By Claudia Perez| September 2024
My dear readers, owners of small and medium-sized businesses, we begin this post with a suggestive and intriguing question related to a highly important topic that we discussed in some way last week: the Marketing Plan. Today’s post focuses on that final step of drafting our document, a moment that is as important as it is strategic.
Executive Summary
One of the most important steps to consider at this stage of the process is crafting the Executive Summary, which, although usually written at the end, is included at the beginning of our marketing plan. The executive summary should contain our objectives, target market, strategies, and budget.
This section should reflect the company’s mission and how the marketing plan aligns with this mission, objectives, and core values.
Let’s go back to last week’s example about launching a new Caribbean destination for a cruise company “X” and assume that its mission is: “To provide unforgettable adventures and experiences while sailing the high seas, with a commitment to sustainability and excellent customer service.” In this case, we must ensure that our objectives and marketing plan align with the various elements that make up the company’s mission: adventures, unforgettable experiences, commitment to sustainability, and excellence in customer service.
The executive summary is a strategic part of finalizing the marketing plan because it condenses a lot of valuable information. For example: What do we want to achieve? How will we achieve it? Are my goals realistic and attainable? Therefore, my dear entrepreneurs, this element of the plan is essential as it allows us to capture the attention and interest of our readers immediately.
Goals & KPIs
Another step in finalizing the plan is reviewing our Goals and KPIs. For example, one of my objectives for the cruise company “X” marketing plan could be: Increase bookings by 10% for the new Caribbean destination within the first five months of launch. In this case, I need to ensure that the objective is specific, measurable, attainable, relevant, and time-bound.
I must also ensure that there’s a KPI to monitor the achievement of this objective, which could be: The monthly booking growth rate for that new destination. This review exercise should be done individually for each goal, objective, and KPI to ensure everything is logically coherent and aligned
Buyer Persona & Marketing Mix
It’s crucial to have a clear understanding of our target audience and buyer persona. If my buyer persona is a young couple or a retired couple, it’s important to have finalized and detailed profiles of these customers that include, for example: demographic data, interests, values, occupations, needs, frustrations, goals and lifestyles, among other essential elements.
We must also ensure that the elements of the marketing mix (Product, Price, Place, and Promotion) are consistent, aligned, and strategies are finalized. In my marketing plan for cruise company “X”, my marketing mix elements might be briefly outlined as follows: my new tourist destination will be promoted through social media as “all-inclusive” packages to be sold online or through physical travel agencies.
Budget & Implementation Timeline
Reviewing the budget is essential. We must ensure that resources are allocated properly and conduct detailed budget breakdowns and reviews for each strategy. Additionally, it’s important to define the ROI for activity. Creating an implementation timeline is crucial, outlining each tactic along with its execution time, budget, and responsible party.
In summary, my dear readers, in the wrap-up of our document, we focus on a final inspection of the elements that make up the plan. We review that all components are present and that their execution is feasible.
We must remember that plans are always adjustable and can, and should, be modified as necessary based on the monitoring of results. In this regard, Marketing Analytics and the establishment of measurable indicators such as site traffic, social engagement, and lead conversion, among others, play a key role.
Our plan must be actionable for those who will execute it, so it is important to ensure that we have the human, financial, and technological resources for its execution. Once we have conducted our thorough review, we will be ready for the presentation and delivery.
Considering all the above: Do you feel ready to make your marketing plans take off?