- 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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291 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.
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.
Comparisons may contain inaccurate information about people, places, or facts. Please report any issues.
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:
- Business Plan : A business plan is like a map that shows how a business will work and grow. It includes goals, how to reach them, and how to handle challenges. It helps people understand what the business does and how it will make money.
- Marketing Plan : A marketing plan is a plan that explains how a business will let people know about its products or services. It includes ways to reach customers, like ads or social media. The goal is to make people interested in what the business offers.
Now, let’s get to Business Plan vs Marketing Plan:
Major differences between Business Plan and Marketing Plan
So, these are the main differences between the entities.
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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.
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Blog Marketing What is a Marketing Plan & How to Create One [with Examples]
What is a Marketing Plan & How to Create One [with Examples]
Written by: Sara McGuire Oct 26, 2023
A marketing plan is a blueprint that outlines your strategies to attract and convert your ideal customers as a part of your customer acquisition strategy. It’s a comprehensive document that details your:
- Target audience: Who you’re trying to reach
- Marketing goals: What you want to achieve
- Strategies and tactics: How you’ll reach your goals
- Budget: Resources you’ll allocate
- Metrics: How you’ll measure success
In this article, I’ll explain everything you need to know about creating a marketing plan . If you need a little extra help, there are professionally designed marketing plan templates that’ll make the process much easier. So, let’s ditch the confusion and get started!
Click to jump ahead:
What is a marketing plan?
How to write a marketing plan , 9 marketing plan examples to inspire your growth strategy.
- Marketing plan v.s. business plan
- Types of marketing plans
Marketing plan FAQs
A marketing plan is a report that outlines your marketing strategy for your products or services, which could be applicable for the coming year, quarter or month.
Watch this quick, 13-minute video for more details on what a marketing plan is and how to make one yourself:
Typically, a marketing plan includes:
- An overview of your business’s marketing and advertising goals
- A description of your business’s current marketing position
- A timeline of when tasks within your strategy will be completed
- Key performance indicators (KPIs) you will be tracking
- A description of your business’s target market and customer needs
- A description of how you will measure marketing plan performance
For example, this marketing plan template provides a high-level overview of the business and competitors before diving deep into specific goals, KPIs and tactics:
Learning how to write a marketing plan forces you to think through the important steps that lead to an effective marketing strategy . And a well-defined plan will help you stay focused on your high-level marketing goals.
With Venngage’s extensive catalog of marketing plan templates, creating your marketing plan isn’t going to be hard or tedious. In fact, Venngage has plenty of helpful communications and design resources for marketers. If you’re ready to get started, sign up for Venngage for Marketers now. It’s free to register and start designing.
Whether you’re a team trying to set smarter marketing goals, a consultant trying to set your client in the right direction, or a one-person team hustling it out, Venngage for Marketers helps you get things done.
As mentioned above, the scope of your marketing plan varies depending on its purpose or the type of organization it’s for.
For example, you could look for performance marketing agency to create a marketing plan that provides an overview of a company’s entire marketing strategy:
A typical outline of a marketing plan includes:
- Executive summary
- Goals and objectives
- User personas
- Competitor analysis/SWOT analysis
- Baseline metrics
- Marketing strategy
- Tracking guidelines
Below you will see in details how to write each section as well as some examples of how you can design each section in a marketing plan.
Let’s look at how to create a successful marketing plan (click to jump ahead):
- Write a simple executive summary
- Set metric-driven marketing goals
- Outline your user personas
- Research all of your competitors
- Set accurate key baselines & metrics
- Create an actionable marketing strategy
- Set tracking or reporting guidelines
1. Write a simple executive summary
Starting your marketing plan off on the right foot is important. You want to pull people into your amazing plan for marketing domination. Not bore them to tears.
One of the best ways to get people excited to read your marketing plan is with a well-written executive summary. An executive summary introduces readers to your company goals, marketing triumphs, future plans, and other important contextual facts.
Basically, you can use the Executive Summary as a primer for the rest of your marketing plan.
Include things like:
- Simple marketing goals
- High-level metrics
- Important company milestones
- Facts about your brand
- Employee anecdotes
- Future goals & plans
Try to keep your executive summary rather brief and to the point. You aren’t writing a novel, so try to keep it under three to four paragraphs.
