The cost of your marketing plan goes a long way to defining the success of your business. Picking the wrong strategies may lead to lacklustre results and budget overruns that put you at a disadvantage against your competitors.
Fortunately, this post can help. In just 10 minutes, you’ll learn the 10-step solution for a low-cost marketing plan and dominate the competition. Here’s what you need to know.
Step 1: Set Your Marketing Goals
Consider what you want your marketing plan to achieve. Think about your initial objectives, such as boosting brand awareness, generating leads, or boosting conversions.
Then write down your goals according to the SMART framework (which we don’t need to go over here).
Step 2: Identify Your Target MarketThe next step is to identify your target market and consider what you’re trying to achieve with your marketing plan. Figure out who your ideal customers are, their demographics, pain points and needs. Collect as much information on them as you can.
Step 3: Analyze Your Competitors
The next step is to analyze your competitors and think more carefully about how to interact in the same marketplace as them. You want your strategies to make sense in light of the broader context.
Write down what you can learn from them, and how you can potentially do things better or differently.
Step 4: Choose Your Top Marketing Channels
After that, you’ll want to consider your top marketing channels and figure out how to attract an audience that way. What are the best channels to use based on your goal, budget, and audience?
You have multiple options here. These include:-
- Your website
Which you choose (or which combination you choose) will depend considerably on the business type you run and the people you want to reach. Generally speaking, PPC and SEO are the most targeted, with social media coming in a close second. Companies with more general audiences may be able to opt for more generalist channels.
Step 5: Create Marketing Content
Now you should be ready to actually start creating marketing content. You can do this in-house, but as Catalyst Marketing Agency points out, it’s usually cheaper to go to a third party. Many services offer enterprise-level support for the price of a single marketing employee.
Try to write compelling content that matches your brand. Make it clear and concise. And keep sentences short. Avoid the temptation to endlessly waffle on about what you’re doing, and why you’re doing it. That’s never a good approach.
Step 6: Set Your Marketing Budget
The next step is to set your marketing budget and detail how much you can afford. Again, you’ll want to consider your options here. If you’re not sure how to allocate money, you can always go to a marketing agency and get a consultation. They can look at your business and tell you how much you should be spending and where.
Step 7: Put Your Marketing Plan Into Action
A marketing plan isn’t much use unless you use it. Therefore, put your marketing plan into action and get the whole thing up and running. Consider:-
- The resources you need
- The tool that could help you
- Any automation that might be possible
- Who will be in charge of the plan, and who will support them
- The methods you’ll use to execute your marketing plan
Step 8: Monitor Your Marketing Plan
As you launch, you’ll also want to consider how you’ll monitor your marketing plan. This way, you can measure performance, metrics and indicators to track results. Consider how often you’re going to check in with your plan and see how you are faring. Weekly, monthly or quarterly? Also, consider which tools you’ll use to keep an eye on your progress. You’ll want to incorporate it into your regular schedule to ensure you get everything done and don’t skip anything, even if you are tempted to do so.
Step 9: Evaluate Your Plan
Measuring your plan is great, but evaluating it is even better. This tactic lets you see whether it’s working and how you can improve it.
All brands modify their marketing methods over time to suit their purposes. It’s not a weakness.
Once you have comprehensive data on your marketing, the sky’s the limit.
Step 10: Improve Your Marketing Plan
Lastly, you’ll want to use a combination of data and analysis to improve your marketing plan. Consider what adjustments you need to make and which will be the most cost-effective in achieving better results. Write down the actions you’ll take and implement them.