what is the difference between business plan and marketing plan

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• 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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1 Comments:

241 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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The Difference Between a Marketing Plan & a Business Plan: How to Distinguish Between the Two (& Use Both to Accelerate Your Success)

Table of contents.

Planning to succeed

They say that ‘if you fail to plan, you plan to fail.’ This is a major factor in why 9 out of 10 businesses never make it past the 5-year mark. So if planning is on your mind, you are already ahead of the game.

But when you start to look at possible plans for your new enterprise, it gets confusing very quickly. You may have heard people talking about both business plans and marketing plans. Are these the same thing, or are there differences? If so, which should you choose—or do you need both?  

In this article, I’ll take a close look at business and marketing plans, discussing how they fit into your overall success strategy. I’ll clarify what each plan is for and explain how to leverage them to your advantage.

Business plan vs. marketing plan

Business plans and marketing plans are distinct and have different purposes. Yet they both play a vital role in ensuring business success. So how are they different?

Business plan

A business plan sets out the overall strategy for your business. It defines the company’s overall aims, and objectives then maps out a course for achieving them.

This plan keeps the executive team focused on the right goals, ensuring that everyone works together to achieve success. It also plays a crucial role in helping the start up and small business raise money. Banks and other investors will expect to see a business plan that clarifies how their money will be used—and how they will achieve a return on investment.

A sound business plan will typically include:

• Market research data
• Competitive analysis
• A mission statement
• Financial projections
• A sales and marketing strategy
• An operating plan

Marketing plan

A marketing plan is much narrower in its focus. As the name suggests, it is only concerned with how you will achieve sales. Of course, every business needs healthy sales to survive, so marketing deserves special attention.

A typical marketing plan might cover:

• The target market
• The value proposition of the brand
• The sales targets for future quarters
• Campaigns to be executed
• A timeline for completing campaigns
• The metrics used to measure success

A marketing plan is essentially a sub-set of a business plan, providing extra detail on one critically-important area of operation.

Creating your business plan

There are many ways to write your business plan, but the two most popular options are:

• Traditional business plan format
• Lean startup plan format

Let’s examine how you should structure each of these:

Traditional business plan

Conventional business plans are more comprehensive, including a lot of detail. This format is a good choice if you’re aiming to raise money from banks or financial institutions. Your plan is likely to include these elements:

• Executive summary: a top-level overview of what the business will do and why it’s likely to be successful
• Company description: detail about the problems your business solves and why your company is qualified to provide solutions
• Market analysis: insights into the current state of the market, strengths and weaknesses of competitors, and opportunities to innovate
• Organizational structure: details concerning the legal structure of the business and the executive team who will lead operations
• Products and services: explain the offers you will present to the market and how you will gain a competitive advantage
• Marketing and sales: your strategy for reaching potential customers and achieving sales
• Operating plan: outline how the business will operate in terms of locations, number of employees, etc.
• Funding requirements: detail the financial requirements of the business and how you expect these to be fulfilled
• Financial projections: show your forecasts for revenue and expenses in the quarters ahead
• Appendix: add any additional supporting documents that strengthen your case

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Lean startup plan

If you’re looking to raise money from venture capital companies or angel investors, the lean startup plan might be the right choice. This format is designed to be a quick read, giving busy investors the critical info they need to make a decision.

  Core components of a lean startup plan typically include:

• Business overview: provide a clear overview of what your business will do and how it will operate
• Key partnerships: list the manufacturers, suppliers, subcontractors, and other strategic partners critical to your success
• Key activities: describe how your business will gain an edge over competitors (from innovative technology to a more efficient sales system)
• Key resources: explain how intellectual property, staff, capital, or other assets will help you succeed
• Value proposition: provide a compelling statement that shows how your company is different and what this means to investors and stakeholders
• Customer relationships: show how your business will interact with prospects and clients (define the entire customer experience)
• Customer segments: demonstrate a clear understanding of who your most important prospective customers are
• Channels: define the key channels you will use to reach people in your target market
• Cost structure: explain whether you will prioritize reducing costs or maximizing value to customers
• Revenue streams: break down all the income streams your company will use to generate sales and profit

Creating your marketing plan

Once you’ve achieved any funding required and gotten your business off the ground, it’s time to focus on your marketing strategy. You can use the ‘Marketing & Sales’ element in your business plan as your starting point, expanding as necessary to create a comprehensive and detailed marketing plan.

You may include any or all of the following elements:

• Business objectives: it’s essential that your marketing plan stays aligned with the overall business targets, so this is an excellent place to start
• Marketing goals: define exactly what you want to achieve in terms of increased sales, higher margins, improved average order value, etc.
• Market research: provide informed insights into the size and growth of your intended market, together with the opportunities it presents
• Target audience: identify the demographics of your intended audience, and describe your ‘perfect customer’ avatar
• Messaging: describe the brand messages, unique selling propositions, and competitive advantages you intend to convey
• Pricing and positioning: determine whether you will be seeking volume sales with lower prices or higher margins with premium positioning
• Budget: outline the spending requirements for your proposed campaigns, ensuring that all likely costs are included
• Timing: set out a timeframe for executing the marketing plan, including timescales for all advertising and promotional campaigns
• Roles: clarify who will be involved in putting the plan into action, including managers, employees, agencies, and suppliers
• Key Performance Indicators: define what success will look like in terms of metrics that move the needle in your business

Get the right plan

Whatever the nature of your business, you should have both a business plan and a marketing plan in place. These will be the guides that keep you firmly on track for success.

  But putting these plans together from scratch can be daunting. That’s where I can help. As a marketing broker with over ten years of experience, I’ve helped countless businesses get their startup off the ground.

  If you need help turning your new venture into an unstoppable success, be sure to get in touch. We can talk through your business and marketing needs, keeping you on track to grow sales and profits.

  With the right plan to follow, there’s no limit to how much you can achieve. Let’s make it happen!

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What Is The Difference Between A Business Plan and A Marketing Plan

hi, i’m olivia jenkins.

I mentor visonary CEOs in the health, beauty, and lifestyle sectors, guiding them through scaling their businesses from startup to $30m turnover.

Whether you're looking to develop magnetic leadership, build a bulletproof business, or achieve iconic brand status—I'm here to support you with your ambitious growth goals to help you reach cult-like status.

In the dynamic and ever-evolving world of business, success is rarely just about luck – it’s the result of meticulous planning, thoughtful strategy, and a clear vision that guides every step forward.

Two essential roadmaps in this planning journey are the business plan and the marketing plan. While often used interchangeably, these two blueprints serve distinct purposes, each contributing uniquely to the overall success of a business.

Whether you're new to the business game or a seasoned pro looking to fine-tune your strategies, understanding these two plans' ins and outs is key. So, let’s explore what sets a business plan apart from a marketing plan.

What is a Business Plan?

A business plan is a comprehensive document that outlines the details of a specific business venture or project. It provides a roadmap for the successful establishment, operation, and growth of the business. A business plan typically focuses on a shorter time frame, typically ranging from one to three years.