Take a look at the executive summary in the marketing plan example below:
The executive summary is only two paragraphs long — short but effective.
The executive summary tells readers about the company’s growth, and how they are about to overtake one of their competitors. But there’s no mention of specific metrics or figures. That will be highlighted in the next section of the marketing plan.
An effective executive summary should have enough information to pique the reader’s interest, but not bog them down with specifics yet. That’s what the rest of your marketing plan is for!
The executive summary also sets the tone for your marketing plan. Think about what tone will fit your brand ? Friendly and humorous? Professional and reliable? Inspiring and visionary?
2. Set metric-driven marketing goals
After you perfect your executive summary, it’s time to outline your marketing goals.
(If you’ve never set data-driven goals like this before, it would be worth reading this growth strategy guide ).
This is one of the most important parts of the entire marketing plan, so be sure to take your time and be as clear as possible. Moreover, optimizing your marketing funnel is key. Employing effective funnel software , along with CRO tools , can simplify operations and provide valuable customer insights. It facilitates lead tracking, conversion rate analysis, and efficient marketing optimization .
As a rule of thumb, be as specific as possible. The folks over at VoyMedia advise that you should set goals that impact website traffic, conversions, and customer success — and to use real numbers. Complement your goals with website optimization tools (e.g., A/B testing speed with Nostra – check Nostra AI review to learn more) to further improve conversions.
Avoid outlining vague goals like:
- Get more Twitter followers
- Write more articles
- Create more YouTube videos (like educational or Explainer videos )
- Increase retention rate
- Decrease bounce rate
Instead, identify key performance metrics (KPI) you want to impact and the percentage you want to increase them by.
Take a look at the goals page in the marketing plan example below:
They not only identify a specific metric in each of their goals, but they also set a timeline for when they will be increased.
The same vague goals listed earlier become much clearer when specific numbers and timelines are applied to them:
- Get 100 new Twitter followers per month
- Write 5 more articles per week
- Create 10 YouTube videos each year
- Increase retention rate by 15% by 2020
- Decrease bounce rate by 5% by Q1
- Create an online course and get 1,000 new leads
- Focus more on local SEO strategies
- Conduct a monthly social media report to track progress
You can dive even deeper into your marketing goals if you want (generally, the more specific, the better). Here’s a marketing plan example that shows how to outline your growth goals:
3. Outline your user personas
Now, this may not seem like the most important part of your marketing plan, but I think it holds a ton of value.
Outlining your user personas is an important part of a marketing plan that should not be overlooked.
You should be asking not just how you can get the most visitors to your business, but how you can get the right visitors.
Who are your ideal customers? What are their goals? What are their biggest problems? How does your business solve customer problems?
Answering these questions will take lots of research, but it’s essential information to get.
Some ways to conduct user research are:
- Interviewing your users (either in person or on the phone)
- Conducting focus groups
- Researching other businesses in the same industry
- Surveying your audience
Then, you will need to compile your user data into a user persona guide.
Take a look at how detailed this user persona template is below:
Taking the time to identify specific demographic traits, habits and goals will make it easier for you to cater your marketing plan to them.
Here’s how you can create a user persona guide:
The first thing you should add is a profile picture or icon for each user persona. It can help to put a face to your personas, so they seem more real.
Next, list demographic information like:
- Identifiers
- Activities/Hobbies
The user persona example above uses sliding scales to identify personality traits like introversion vs. extroversion and thinking vs. feeling. Identifying what type of personality your target users tend to have an influence on the messaging you use in your marketing content.
Meanwhile, this user persona guide identifies specific challenges the user faces each day:
But if you don’t want to go into such precise detail, you can stick to basic information, like in this marketing plan example:
Most businesses will have a few different types of target users. That’s why it’s pertinent to identify and create several different user personas . That way, you can better segment your marketing campaigns and set separate goals, if necessary.
Here’s a marketing plan example with a segmented user persona guide:
The important thing is for your team or client to have a clear picture of who their target user is and how they can appeal to their specific problems.
Start creating robust user personas using Venngage’s user persona guide .
4. Conduct an extensive competitor analysis
Next, on the marketing plan checklist, we have the competitor research section. This section will help you identify who your competitors are, what they’re doing, and how you could carve yourself a place alongside them in your niche — and ideally, surpass them. It’s something you can learn to do with rank tracking software .
