In 2020, 45% of companies didn’t have a defined marketing strategy for their business. Whether this is due to a lack of knowledge, funds, or trained marketers, each minute you spend without marketing, you lose money.

This is where planning your marketing activities comes into play. Outlining them for the following quarter or the entire year can save you tons of time, money, and stress.

Keep reading to learn how to write a detailed company marketing plan for your business and what to include to make it work.

Make an Initial Outline

A good marketing plan starts with an initial outline of all the things and points you’ll include in this document. It needs to include your advertising budget, marketing channels, and the goals you want to achieve with your marketing activities. You can develop it and change it as you go and switch up your goals as you start to see what works and what doesn’t.

Define Your Marketing Budget

After you make an outline, it’s time to define your marketing budget based on the steps in your marketing strategy. For example, social media ads may take up a huge chunk of your budget since an online presence is the fastest way to grow. Then, you may need a budget for billboards, TV commercials, radio advertising, and podcasts, which you can learn more about in this article.

Define Your Business Goals and Objectives

Every business marketing activity needs to accomplish some type of business goal. For instance, by building a social media presence, the goal is to promote your business to a wide audience, expand your customer base, and boost sales. Additionally, train advertising is great for businesses who want to reach as many people as possible in a way that is non-intrusive.

With TV commercials, your goal is to introduce your business to people, tell your brand story, and connect with them on a more personal level. Objectives and goals need to follow the S.M.A.R.T. formula: Specific, Measurable, Achievable, Relevant, and Time-bound.

Decide On Your Marketing Channels

There are endless possibilities for business advertising but not all of them are the best choice for your company. If you know who your target customers are and where they hang out, this is where you need to be as well.

If they’re on social media, you need to start creating content regularly in order to attract their attention. If they’re a generation that watches TV more, commercials and TV interviews are where you need to be.

Your marketing channels will then determine the time, effort, and money you’ll spend, as well as the types of goals you can expect to accomplish.

Do a Competitor Analysis

If you want to keep up with the trends and get ahead of your competition, you need to analyze your competitors to see what they’re doing to market themselves.

This doesn’t mean copying their every move or advertising plan but rather knowing where you can do better and outdo them. Find out what their weak spots are and how you can capitalize on them in your own business.

Competition is a great way to discover your own weaknesses as well and see where you can improve your business and marketing activities.

These Tips Will Help You Create a Detailed Company Marketing Plan

Whether you’re a new business owner or have an existing business, having a company marketing plan will spring your business forward. From defining your marketing channels to knowing how much money you should spend on advertising, this is the best way to take your business to the next level.

Want more business and marketing tips? Head over to our blog where we talk all about growing your business, attracting more customers, and mastering the art of selling.