Key components typically included in a business plan include:

• Executive Summary – A concise overview of the business plan that highlights its key points and provides a snapshot of the business opportunity, market, and financial projections.
• Business Description – A detailed description of the business, including its legal structure, mission statement, products or services offered, target market, competitive advantage, and unique selling proposition.
• Market Analysis – A thorough analysis of the target market, industry trends, customer demographics, competition, and market size. It helps identify the target audience and understand the market dynamics and potential opportunities.
• Organisation and Management – Information about the legal structure of the business, key management team members, their roles and responsibilities, and the organisational structure. This section demonstrates the qualifications and expertise of the management team.
• Product or Services – A description of the products or services offered by the business, their features, benefits, and unique selling points. It highlights how the offerings fulfill customer needs and differentiate the business from competitors.
• Marketing and Sales Strategy – A detailed plan for marketing the products or services and attracting customers. This includes branding, pricing strategy, distribution channels, promotional activities, and customer acquisition tactics.
• Operational Plan – An outline of the day-to-day operations and processes required to deliver the products or services. It covers aspects such as location, facilities, production or service delivery methods, suppliers, and quality control measures.
• Financial Projections – Detailed financial forecasts, including income statements, balance sheets, cash flow statements, and break-even analysis. It includes projected sales, expenses, profitability, and funding requirements. This section demonstrates the financial viability and potential return on investment.
• Funding Request – If seeking external funding, this section outlines the funding requirements, the purpose of the funds, and the proposed repayment or return on investment terms. It provides a compelling case for investors or lenders to support the business.
• Risk Assessment – Identifying potential risks and challenges that the business may face and developing strategies to mitigate or manage them. This includes market risks, operational risks, legal and regulatory risks, and financial risks.

A well-developed business plan serves multiple purposes. It helps entrepreneurs clarify their business concept, evaluate its feasibility, secure financing, and guide the operations and growth of the business.

What is a marketing plan?

A marketing plan is a detailed document that outlines the specific actions, tactics, and strategies that a business will implement to achieve its marketing goals. It serves as a roadmap that guides the execution of marketing activities and ensures alignment with the overall business objectives. A marketing plan typically includes an analysis of the market, target audience, competition, and the business's unique value proposition. It also outlines the marketing objectives, target market segmentation, positioning, pricing, distribution channels, promotional activities, and metrics for measuring success. The plan provides a clear and organised framework for implementing marketing initiatives and tracks progress towards achieving desired outcomes.

Here are some key comparisons between a Business Plan and a Marketing Plan:

While a business plan sets the stage and defines the big picture, a marketing plan will showcase your offerings and resonate with your audience. These plans work hand in hand, one providing the overarching structure and the other injecting the vibrancy and allure that propel your business forward.

Armed with a solid business plan and a well-crafted marketing strategy, you'll be equipped to navigate the complexities of the business world with confidence.

Not sure where to start? For just $47 you can download my Business Plan template which will help  steer your business in the right direction as you grow, reach your milestones on time and help you bring on new partners or receive funding. It doesn't need to become a complicated process - all you have to do is fill in the blanks!

CLICK HERE to download your copy. 🤍 

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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

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.

Guilherme Mazui

• What is the Difference Between Business Plan and Marketing Plan?

The main difference between a business plan and a marketing plan lies in their scope and focus. Here are the key differences between the two:

• Scope : A business plan is a comprehensive document that covers all aspects of a company's operations, including finance, operations, supply chains, human resources, and marketing. On the other hand, a marketing plan is a more focused document that outlines a company's marketing strategies, tactics, and activities, focusing on the four Ps of marketing: product, price, place, and promotion.
• Purpose : A business plan serves as a decision-making tool and is typically used to secure funding from investors, as well as to guide the company's decision-making processes and operations. A marketing plan, on the other hand, is used to guide the implementation of marketing activities and campaigns, with the aim of achieving the company's overall goals and objectives.
• Period : Business plans usually cover a longer period, such as five years, while marketing plans typically cover a shorter period, such as one year.
• Interdependence : The business plan and marketing plan are interdependent and must be consistent with one another. 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.

In summary, a business plan is a broad document that covers all aspects of a business, while a marketing plan is a focused document that outlines a company's marketing strategy, tactics, and activities. Both plans serve different purposes and cover different areas, but they are interconnected and should be consistent with one another.

Comparative Table: Business Plan vs Marketing Plan

The main difference between a business plan and a marketing plan lies in their scope and focus. Here is a table comparing the two:

A business plan is a comprehensive document that outlines the overall goals, objectives, strategies, and operations of a business. On the other hand, a marketing plan is a specific document that focuses on the marketing strategy, tactics, and activities that facilitate the sale of the company's products or services.

• Marketing Strategy vs Marketing Plan
• Marketing vs Business Development
• Corporate Strategy vs Marketing Strategy
• Marketing vs Selling
• Business Model vs Strategy
• Market vs Marketing
• Sales vs Marketing
• Branding vs Marketing
• Product Marketing vs Service Marketing
• Marketing vs Advertising
• Marketing vs Promotion
• Market Research vs Marketing Research
• Corporate Planning vs Strategic Planning
• Strategic Marketing vs Strategic Management
• Corporate Strategy vs Business Strategy
• B2B vs B2C Marketing
• Action Plan vs Strategy
• Selling Concept vs Marketing Concept
• Marketing vs Public Relations

• Entrepreneurship
• Starting a Business
• My #1 Online Biz
• Business Planning
• Advertising
• Content Marketing
• Digital Marketing
• Public Relations
• Business Model
• Financial Forecasting

Market Research

• Risk Management
• Business Plan
• Conferences
• Online Communities
• Professional Associations
• Social Media
• Human Resource
• Productivity
• Legal Requirements
• Business Structure
• Mission Statement
• Financial Plan
• Market Analysis
• Operational Plan
• SWOT Analysis
• Target Market
• Competitor Analysis
• Customer Profiling
• Market Trends
• Pricing Strategies
• Sole Proprietorship
• Partnership
• Cooperative
• Corporation
• Limited Liability

Marketing Plan vs. Business Plan: What’s The Difference?

by Mike Vestil  

If you’re starting a new business, you may be wondering about the differences between marketing plans and business plans. While both are crucial to running a successful company, they have important key differences to understand. 

Marketing and business plans are two essential tools, but they serve different purposes. A business plan is a more comprehensive, big-picture overview of your company’s mission. In contrast, a marketing plan is a facet of your business plan that will help you advertise and reach your target audience. 

Drafting up these plans may seem daunting at first, but once you understand how they operate, you’ll be prepared to take your business to the next level. This article will break down the difference between a marketing plan and a business plan and how both documents in tangent can help you move forward with your company’s development. Let’s dive in!

Business Plans

Image credit: PatriotSoftware.com

One of the most crucial things you can prepare is a business plan when starting or running a company. A business plan is a comprehensive document that outlines the operational and financial goals of a business and its overall strategy for achieving them. A successful business plan includes:

• The company’s mission statement.
• An analysis of its target market.
• A statement of operations.
• A detailed explanation of its services or products.