Competitor research is also incredibly important if you are starting a blog .
Typically, your competitor research should include:
- Who their marketing team is
- Who their leadership team is
- What their marketing strategy and strategic marketing plan are (this will probably revolve some reverse-engineering)
- What their sales strategy is (same deal)
- Social Media strategy (are they using discounting strategies such as coupon marketing to get conversions)
- Their market cap/financials
- Their yearly growth (you will probably need to use a marketing tool like Ahrefs to do this)
- The number of customers they have & their user personas
Also, take as deep a dive as you can into the strategies they use across their:
- Blog/Content marketing
- Social media marketing
- SEO Marketing
- Video marketing
- And any other marketing tactics they use
Research their strengths and weaknesses in all parts of their company, and you will find some great opportunities. Bookmark has a great guide to different marketing strategies for small businesses if you need some more information there.
You can use this simple SWOT analysis worksheet to quickly work through all parts of their strategy as well:
Click the template above to create a SWOT chart . Customize the template to your liking — no design know-how needed.
Since you have already done all the research beforehand, adding this information to your marketing plan shouldn’t be that hard.
In this marketing plan example, some high-level research is outlined for 3 competing brands:
But you could take a deeper dive into different facets of your competitors’ strategies. This marketing plan example analyses a competitor’s inbound marketing strategy :
It can also be helpful to divide your competitors into Primary and Secondary groups. For example, Apple’s primary competitor may be Dell for computers, but its secondary competitor could be a company that makes tablets.
Your most dangerous competitors may not even be in the same industry as you. Like the CEO of Netflix said, “Sleep is our competition.”
5. Set accurate key baselines & metrics
It’s pretty hard to plan for the future if you don’t know where your business stands right now.
Before we do anything at Venngage, we find the baselines so we can compare future results to something. We do it so much it’s almost like second nature now!
Setting baselines will allow you to more accurately track your progress. You will also be able to better analyze what worked and what didn’t work, so you can build a stronger strategy. It will definitely help them clearly understand your goals and strategy as well.
Here’s a marketing plan example where the baselines are visualized:
Another way to include baselines in your plan is with a simple chart, like in the marketing plan example below:
Because data can be intimidating to a lot of people, visualizing your data using charts and infographics will help demystify the information.
6. Create an actionable marketing strategy
After pulling all the contextual information and relevant metrics into your marketing plan, it’s time to break down your marketing strategy.
Once again, it’s easier to communicate your information to your team or clients using visuals .
Mind maps are an effective way to show how a strategy with many moving parts ties together. For example, this mind map shows how the four main components of a marketing strategy interact together:
You can also use a flow chart to map out your strategy by objectives:
However you choose to visualize your strategy, your team should know exactly what they need to do. This is not the time to keep your cards close to your chest.
Your strategy section may need to take up a few pages to explain, like in the marketing plan example below:
With all of this information, even someone from the development team will understand what the marketing team is working on.
This minimalistic marketing plan example uses color blocks to make the different parts of the strategy easy to scan:
Breaking your strategy down into tasks will make it easier to tackle.
Another important way to visualize your marketing strategy is to create a project roadmap. A project roadmap visualizes the timeline of your product with individual tasks. Our roadmap maker can help you with this.
For example, this project roadmap shows how tasks on both the marketing and web design side run parallel to each other:
A simple timeline can also be used in your marketing plan:
Or a mind map, if you want to include a ton of information in a more organized way:
Even a simple “Next, Now, Later” chart can help visualize your strategy:
7. Set tracking or reporting guidelines
Close your marketing plan with a brief explanation of how you plan to track or measure your results. This will save you a lot of frustration down the line by standardizing how you track results across your team.
Like the other sections of your marketing plan, you can choose how in-depth you want to go. But there need to be some clear guidelines on how to measure the progress and results of your marketing plan.
At the bare minimum, your results tracking guidelines should specify:
- What you plan to track
- How you plan to track results
- How often you plan to measure
But you can more add tracking guidelines to your marketing plan if you see the need to. You may also want to include a template that your team or client can follow, for client reporting , ensure that the right metrics are being tracked.
