategy

For business owners or other company leaders, understanding the differences between having a business plan and a marketing strategy are two critical elements that should be at the forefront of your business. While these terms may sound synonymous, they are built and reflected differently throughout successful companies. 

Several key stakeholders should be aware of the business plan to ensure alignment and effective execution. These include the executive team (CEO, COO, CFO), senior management (department heads, managers, and team leaders), Board of Directors, key employees, and advisors or consultants. Ensuring these stakeholders know and understand the business plan promotes alignment, accountability, and a unified approach to achieving the company’s goals.

What Is A Business Plan?

A business plan serves as the blueprint for your business. It can include your vision and mission statements, services you offer, accountability chart, SOPs, financials, sales, and marketing plans. Consider it the “big picture” or roadmap to success that guides all other aspects of your business. 

What Should Be Included In Your Business Plan:

• Executive Summary: A succinct overview of the business, its mission, and its unique value proposition.
• Market Analysis: A detailed assessment of the industry landscape, target market demographics, and competitors.
• Company Description: A narrative describing the nature of the business, its products or services, and organizational structure.
• Marketing and Sales Strategy: A strategic approach to promoting and selling products or services to target customers.
• Financial Projections: Forecasts of revenue, expenses, and cash flow over a defined period, typically three to five years.

Your business plan will ultimately set your team up for success. When creating this plan, consider your industry and what your clients care most about—ensure all that information lives within it! 

How Is A Marketing Strategy Different From Your Business Plan?

On the other hand, your marketing strategy is only a piece of your business plan. It zooms in on the tactics and techniques you will employ to grow your business. It’s a dynamic roadmap delineating how to effectively market your products or services to your target audience, leveraging channels, messaging, and campaigns.

Key Elements of A Marketing Strategy Include: 

• Target market
• The “how” to achieve your marketing goals
• Target audience definition
• Goals & objectives
• Product, price, place, and promotion
• Social media, keywords, and advertising
• Identifying your ideal audience and where they are 
• Budget and KPIs

Why Are Both Essential To Your Business?

Your business plan and marketing strategy are intertwined but essential for different reasons. A well-crafted business plan provides the strategic framework and direction for the entire organization. By aligning the marketing strategy with the broader business objectives outlined in the plan, every marketing initiative becomes purposeful and contributes to the overarching goals.

“As a business owner, it is your responsibility to ‘steer the ship.’ Having a well-documented business plan not only makes it easier for your team to understand your vision and expectations but also helps any partner to jump in and help execute. The most successful marketing programs I have participated in are those based on collaboration and trust. When the client sets the goals and vision, our team can create the roadmap for getting there!” – Jenna Sherrick, Senior Marketing Manager

Thinking big picture, a business plan sets up more than just your marketing up for success. Business plans eliminate internal conflict by reducing confusion and getting your team thinking with one goal in mind. Successful teams work together in harmony when they know what they are doing, why they are doing it, and for what purpose or end goal. It can also be a great resource for new leadership employees during the onboarding process. 

Employing Marketing Strategy In Real Life

Evolve Systems has managed the marketing strategy and website development for KeyeStrategies and Poised for Exit for over five years. During our time with this client, we have seen their online engagement grow, which is a positive sign that the marketing is “working.” 

Our team works directly with the KeyeStrategies project manager on strategy and implementation, with monthly status reports, quarterly planning, and weekly check-ins. All of these initiatives have enabled a small firm to do BIG things! Speaking of big things, our team was recently tasked with merging the Poised for Exit website with the primary website, KeyeStrategies. We created a landing page to connect the two websites seamlessly.

A business plan and a marketing strategy are the building blocks for a strong foundation for your organization. But, business owners must recognize the differences between the two and the role each plays in driving sustainable growth and success. By synergizing these two pillars, businesses can confidently navigate the complexities of the marketplace, ultimately realizing their full potential and achieving enduring prosperity.

Get Started On Your Marketing Strategy

At Evolve, we love working with business owners and other organization members as a key player in your marketing strategy. Our team of experts wants to guide you through all the areas of marketing and website development to reach your full potential. If you are looking for a partner in your marketing strategy, let’s start the conversation today !

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Home » Marketing Strategy vs. Marketing Plan? (The Difference)

Marketing Strategy vs. Marketing Plan? (The Difference)

A company’s success relies heavily on the right marketing strategy supported by a robust marketing plan.

That said, beginning marketers often confuse these two concepts and consider them to mean the same thing.

But they are very different. Here’s how:

• A marketing strategy answers the “why”.
• A marketing plan answers the “how”. 