Creating a business plan is crucial because it will help you stay organized and focused on your long-term goals— essentially, it’s a roadmap of how you will achieve success and meet your business’s clearly outlined missions. The plan will aid you in making informed decisions, assessing risks, and measuring progress. 

The length and detail of this plan will vary depending on the size and type of business you are running. However, having a solid business plan is essential for any business, especially start-ups. Start-ups often don’t have the resources that more established businesses do, so owners have to work harder to convince investors to fund or loan money to their projects. A business plan can help smaller or newer companies secure loans and other forms of funding.

In the following sections, I’ll outline the various elements you need to create a successful business plan by walking you through all the steps, from writing a summary to creating a budget. 

Executive Summary

The executive summary is the first section of your business plan, and it should be approximately one to two pages long, depending on the overall size of your report. It should be well written, concise, and capture the essence of your company, as well as your aims and goals. The executive summary is crucial because it will give potential investors and lenders an in-depth look into your business plans. 

This summary will represent the entirety of your plan, so make sure the document includes an overview of the following:

• Your services and products: What will you be selling? Is it a physical good or a service? Will you sell a variety of items or focus on a specific product?
• Your optimal target market: Who is your ideal customer base? What about their demographics or interests makes them the right fit for your product? How will you advertise to them?
• Your competitive advantage: What makes your product stand out from the competition? Is there anything unique or especially compelling about what you have to offer? 
• Your financial projections: How much do you expect to profit? What financial aspects do you have to consider? How much of your budget are you allocating to various areas (from production to advertising and everything in between)?
• Your management plan: Will you hire employees, and if so, what is your management strategy? Will you have an on-site location or sell online? 

With these questions in mind, you’ll be able to write a compelling summary that covers your mission and the steps you’ll take towards achieving your goals. 

With the executive summary out of the way, I’ll now walk you through the other essential sections of your business plan.

Products And Services

This part of your report should include detailed descriptions of your business’s products and services. You should have information on pricing, how long your products last, and an overview of the production process, including information about how your goods will be manufactured and delivered. 

If you run a start-up or new business, this part of your plan is especially crucial because it will give potential investors a snapshot of what your business offers. It would be best to showcase what makes your brand unique and how you plan to compete in the market. What are your selling points? Why should customers choose you over your competitors? Highlight any benefits of your company to address how they will meet customer demand. 

If you have any patents or trademarks, you can include that information here so that potential investors know that your intellectual property is legally protected.

Marketing Analysis

This section should outline who your competitors are and their influence in your chosen field. This analysis can include information about the strengths and weaknesses of your competitors and how difficult it may be to take market share from these businesses. 

Doing detailed industry research will also help you identify areas where you could improve on what similar companies are doing. Once you know what is already offered in the market, you can develop competitive strategies to help your product stand out.

The marketing analysis can also detail your projections and expected demand for your products based on competing industries and companies. Knowing how receptive your target audience will be can help you determine your strategy, which I will go over in the next section.

Marketing Strategy

Once you’ve completed your analysis, it’s time to develop a strategy. This section should include your overall plan for how you will attract and maintain a customer base, as well as what advertising methods you will use to appeal to the right target markets.  

It would help to tailor your strategy to your ideal buyers, and it should be realistic and achievable. You should consider your company’s strengths and how you can use them to your advantage in the market. For example, suppose you have a solid online presence. In that case, you may want to focus on digital marketing strategies. Or, if you have a niche product, you can find specific sites to target potential customers. 

Additionally, you should provide information on the distribution channels you will use. This data may include where you are sourcing your products and how you plan to deliver them to your customers. 

You can also specify how your company intends to communicate with customers by having a plan for after-sales service and how you will handle customer complaints or queries.

Financial Planning

Financial planning is essential for any business, although the process will look different depending on whether you’re a startup or run an existing company. Regardless of the current state of your business, you should enlist the help of accountants and economists to create a financial plan. 

This section should include detailed information on your company's financial status, as well as projections for the future. All of this information will help to give investors a clear picture of your business' financial stability and growth potential. 

If you have an existing business, you'll need to include the following documents:

• Balance sheet: A balance sheet gives an overview of your assets and liabilities. This document includes information on your fixed and current assets, such as property, equipment, and inventory. You should also list your company's liabilities, such as loans and credit lines.
• Cash flow statement: The cash flow statement will show how much money is coming in and out of your business, including information on your sales revenue, expenses, and investments. 
• Statement of comprehensive income: The statement of comprehensive income will detail your company's profits and losses over a specific period, allowing for a more holistic view of your company’s income. 
• Report on share capital: This report showcases how much money has been invested in your company in stocks.

If you’re a start-up, you’ll need to provide estimates for the first few years of operation, including information on expected sales, profits, and expenses. You should also outline how much money you’ll need to get your business off the ground and how you plan to obtain these funds through potential investors.

Determine your long-term goals for your business and how you plan to achieve them through measurable steps. This data should include expected sales revenue and profit margins. You should also have a plan for reinvesting profits back into the company and address how you will cover any future costs or losses. 

Financial planning is an ongoing process, so you should update your business plan annually, especially if your company’s financial status changes. Keeping these documents in order will help you stay on track and ensure that your company meets its projected financial goals.

Your budget is a critical element of your financial plan and should prove to investors that you have a sense of how much money to allocate to various parts of your business. You can break down your budget into different sections, including personnel, development, production, and advertising costs. 

Additionally, you can include a sales forecast that outlines your expected revenue and profit margins. These projections will help you to determine how much money you need to cover your costs and make a profit within your allotted budget.

Marketing Plans

Image credit: MarketingDonut.co

A marketing plan is a document that outlines an organization's advertising goals and strategies. It should cover product promotion, pricing, target markets, and advertising. The focus of marketing plans should be to advertise your product to consumers who are likely to purchase from you. 

When creating a marketing strategy, you should consider your target audience, research competition in the market, and develop clear goals and strategies. It would help if you also considered what marketing channels you’ll use, including social media advertising, email marketing, influencer marketing, search engine optimization (SEO), content marketing, or other methods.

How Marketing Plans Compare To Business Plans

A marketing plan focuses solely on the marketing aspect of your business, so it is more detailed about this specific part of your plan. On the other hand, a business plan is an overarching document that outlines the company’s missions regarding product development and financial objectives and a brief overview of marketing goals and competitive challenges. 

A marketing plan, while important, is less comprehensive and doesn’t provide as much general information about the company. Therefore, it’s important to remember that a marketing plan and a business plan should work together—the marketing plan provides the overall marketing strategy while the business plan offers a detailed roadmap for succeeding on multiple levels. 

You can think of a marketing plan as a more detailed part of the overall business plan. The business plan is more important to present to potential investors because it provides a general overview of a company’s mission, but including a detailed marketing plan is an asset that will aid your business plan. 

While business plans typically don’t have to be updated frequently, you should review marketing plans periodically to adjust to the outcomes of advertising efforts and marketing trends. Therefore, it is a more pliable document and is easier to adapt as your business changes and grows.