The marketing plan example below dedicates a whole page to tracking criteria:
Use a task tracker to track tasks and marketing results, and a checklist maker to note down tasks, important life events, or tracking your daily life.
Similarly, the marketing plan example below talks about tracking content marketing instead:
Marketing plan vs. marketing strategy
Although often used interchangeably, the terms “marketing plan” and “marketing strategy” do have some differences.
Simply speaking, a marketing strategy presents what the business will do in order to reach a certain goal. A marketing plan outlines the specific daily, weekly, monthly or yearly activities that the marketing strategy calls for. As a business, you can create a marketing proposal for the marketing strategies defined in your company’s marketing plan. There are various marketing proposal examples that you can look at to help with this.
A company’s extended marketing strategy can be like this:
Notice how it’s more general and doesn’t include the actual activities required to complete each strategy or the timeframe those marketing activities will take place. That kind of information is included in a marketing plan, like this marketing plan template which talks about the content strategy in detail:
1. Nonprofit marketing plan
Here’s a free nonprofit marketing plan example that is ideal for organizations with a comprehensive vision to share. It’s a simple plan that is incredibly effective. Not only does the plan outline the core values of the company, it also shares the ideal buyer persona.
Note how the branding is consistent throughout this example so there is no doubt which company is presenting this plan. The content plan is an added incentive for anyone viewing the document to go ahead and give the team the green light.
2. Social media marketing plan
Two-page marketing plan samples aren’t very common, but this free template proves how effective they are. There’s a dedicated section for business goals as well as for project planning.
The milestones for the marketing campaign are clearly laid out, which is a great way to show how organized this business strategy is.
3. Small business marketing plan
This marketing plan template is perfect for small businesses who set out to develop an overarching marketing strategy for the whole year:
Notice how this aligns pretty well with the marketing plan outline we discussed in previous sections.
In terms of specific tactics for the company’s marketing strategy, the template only discusses SEO strategy, but you can certainly expand on that section to discuss any other strategies — such as link building , that you would like to build out a complete marketing plan for.
4. Orange simple marketing proposal template
Marketing plans, like the sample below, are a great way to highlight what your business strategy and the proposal you wan to put forward to win potential customers.
5. One-page marketing plan
This one-page marketing plan example is great for showcasing marketing efforts in a persuasive presentation or to print out for an in-person meeting.
Note how the fact sheet breaks down the marketing budget as well as the key metrics for the organization. You can win over clients and partners with a plan like this.
6. Light company business fact sheet template
This one-page sample marketing plan clearly outlines the marketing objectives for the organization. It’s a simple but effective way to share a large amount of information in a short amount of time.
What really works with this example is that includes a mission statement, key contact information alongside all the key metrics.
7. Marketing media press kit template
This press kit marketing plan template is bright and unmistakable as belonging to the Cloud Nine marketing agency . The way the brand colors are used also helps diversify the layouts for each page, making the plan easier to read.
We like the way the marketing department has outlined the important facts about the organization. The bold and large numbers draw the eye and look impressive.
8. Professional marketing proposal template
Start your marketing campaign on a promising note with this marketing plan template. It’s short, sharp and to the point. The table of contents sets out the agenda, and there’s a page for the company overview and mission statement.
9. Social media marketing proposal template
A complete marketing plan example, like the one below, not only breaks down the business goals to be achieved but a whole lot more. Note how the terms and conditions and payment schedule are included, which makes this one of the most comprehensive marketing plans on our list.
Marketing plan vs. business plan
While both marketing plans and business plans are crucial documents for businesses, they serve distinct purposes and have different scopes. Here’s a breakdown of the key differences:
Business plan is a comprehensive document that outlines all aspects of your business, including:
- Mission and vision
- Products or services
- Target market
- Competition
- Management team
- Financial projections
- Marketing strategy (including a marketing plan)
- Operations plan
Marketing plan on the other hand, dives deep into the specific strategies and tactics related to your marketing efforts. It expands on the marketing section of a business plan by detailing:
- Specific marketing goals (e.g., brand awareness, lead generation, sales)
- Target audience analysis (detailed understanding of their needs and behaviors)
- Product: Features, benefits, positioning
- Price: Pricing strategy, discounts
- Place: Distribution channels (online, offline)
- Promotion: Advertising, social media, content marketing, public relations
- Budget allocation for different marketing activities
- Metrics and measurement to track progress and success
In short, business plans paint the entire business picture, while marketing plans zoom in on the specific strategies used to reach your target audience and achieve marketing goals.
