Now that you know the steps for creating your marketing plan, let’s dive into the elements that a high-level marketing plan should include.

Marketing plans can get quite granular to reflect the industry you’re in, whether you’re selling to consumers (B2C) or other businesses (B2B), and how big your digital presence is. Nonetheless, here are the elements every effective marketing plan includes:

Business Summary

In a marketing plan, your Business Summary is exactly what it sounds like: a summary of the organization. This includes:

• The company name.
• Where it’s headquartered.
• A mission statement.

Business Initiatives

The Business Initiatives element of a marketing plan helps you segment the various goals of your department. Be careful not to include big-picture company initiatives, which you’d normally find in a business plan. This section of your marketing plan should outline the projects that are specific to marketing. You’ll also describe the goals of those projects and how those goals will be measured.

Customer Analysis

Here’s where you’ll conduct some basic market research. If your company has already done a thorough market research study, this section of your marketing plan might be easier to put together.

Ultimately, this element of your marketing plan will help you describe the industry you’re selling to and your buyer persona. A buyer persona is a semi-fictional description of your ideal customer, focusing on traits like:

• Age
• Location
• Title
• Goals
• Personal challenges
• Pains
• Triggering events

Competitor Analysis

Your buyer persona has choices when it comes to solving their problems, choices in both the types of solutions they consider and the providers that can administer those solutions. In your market research, you should consider your competition, what they do well, and where the gaps are that you can potentially fill. This can include:

• Positioning
• Market share
• Offerings
• Pricing

SWOT Analysis

Your marketing plan’s Business Summary also includes a SWOT analysis, which stands for the business’s strengths, weaknesses, opportunities, and threats. Be patient with your business’s SWOT analysis; you’ll write most of it based on your market research from the sections above and your strategy below.

Market Strategy

Your Market Strategy uses the information included in the above sections to describe how your company should approach the market. What will your business offer your buyer personas that your competitors aren’t already offering them?

In a full-length marketing plan, this section can contain the “seven Ps of marketing”:

• Product
• Price
• Place
• Promotion
• People
• Process
• Physical Evidence

(You’ll learn more about these seven sub-components inside our free marketing plan template, which you can download below.)

Marketing Plan Budget

Don’t mistake the Budget element of your marketing plan with your product’s price or other company financials. Your budget describes how much money the business has allotted the marketing team to pursue the initiatives and goals outlined in the elements above.

Depending on how many individual expenses you have, you should consider itemizing this budget by what specifically you’ll spend your budget on. Example marketing expenses include:

• Outsourcing costs to a marketing agency and/or other providers
• Marketing software
• Paid promotions
• Events (those you’ll host and/or attend)

Marketing Plan Marketing Channels

Lastly, your marketing plan will include a list of your marketing channels. While your company might promote the product, itself using certain ad space, your marketing channels are where you’ll publish the content that educates your buyers, generates leads, and spreads awareness of your brand.

If you publish (or intend to publish) on social media, this is the place to talk about it. Use the Marketing Channels section of your marketing plan to lay out which social networks you want to launch a business page on, what you’ll use this social network for, and how you’ll measure your success on this network. Part of this section’s purpose is to prove to your superiors, both inside and outside the marketing department, that these channels will serve to grow the business.

Businesses with extensive social media presence might even consider elaborating on their social strategy in a separate social media plan template.

Financial Projections

Knowing the budget and doing analysis on the marketing channels you want to invest in, you should be able to come up with a plan for how much budget to invest in which tactics based on expected ROI. From there, you’ll be able to come up with financial projections for the year. These won’t be 100% accurate but can help with executive planning.