I’ll outline what elements you need to build a successful marketing plan in the following section. 

Marketing Objectives

Your marketing objectives should be specific, measurable, achievable, relevant, and time-bound. Here are some solid examples of marketing objectives:

• Increase conversion rates by 5% in six months by investing in Facebook advertising.
• Build brand awareness by partnering with five new influencers this year.
• Conduct A/B testing over one month with two different advertisements to determine which version yields more web traffic.

Keep in mind that you should align your objectives with the overall goals of your business. Whether you hope to increase profits or reach more customers, your efforts should reflect those aspirations. For example, suppose you desire to establish a better digital presence. In that case, you can advertise on social media. Or, if you want to improve customer communication, you can launch a live chat on your website.

Market research is the process of analyzing current market trends and adjusting your business strategy to meet the projected direction of the industry. You’ll need to know your current business positioning in the field, which involves taking a close look at target markets. 

Your target market should be based on the products or services you offer. If you provide a product that appeals to a wide audience, your target market will be much broader than if you offer a product that only appeals to a niche group.

It’s also essential to understand potential buyers’ interests and where you can advertise to them. Does the majority of your target audience use social media? If so, which platforms? What publications do they read? What TV programs do they watch? You can conduct market research in several ways, including surveys, focus groups, interviews, and observational studies.

Once you have this information, you can begin developing buyer personas. A buyer persona is a fictional representation of your target customer. It includes demographic information like age, gender, income level, and job title, as well as your buyer persona’s interests, values, and needs. This information will help you determine where to focus your marketing efforts.

Competition

It's essential to understand your competition and stand out in the field if you want to succeed in the market. One of the most important things to do is research similar businesses. To learn about them, you can visit their stores or websites. What are they offering? What prices are they charging? How are they promoting their products? What do their customers say about them in reviews?

Once you find out what they offer, how much they charge, and how they’re promoting themselves, you’ll be able to address any flaws your competitors may have and develop schemes that are unique to your business. 

You can also use tools like the SWOT analysis to analyze your competitors’ strengths and weaknesses. This information can help you decide which strategies to use by addressing both internal and external factors. 

Now that you understand how to conduct market research and evaluate competing businesses, let’s look at the various strategies you can implement to ensure that your advertising efforts elevate your business.

Marketing Mix

A marketing mix combines marketing activities that you use to reach your target audience—product, price, place, and promotion. 

The product description should include information on what you are selling, how you source it, and the benefits that it will provide to potential buyers. You can include high-quality images or models to showcase these goods. 

You’ll also need to include price information, including how much it costs to produce your product and what price you are selling it for, based on your market research on similar items.

The place category will determine where customers can purchase your product. You can outline where your goods will be available, whether on online marketplaces, your website, or in-store.

The promotion section will include information on your advertising campaigns, including email campaigns, social media campaigns, SEO optimization, and more.

Marketing Strategies

Now that you have your objectives and marketing mix in place, it’s time to implement them. Each activity should have a goal associated with it. For example, if one of your goals is to increase website traffic, your next move could be to promote a contest on social media. Or, if you want to raise brand awareness, you can reach out to influencers for a paid partnership. 

The more specific information you have about this audience, the better chance of reaching potential customers through advertising campaigns or social media posts that speak directly to their interests and concerns. If done correctly, this could lead to higher conversion rates from potential customers, as well as increased brand awareness among those who may not have been aware of your product before seeing these advertisements.

You should also allocate a budget for each objective and a timeframe for completing your goals. Be realistic about what you can achieve in the given timeframe, and make sure you allow enough time to see the results of your efforts.

Key Performance Indicators (KPI)

Key Performance Indicators (KPI) are metrics that measure how well you’re achieving your objectives. There are many different KPIs you can use, depending on your goals. Common KPIs include website traffic, conversion rate, leads generated, and customer satisfaction. You can also check out my article about how to use KPIs for email marketing for more ideas about KPIs that you can set in your business.

You should track your KPIs regularly and adjust your marketing activities as needed. If you find that you’re not achieving your goals, it’s time to reevaluate your plan and make changes.

Marketing Budget

Though you will likely already have an overall budget at this point in your business plan, the marketing budget can provide more detail on the distribution of your company’s financial resources towards advertising and promotions.

You should determine what percentage of your funds will go towards advertising efforts— the general advice is between 6-20% of your total budget. 

How A Marketing Plan And A Business Plan Work Together

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Companies should have both a business and marketing plan—the business plan outlines the structure and goals of the company. In contrast, the marketing plan explains how you will achieve those goals through marketing activities. If you seek loans or meet with investors, having both of these documents at the ready will benefit your business. 

I’ve already established their different purposes, but when used together, there are many benefits to having these documents.

These range from increased sales to more realistic projections. The following section will detail the perks of creating and implementing both plans.

Increased Sales

Business plans define the company’s goals, and the marketing plan provides specific steps to achieve these aims. When you have both plans in place, it’s easier to track your progress and make changes as needed, increasing the chances of achieving your objectives and improving sales. 

If the overall goals of the business change, the marketing plan may also need to be altered. For example, if the business decides to focus on international sales, the marketing plan will need to reflect this change. Luckily, marketing plans are easier to update, so you can adjust the details as your business expands and evolves. 

The more detail you put into these plans, the more likely you are to reliably and consistently track your progress based on your preset goals. While drafting them may be a lot of work initially, staying organized and adjusting your plans as needed will help increase sales in the long-run.

Realistic Projections

When creating these plans, it’s important to be realistic about what you can achieve by setting achievable goals and estimating the time it will take to complete each activity.

Once you write these plans, you’ll have a better idea of initial projections based on the in-depth market research required to make a budget and set your prices. You’ll also have more information about how to accurately track your marketing efforts using data collection tools and KPIs.

Consistency

If the business plan and marketing plan are consistent, it will be easier to achieve your objectives. The business plan provides a broad overview of the company, while the marketing plan explains how each marketing activity will help achieve the business’s goals.

Having these plans in place makes it easier to keep your business on track and on-brand. You can adjust your marketing plan as you go to keep up with new objectives or projects, keeping your business organized and streamlined.

Surpassing Your Competition

Creating these plans will help you surpass your competitors—when you clearly understand what you’re up against, it’s easier to create a strategy that will help you stand out.

Business plans help you understand your competition, like what strategies work and what aspects you can improve on. This knowledge will allow you to use your funds and resources on marketing channels to bring optimal value and income.

Once you have implemented these plans, it’s essential to monitor their effectiveness. By keeping track of how well your company matches your projections, you can identify patterns and adapt these plans according to your future goals.

Your business plan can be reviewed annually, which will give you an overview of where you are meeting your goals and what areas you may be falling short in. Does your work meet the standards and guidelines you initially planned? 

In comparison, you should review marketing methods quarterly to track which ones are working best and which you can adjust to run your operation more successfully.

FAQ—Marketing Plan vs. Business Plan

Are marketing plans the same as business plans.

A marketing plan is a component of a business plan, but it is not the same thing. A business plan provides a structure and goals for the company, while the marketing plan explains how each marketing activity will help achieve those goals.