Types of marketing plans that can transform your business strategy
Let’s take a look at several types of marketing plans you can create, along with specific examples for each.
1. General marketing strategic plan / Annual marketing plan
This is a good example of a marketing plan that covers the overarching annual marketing strategy for a company:
Another good example would be this Starbucks marketing plan:
This one-page marketing plan example from coffee chain Starbucks has everything at a glance. The bold headers and subheadings make it easier to segment the sections so readers can focus on the area most relevant to them.
What we like about this example is how much it covers. From the ideal buyer persona to actional activities, as well as positioning and metrics, this marketing plan has it all.
Another marketing plan example that caught our eye is this one from Cengage. Although a bit text-heavy and traditional, it explains the various sections well. The clean layout makes this plan easy to read and absorb.
The last marketing plan example we would like to feature in this section is this one from Lush cosmetics.
It is a long one but it’s also very detailed. The plan outlines numerous areas, including the company mission, SWOT analysis , brand positioning, packaging, geographical criteria, and much more.
2. Content marketing plan
A content marketing plan highlights different strategies , campaigns or tactics you can use for your content to help your business reach its goals.
This one-page marketing plan example from Contently outlines a content strategy and workflow using simple colors and blocks. The bullet points detail more information but this plan can easily be understood at a glance, which makes it so effective.
For a more detailed content marketing plan example, take a look at this template which features an editorial calendar you can share with the whole team:
3. SEO marketing plan
Your SEO marketing plan highlights what you plan to do for your SEO marketing strategy . This could include tactics for website on-page optimization , off-page optimization using AI SEO , and link building using an SEO PowerSuite backlink API for quick backlink profile checks. Additionally, incorporating a rank tracker can help monitor keyword performance and track the impact of your optimization efforts.
This SEO marketing plan example discusses in detail the target audience of the business and the SEO plan laid out in different stages:
4. Social media marketing plan
Your social media marketing plan presents what you’ll do to reach your marketing goal through social media. This could include tactics specific to each social media channel that you own, recommendations on developing a new channel, specific campaigns you want to run, and so on, like how B2B channels use Linkedin to generate leads with automation tools and expand their customer base; or like making use of Twitter walls that could display live Twitter feeds from Twitter in real-time on digital screens.
For B2C brands, you can target Facebook and Instagram. Gain Instagram likes to build trust for your brand’s profile and post engaging content on both platforms. Leverage AI social media tools to automate and scale your content plan..
Edit this social media marketing plan example easily with Venngage’s drag-and-drop editor:
5. Demand generation marketing plan
This could cover your paid marketing strategy (which can include search ads, paid social media ads, traditional advertisements, etc.), email marketing strategy and more. Here’s an example:
What should marketing plans include?
Marketing plans should include:
- A detailed analysis of the target market and customer segments.
- Clear and achievable marketing objectives and goals.
- Strategies and tactics for product promotion and distribution.
- Budget allocation for various marketing activities.
- Timelines and milestones for the implementation of marketing strategies.
- Evaluation metrics and methods for tracking the success of the marketing plan.
What is an executive summary in a marketing plan and what is its main goal?
An executive summary in a marketing plan is a brief overview of the entire document, summarizing the key points, goals, and strategies. Its main goal is to provide readers with a quick understanding of the plan’s purpose and to entice them to read further.
What are the results when a marketing plan is effective?
When a marketing plan is effective, businesses can experience increased brand visibility, higher customer engagement , improved sales and revenue, and strengthened customer loyalty.
What is the first section of a marketing plan?
The first section of a marketing plan is typically the “Executive Summary,” which provides a concise overview of the entire plan, including the business’s goals and the strategies to achieve them.
Now that you have the basics for designing your own marketing plan, it’s time to get started:
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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
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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.
Discover the distinctions between a business plan and a marketing plan. Understand their unique roles, structures, and how they interplay in business success.
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.
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.
Marketing plan vs. business plan While both marketing plans and business plans are crucial documents for businesses, they serve distinct purposes and have different scopes. Here’s a breakdown of the key differences:
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...