What Is the Difference Between a Marketing Strategy and a Marketing Plan?

A good exercise to think clearly about the differences between a marketing strategy and a marketing plan is to compare a SWOT analysis against the Marketing Mix .  A SWOT analysis is a structured review of the organization while the marketing mix plans the activities to bring your product or service to market.

A marketing strategy and a marketing plan are different in three distinctive ways:

• by definition,
• purpose, and

A business strategy informs what goes into a marketing strategy.

A marketing strategy explains why you intend to perform specific marketing actions. 

For example, if your startup wishes to scale up, the marketing strategy you develop will help you reach this goal, perhaps by building a customer base or through social media marketing.

On the other hand, a marketing plan describes how you intend to implement the actions laid out in the marketing strategy. 

It provides the specifics regarding branding, scheduling the communication channels you intend to use.

A marketing plan comes after a marketing strategy.

Moreover, one of the main focal points of any good marketing plan is monitoring the success of your marketing actions using key performance indicators (KPIs) .

These KPIs are crucial not only for measuring progress but also in ensuring the marketing plan lines up with the marketing strategy. A regular SWOT analysis is also a helpful activity to help you with your marketing strategy.

How Do You Develop a Marketing Strategy?

A marketing strategy consists of the following practical steps.

1. Develop a marketing plan

Building a robust marketing plan will include the following components:

• Branding . How you sell the company matters. You need to determine the brand voice and incorporate this element in marketing campaigns.
• Timeline and budget . These two components are essential, particularly for small businesses that have limited funds.
• Roles . The success of a marketing plan requires that those involved in the execution understand and perform their functions.
• Content strategy . This strategy describes the schedule for dispensing the content, the communication channels, and the type of incentives you intend to use.

2. Identify buyer personas

A buyer persona is a company’s depiction of an ideal customer. When developing this persona, an organization  must consider several aspects, including:

• Demographics like age, income, and gender
• Psychographic factors such as interests and lifestyle

For instance, Netflix and other streaming services use behavioral segmentation. Here, the company knows which content to recommend based on watch history. Another example would be to look at fashion brands’ buyer persona. Zara’s buyer persona is a fashion-forward customer with mid-range income who lives in an urban area.

3. Determine marketing goals

As mentioned earlier, you should typically model your marketing strategy after your overall business goals. Plus, such a strategy will remain consistent. And will only change if your team meets its marketing goals.

Moreover, you may also need to revise these goals if there are any significant market changes, for instance, new technological trends or if you launch new products/services. Standard marketing goals include:

• Market development
• Increased brand awareness
• Wider customer base
• Increased sales

4. Understand the market

Market research is one of the essential elements of a marketing strategy. It helps you build the right buyer persona, stay updated on market changes and boost your business performance. Like other steps mentioned earlier, it would be wise to set clear goals for market research. Doing so reduces the scope making it easier to get accurate and relevant results.

Market research involves gathering information such as the market size, demographics, trends, and growth. Pay attention to specific matters like data availability and credibility when undertaking this process.

5. Competitive analysis

The competitive analysis provides valuable information about your competitors, including their pricing, advertisement strategies, plus strengths and weaknesses. Moreover, this process lets you in on your unique value proposition.

To understand your competitor’s strategies, ask yourself the following questions. Are your competitors:

• Attempting to create new markets?
• Trying to expand their market share?
• Bringing in technologically advanced products?

Once you’ve made a competitor profile, here’s how to go about the analysis.

• Examine the competition’s offerings. Start by examining your competitors’ products and their unique properties.
• Establish your competitor’s market share. A comprehensive market share can influence consumer perception and benchmarks for the product/service.
• Identify your company’s competitive position and develop appropriate strategies. Some potential ones include lowering prices, ramping up advertisements, or buying out the competition.

Examples of Successful Marketing Strategies

Here are two notable successful marketing strategies.

Spotify, a music streaming service, found a way to provide its listeners with a unique user experience, setting it apart from other providers. Besides the standard genre filters, Spotify offers users a chance to select music based on their current mood.

Sephora introduced a “Beauty Insider” loyalty program that rewards shoppers based on their spending levels.

• Beauty Insider (no minimum costs)
• VIB (at least $350 spent)
• VIB Rouge ($1000 minimum purchases)

Effective Marketing Strategies and Plans Equal Successful Business Strategy Goals

The success of an organization’s marketing actions requires a great marketing strategy and a good marketing plan. While different, a marketing strategy and plan mesh together to improve brand awareness, facilitate customer acquisition, provide a competitive edge, boost sales performance and ultimately gain a customer and keep a customer.

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