What Comes First, Business Plans Or Marketing Plans?

Creating a business plan before making a marketing plan is generally recommended. Keep in mind that the two projects should be consistent with each other and work together to present the most comprehensive, detailed overview of your business goals as possible.

What Is The Difference Between Marketing Plans And Business Plans?

Business plans are longer, more comprehensive documents that cover all aspects of your company’s operations and include the following:

• An explanation of your company’s mission and an executive summary of your goals.
• In-depth details about your products and services, including how they are produced and shipped.
• A marketing analysis that provides detailed industry research and a comparison to similar brands.
• Financial aspects of your business, including a budget.

Alternatively, marketing plans cover only the marketing aspect of your company and address the following areas:

• Marketing objectives.
• Marketing strategies.
• Key performance indicators (KPIs).
• Marketing budget.

While these plans serve different purposes, they can be used together to present an in-depth overview of your company to potential investors and are both valuable assets to track your business goals, successes, and areas to improve on.

Image credit: SimplyBusiness.co.uk

Although a business plan and marketing plan are two different documents, they work together to create a well-rounded view of the company. A good business plan will have realistic goals based on sound market analysis, while a good marketing plan will outline specific objectives to help achieve those projections. 

When these two plans are put together, they can increase sales, create realistic projections, and help your business overcome competitive challenges. Therefore, drafting both is essential for having an organized, consistent, and lucrative business. 

So, what are you waiting for? Using this guide for reference, start creating your marketing and business plans today!

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Understanding the Difference Between a Business Plan and a Marketing Plan

As a business owner, you are responsible for creating plans to guide your business activities and make informed decisions. Two of the most important plans are the business plan and the marketing plan. While some may think that these two plans are the same, they actually have different purposes and functions. Understanding the difference between a business plan and a marketing plan can help you make better use of each one to grow your business.

What is a Business Plan and What is its Purpose?

A business plan is more than just a document to secure financing or to present to investors. It is a comprehensive guide that outlines the strategy, goals, and potential obstacles of a business. Think of it as a roadmap to success. A well-written business plan should include an executive summary, market analysis, company description, product or service offering, marketing and sales strategy, organizational structure, and financial projections. The process of creating a business plan also forces entrepreneurs to critically evaluate their ideas and identify areas that may need improvement. Whether you’re a seasoned business owner or just starting out, a thorough and thoughtful business plan is essential to ensuring the growth and sustainability of your venture.

Your business plan enables you to identify potential problems and develop solutions before they escalate. By clarifying your mission and vision, you can easily communicate the purpose of your business to stakeholders, investors, and potential partners. It provides a framework for decision-making, setting budgets, and operational planning. In short, a business plan ties together all the elements needed to execute a successful business strategy. It is a fundamental tool that every entrepreneur should have on their journey towards building a successful enterprise.

What is a Marketing Plan and What is its Purpose?

A marketing plan is a crucial component to any successful business strategy. Essentially, it outlines the tactics and techniques that a company will use to promote and sell their products or services. This plan should be well-structured and include detailed information about the target audience, market analysis, budget, and specific goals. Crafting a marketing plan requires a thorough understanding of your customers, competition, and industry trends. Without a marketing plan, businesses risk wasting time and resources on ineffective campaigns that don’t resonate with their audience. By creating a solid marketing plan, businesses can identify their strengths and weaknesses, capitalize on opportunities, and ultimately, drive growth.

Marketing plans hold a crucial role in the success of any business or organization. Simply put, the purpose of a marketing plan is to identify your target audience, understand their needs, and develop a roadmap to communicate your products or services to them in a way that resonates. A well-designed marketing plan allows you to clearly define your business goals, outline strategies to achieve them, and ultimately measure success. In today’s fast-paced business environment, where consumer trends change quickly and competition is tough, a strong marketing plan is essential to stay ahead of the game and stay relevant to your customers. By investing the time and resources to develop a comprehensive marketing plan, you can take your business to the next level and ultimately achieve greater success.

Key Differences Between a Business Plan and a Marketing Plan

Having a solid plan for your business is crucial for its success, but it’s important to understand the differences between various types of plans. A business plan outlines the overall strategy for your company, including your financial goals and operations. On the other hand, a marketing plan focuses specifically on your promotional efforts and how to connect with your target audience. While both plans are important, they serve different purposes and require unique approaches. Without a clear understanding of how to differentiate between the two, your business may struggle to effectively execute on either plan. So, make sure you have a solid understanding of the key differences between a business plan and a marketing plan to ensure you have a comprehensive strategy that will help your business thrive.

The main difference between a business plan and a marketing plan is their purpose and scope. A business plan covers the entirety of your business and its long-term goals, while a marketing plan specifically focuses on promoting your products or services to your target audience. A business plan is more general and provides a framework for your business operations, while a marketing plan is more specific and focuses on how to reach your target market and increase sales.

How Business Plan and Marketing Plan Work Together

Although business plans and marketing plans are distinct from one another, they both play an important role in the success of your business. A well-designed business plan should include a comprehensive marketing plan that outlines how to reach your target market. The marketing plan, in turn, should be aligned with your business goals and objectives to ensure that you are achieving your overall business objectives. Regularly reviewing and updating your business plan and marketing plan can help you stay on track and achieve your business goals.

In the world of business, developing a comprehensive marketing plan is a critical component for success. However, without a solid business plan, the marketing efforts may not be effective in achieving overall goals. The business plan sets the foundation for the company’s actions and identifies the target audience, finances, and resources. Meanwhile, the marketing plan outlines specific strategies to reach the audience, increase visibility, and successfully promote the company’s products or services. The business and marketing plans work hand in hand to ensure that all aspects of the company are aligned and moving in the same direction. By combining the two plans, companies can create a solid roadmap for success and achieve their desired outcomes.

The Importance of Having Both Plans

Having both a business plan and a marketing plan can help your business grow, attract investors, and secure funding. A business plan provides a high-level view of your business, whereas a marketing plan is more goal-oriented and focuses on specific marketing tactics to help achieve those goals. As a business owner, it is important to have both plans in place to ensure the success and growth of your business.

The bottom line is that a business plan and marketing plan are two vital documents that every business owner should have in place. A business plan provides an overview of your business, while a marketing plan focuses on specific marketing goals and strategies to increase sales. Understanding the differences between business plans and marketing plans, and how they work together, can help you grow your business and achieve greater success. Remember to update your plans regularly to keep up with changes in the market, technology, and customer needs. By combining both plans, you can have a solid roadmap for your business to achieve its goals.

Are you looking to take your business to the next level and make profit a central focus? Look no further than the 5-Step Roadmap to a Profitable Biz . This comprehensive guide offers valuable insights and proven strategies to help you build a profitable business from the ground up. Whether you’re a seasoned entrepreneur or just starting out, this roadmap will give you the tools and resources to create a sustainable and prosperous business.

Download your free copy today and get on the road to success!

The post Understanding the Difference Between a Business Plan and a Marketing Plan appeared first on She Means Profit .

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What Is a Marketing Plan?

Understanding marketing plans, how to write a marketing plan, marketing plan vs. business plan.

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What Is a Marketing Plan? Types and How to Write One

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A marketing plan is an operational document that outlines an advertising strategy that an organization will implement to generate leads and reach its target market . It details the outreach and PR campaigns to be undertaken and for how long, as well as the ways in which the company will measure the effect of these initiatives. It reflects a company’s overall marketing strategy.

Key Takeaways

• The marketing plan details the strategy that a company will use to market its products to customers.
• The plan identifies the target market, value proposition of the brand or product, campaigns to be initiated, and metrics to be used to assess the effectiveness of marketing initiatives.
• The marketing plan should be adjusted on an ongoing basis based on which efforts are having an impact and which are not.
• Digital marketing shows results almost in real time, whereas TV ads require rotation to realize any level of market penetration.
• A marketing plan is part of a business plan, which describes all of the important aspects of a business, such as its goals, values, mission statement, budget, and strategies.

The terms “marketing plan” and “marketing strategy” are often used interchangeably because the former is developed based on an overarching strategic framework. In some cases the strategy and the plan may be incorporated into one document, particularly for smaller companies that may only run one or two major campaigns in a year. The plan outlines marketing activities on a monthly, a quarterly, or an annual basis, while the strategy delineates the overall  value proposition .

The components of a marketing plan include:

• Market research – This provides information to support pricing decisions and new market entries.
• Tailored messaging – This involves targeting certain demographics and geographic areas and can include the use of affiliate marketing with third-party publishers who bring customers to the table.
• Platform selection – This looks at the best vehicles for disseminating product information for each advertising campaign: traditional venues such as radio, TV, newspapers, and commercial and trade magazines; digital methods such as websites, online ads, search engine results, informational videos, social media groups (Facebook, YouTube, etc.), email, and text messages; or any mix of these platforms.
• Performance metrics – Metrics accurately assess the results of marketing efforts and their reporting timelines and are crucial to the success of the plan.

The four most important social media networks in 2023 for global marketers were, in descending order, Facebook, Instagram, YouTube, and TikTok.

Types of Marketing Plans

There are a variety of marketing plans that suit different businesses and their needs. These include:

• Product Launch – A product-launch marketing plan outlines how a new product will enter the market, the audience it will target, and the advertising methods used.
• Social Media – A social media marketing plan focuses on the advertising strategies on different social media platforms and how to engage with their users.
• Time Based – Time-based marketing plans, such as those that are executed quarterly or annually, focus on the time of the year, the current condition of the business, and the best strategies in that period.
• Content Based – A content-based marketing plan looks in detail at what kinds of content (blogs, videos, graphics, etc.) will reach the target audience.
• Search Engine Optimization (SEO) – An SEO marketing plan is all about getting the most hits online. It involves keyword research, content optimization, link building, and more, all with the goal of drawing customers to your website.

Mission and Value Proposition

The mission and value proposition is a statement that articulates the value that a product or brand will deliver to a customer. It should appear front and center on the company website and any branding materials.

The value proposition should delineate how a product or brand solves the customer’s problem, the benefits of the product or brand, and why the customer should buy from this company and not another. The marketing plan is based on it.

Set Key Performance Indicators (KPIs)

Establishing your key performance indicators (KPIs) will allow you to measure the success of your marketing plan in relation to your company’s value proposition. In other words, they track the effectiveness of your marketing strategy. For example, if your goal is to engage with a certain demographic in a certain region, you can track social media impressions and website visits.

There are a number of KPIs that help you measure success including the search engine ranking, click-through rate, cost per click, return on investment (ROI), and conversion rates, which tracks the percentages of visitors to your website that make a specific action such as buying a product or becoming a newsletter subscriber.

In 2023, Facebook and Instagram were tied for having the highest ROI across social media platforms for global marketers, while YouTube fell next in line.

Identify Your Target Market

The marketing plan identifies the target market for a product or brand. Market research is often the basis for a target market and marketing channel decisions. For example, whether the company will advertise via social media, online ads, or regional TV. 

Knowing to whom you want to sell and why is an extremely critical component of any business plan. It allows you to focus your business and measure its success. Different demographics have different tastes and needs; knowing your target market will help you market to them.

Strategy and Execution

The marketing plan includes the rationale for these decisions. The plan should focus on the creation, timing, scheduling, and placement of specific campaigns and include the metrics that will measure the outcomes of your marketing efforts. For example, will you advertise on social media or TV? What time will you schedule your marketing if they are through email newsletters? The strategy may include flighting scheduling , which includes the times when you can make the most of your advertising dollars.

Set Your Budget

A marketing plan costs money. Setting a budget will allow you to create a workable plan, prevent runaway costs, and properly allocate your funds.

Adjust Your Plan

A marketing plan can be adjusted at any point based on the results from its metrics. If digital ads are performing better than expected, for example, the budget for a campaign can be adjusted to fund a higher-performing platform, or the company can initiate a new budget. The challenge for marketing leaders is to ensure that every platform has sufficient time to show results.

Without the correct metrics to assess the impact of outreach and marketing efforts, an organization will not know which campaigns to repeat and which to drop. In short, maintaining ineffective initiatives wastes money.

Digital marketing shows results almost immediately, whereas TV ads require rotation to realize any level of market penetration. In the traditional marketing mix model, a marketing plan would fall under the category of “promotion,” which is one of the “ four Ps ,” a term coined by Neil Borden to describe the marketing mix of product, price, promotion, and place.

A business plan is a roadmap that details how a business will operate and function in its entirety. It should cover the goals, missions , values, financials, and strategies that the business will use in day-to-day operations and the achievement of its objectives. Among its many elements are an executive summary, the products and services sold, a marketing analysis, a marketing strategy, financial planning, and a budget .

As mentioned, a business plan should include a marketing plan, which focuses on creating a strategy for creating awareness of the company’s product or service, reaching the target market, and generating sales.

Example of a Marketing Plan

Consider the following marketing plan framework that is designed to help direct marketing objectives:

• Executive Summary: Describes company mission, key executives, and where it is headquartered.
• SWOT Analysis: Describes strengths, weaknesses, opportunities, and threats for the company. This helps you define how to build on your strengths and how to find ways to improve on your weaknesses. It also helps a company analyze their competitors and how they may achieve an advantage based on their unique value proposition.
• Business Initiatives: Outlines the goals of the marketing plan, such as the number of impressions, Google rankings, or email subscribers.
• Customer Analysis: Describes your target market and audience characteristics based on market research. These may include age, pain points, and location, among other variables.
• Competitor Analysis: Outlines the companies providing similar goods or services to your target audience. In addition, it describes their strengths, market share, pricing structure, and most importantly where your company can fill an important gap.

What Is a Marketing Plan Template?

A marketing plan template is a guide for writing a marketing plan. It contains all the important elements needed to create one, including its goals and KPIs, marketing channels, budget, content type, teams involved, and design.

What Is an Executive Summary in a Marketing Plan?

The executive summary is a nutshell description of the marketing plan. It should contain the key findings of the market research, the company’s objectives and marketing goals, an overview of the marketing trends, the description of the product or service being marketed, information on the target market, and the plan budget.

What Is a Top-Down Marketing Strategy?

A top-down marketing strategy is a traditional one, in which a business decides how best to sell its product or brand, and customers are then spurred to take action through advertisements, generally found on radio and/or television. It is usually determined by company executives, which is then communicated with management to delegate to employees. These employees then develop tactics to meet the strategy's objectives.

What Is a Bottom-Up Marketing Strategy?

In comparison to a traditional top-down marketing strategy, a bottom-up strategy begins with employees who formulate marketing tactics based on their analysis of customer preferences and needs. This then may lead to collaboration with other employees to develop a concrete marketing plan, which is sent to executives for review.

Today’s consumer wants to relate to a product or service in a meaningful way, and a bottom-up marketing strategy seeks to achieve this through customer-centric tactics.

How Much Does a Marketing Plan Cost?

The cost of a marketing plan will vary based on the company, the plan’s complexity, and the length of the overall strategy. In 2023, marketing costs made up 10.1% of corporate revenues on average. The consumer packaged goods sector spent the most, at 18.5% of revenues while the mining and construction sector spent the least, at 1% of revenues.

A separate analysis shows that the cost can range anywhere from $10,000 to over $40,000 for a marketing plan.

A marketing plan is the advertising strategy that a business implements to sell its product or service. It determines the target market, how best to reach it, at what price point the product or service should be sold, and how the company will measure its efforts.

Constantly monitoring and adjusting a market plan is an important part of running a business, as it shows the most effective ways to generate sales. As the consumer landscape evolves, it is important for businesses to adapt in order to meet customer needs and better achieve their marketing objectives.

Statista. " Marketing Worldwide – Statistics and Facts ."

American Marketing Association. " What Is a Marketing Plan and How to Write One? [Easy Guide] ."

HubSpot. " The 2024 State of Marketing & Trends Report: Data from 1400+ Global Marketers ."

Deloitte. " The CMO Survey: Managing Marketing Technology, Growth and Sustainability ." Page 16.

Laire. " How Much Does a Marketing Plan Cost? "

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Business Plan vs Marketing Plan: What’s the Difference?

You can’t expect the win the confidence of investors unless you prepare the right documents. Investors are highly selective when choosing businesses in which to invest. If they believe your business is poised to grow and succeed, they may offer to purchase an ownership stake in it. You’ll have an easier time winning investors’ confidence by providing them with a business plan and marketing plan. What’s the difference between these two documents exactly?

What Is a Business Plan?

Many investors will require you to provide a business plan when seeking financing for them. Some banks require a business plan for financing as well. Whether you’re trying to obtain equity financing from an investor or debt financing from a bank, you’ll probably need to prepare a business plan.

What Is a Marketing Plan?

A marketing plan, on the other hand, is a smaller and more specific document that focuses strictly on your business’s marketing activities. Marketing, of course, is the promotion of your business and its goods or services. While different businesses sell different types of goods and services, they all engage in marketing activities to attract customers. In a marketing plan, you can explain how your business intends to attract new customers through marketing activities.

You can include your marketing plan in your business plan. Alternatively, you create a separate marketing plan that’s distinguished from your business plan. Most business plans have a section for marketing. After creating a marketing plan, you can either place it in this section or use it as a separate and independent document.

Differences Between Business Plans and Marketing Plans

Business plans and marketing plans aren’t the same. Business plans consist of multiple parts, each of which covers a specific aspect of your business. Most of them contain an executive summary, business description, goods and services and marketing section. In comparison, marketing plans only cover your business’s marketing activities.

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Difference Between a Business Plan and a Marketing Plan

by Cheryl Munson

Published on 29 Jul 2019

To understand the relationship between business plan and marketing plan, think of them in terms of a pizza. A business plan is the whole pie. A marketing plan is a slice of the pie, but a very important slice. The difference between business plan and marketing plan is that a company's business plan provides an overview of every aspect of a company while its marketing plan focuses on strategies and efforts to generate sales and revenue.

A marketing plan is part of a business plan; a business plan is an organization-wide plan that covers every aspect of a company's operation.

Business Plan Examples

A business plan typically includes the following:

• An overview of the business
• A description of products or services and how they are produced
• A description of the business model for the company
• Identification of the executive leadership and management team
• Cash flow statements
• Charts and graphs on financial projections related to sales, costs, expenditures and more.

In short, a business plan sets out the company's future objectives and strategies for achieving them in the the medium- and long-term. One aspect of the business plan may be a summary of how the company is going to market its products and services, and who it is going to market them to. This is the marketing summary; a high-level view of the marketing plan.

As a basic example, a business plan for a pizza shop would state the location of the business along with all related expenses like monthly rent and utilities, a description of the types of pizza and other foods to be produced and the costs associated with these like ingredient and labor costs, projected monthly gross and net profits based on financial data from other pizza shops in the area and a basic run-down of the company's day-to-day operation.

Parts of a Marketing Summary

An organization's marketing plan is included in the overall business plan; however, it is written in summary format. Included in a marketing summary are the marketing objectives, and the strategies and tactics the company will utilize to generate sales and revenue. The marketing summary section of the business plan also gives a general overview of advertising plans that will be implemented to achieve marketing objectives and goals.

Detailed Marketing Plan Example

The complete marketing plan is a separate, comprehensive document that goes into more detail about objectives, goals and tactics. This document guides the implementation of efforts by the company's marketing, sales and advertising departments.

One marketing plan example for a pizza shop could be an effort to attract tourists during the summer vacation season. After identifying the marketing goal, the plan details the ideal consumer persona, the shop's competitors, the marketing campaign's cost and the type of marketing the pizza shop will employ to attract its ideal consumers, such as offering an order of wings with every large pie sold.

The marketing department uses the plan to align how products and services are to be positioned in the marketplace in terms of distribution channels and pricing. The plan describes in detail monthly, quarterly and annual sales volume goals that need to be reached by the sales team.

The plan also includes a section that sets forth the communications platform for the advertising team and/or outside advertising agency to use to develop advertising, promotions and events that align with the communications messaging strategy to reach customers and clients in the marketplace.

Business Plan Audience

Generally speaking, the business plan is shared only with key executives within the company and external members of the financial community. It is typically written to target potential investors, stockholders and accountants. It is most often used to generate funds to provide working capital to execute the plans and programs the company has identified as necessary to maintain a competitive position and sustainable success in the marketplace.

When a business plan is shared with these individuals and groups, it may be presented with one or more marketing plan examples and the presentation may even illustrate the relationship between business plan and marketing plan in an effort to sell the idea more effectively.

Marketing Plan Audience

The marketing plan is not shared with consumers and clients, but the contents are aimed at them. The complete plan is an internal document that is usually shared only with those responsible for marketing, sales and advertising efforts. The marketing plan includes results from research that help identify tactics to communicate with customers to get them to purchase products.

The plan includes strategies on pricing and incentives to gain new clients for a service-oriented business and increase sales volume with retail distributors. The marketing plan is an internal strategic document developed to win customers, clients, achieve sales and distribution goals, compete with other businesses and increase the company’s market share.

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:

Major differences between Business Plan and Marketing Plan

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.

How To Create A Successful Marketing Plan

Published: Aug 13, 2024, 7:15am

Table of Contents

What is a marketing plan, marketing plan vs. marketing strategy, why businesses need a marketing plan, essential marketing channels, how to create a marketing plan, bottom line, frequently asked questions (faqs).

The difference between a flourishing business and a floundering business often comes down to an effective marketing campaign. This is especially true for small businesses. Every successful marketing campaign starts with a well-thought-out marketing plan. In this article, we will guide you through the steps on how to create a top-notch marketing plan to help put your business on the road to success.

A marketing plan is essentially a roadmap that guides businesses through the complex terrain of promoting their products or services. Think of it as a blueprint that details specific marketing campaigns, timelines, target audiences and channels such as social media , email or traditional media. Your plan should also establish clear metrics for success, the methodology used to evaluate performance and allocated budgets.

It is important to note that a marketing plan is not a static document. It is supposed to be an ever-evolving plan that adapts to market trends, customer feedback and the successful or unsuccessful marketing efforts. If done properly, a marketing plan will help you synchronize your marketing objectives with your overall business goals and ensure every marketing activity aligns with your broader vision of growth.

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Some assume that “marketing plan” and “marketing strategy” are the same thing, but be aware they hold distinct meanings and serve different purposes. A marketing strategy is more big-picture thinking. It identifies your target market, your value proposition, how you position yourself against competitors and how you will sustain your value over time. It involves deep insights into your customers’ needs, market trends and competitive analysis. It is essentially the “why” behind all your marketing actions.

The marketing plan, on the other hand, details the “what” and the “when” of those efforts. Once you have your marketing strategy outlined, you can begin to create a marketing plan. The plan should outline the specific campaigns, activities and tactics you’ll use to carry out the strategy. This includes details on the marketing channels you’ll use, the timeline for implementation, the budget and the key performance indicators you’ll track to measure success. It’s a blueprint that translates the strategy into actionable tasks and schedules.

A carefully crafted marketing plan can be a game-changer for small businesses dreaming of steady growth and a competitive edge over larger companies. Marketing plans with smart strategies and targeted campaigns can level the playing field by helping small businesses carve out their niche. It provides a clear roadmap that aligns marketing efforts with business objectives to ensure every marketing action contributes to the broader company goals.

This focused approach saves small businesses money by efficiently focusing resources instead of using a scattergun approach that can drain limited budgets. By identifying and understanding target markets, businesses can tailor their messaging to meet specific needs, which increases the likelihood of conversion. A solid marketing plan offers a framework for measuring success by setting benchmarks. With careful tracking, small businesses can quickly see what’s not working and adjust strategies in real time for better outcomes.

Today’s businesses have a wide array of marketing channels available to them. From highly analytical PPC advertising to engaging in-person event marketing, there’s no shortage of methods to promote your company.

Social Media

During the past two decades, social media has proved to be a highly effective way for small businesses to market themselves at little to no costs. Platforms including TikTok, Facebook, Instagram, X and LinkedIn offer businesses a dynamic platform to engage directly with their audience. They allow for the sharing of content, running targeted ads and fostering community through comments and shares. Effective social media marketing can enhance brand awareness, drive traffic and strengthen customer loyalty.

Email Marketing

Email marketing is another highly effective way to reach an audience directly. Newsletters, promotional offers and personalized content can nurture leads, promote loyalty and drive conversions. Email marketing offers measurable results and high ROI, making it a staple in a digital marketing strategy toolbox.

• Content Marketing

Content marketing involves creating hyper-relevant and compelling content that will act as a magnet to attract a laser-focused group of people. You can create blogs, videos, infographics and podcasts to cultivate an engaged community of followers with whom your brand’s message genuinely resonates.

Search Engine Optimization (SEO)

SEO is the practice of optimizing website content to rank higher in search engine results pages. Effective SEO strategies including on-page optimization, quality link building and keyword research help drive traffic to your website.

Pay-Per-Click (PPC) Advertising

PPC advertising is a method of online marketing where you pay a fee each time someone clicks on your ad. Popular platforms such as Google Ads and Bing Ads guarantee your ads show up first in search engine results for specific keywords, allowing you to bypass the “organic” results. While the pay-per-click fees can add up, this form of advertising provides immediate traffic and measurable results.

Influencer Marketing

Influencer marketing leverages the reach of influencers in specific niches to help you promote your business to a larger audience. When you partner with a credible influencer, you can tap into their loyal followings, gain trust quickly and drive engagement that will hopefully lead to greater sales. Affiliate marketing can complement influencer marketing by allowing influencers to earn commissions on the sales they drive. This performance-based option is cost effective, as you will only pay for actual results.

Event Marketing

Event marketing involves marketing your brand, company or service through in-person or virtual events. It can be anything from interactive webinars and educational workshops to large-scale conferences and industry trade shows. Event marketing gives you the opportunity to directly engage with your audience and hopefully provide a memorable experience for your customers.

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Creating a marketing plan is a step-by-step process. Make sure you take your time with each step before moving on to the next one.

1. Create an Executive Summary

An executive summary is a snapshot of your simplified marketing goals, significant milestones and an outline of future plans. It should encapsulate relevant facts about your brand, setting the stage for the detailed strategy that follows. This section provides stakeholders with a clear understanding of where the company stands and where it intends to go, concisely summarizing the essence of the marketing efforts.

2. Identify Your Target Market

Who are you trying to reach? By identifying your target market you can tailor your marketing strategies effectively to help them reach the people most likely to be interested in your products or services. Outline the characteristics of your ideal customer including age, location, goals, pains and trigger points.

3. Research Your Competitors

Competitor research is a critical step in forming a marketing plan. Analyze the strengths and weaknesses in other businesses in your industry. This insight can help you identify opportunities for differentiation and areas where you can fill in the opportunity your competitors may have overlooked.

4. Determine Your Marketing Goals

Without clear marketing goals, you are just shooting barrels in the dark. Are you trying to increase brand awareness, boast sales or grow your digital footprint? And if so, by how much and in what timeframe? Use the SMART criteria for goal setting, which advises that goals should be specific, measurable, achievable, relevant and time-bound.

5. Establish and Track Benchmarks

Once you determine what your marketing goals are, it is important to track their effectiveness.

To do this, set baseline measurements for key performance indicators related to your goals, such as website traffic, conversion rates or social media engagement. Monitor these benchmarks on a regular basis and adjust strategies as needed to enhance marketing performance.

6. Identify Your Marketing Channels

Are you going to throw all your eggs in the social media basket? Or are you going to diversify your marketing strategy with both digital and in-person events? This step requires a deep dive into the various channels available—be it social media, email marketing, SEO or traditional advertising. When choosing your marketing channels, be sure to ask yourself where your target audience is most engaged.

7. Create a Budget

Finally, create a budget that covers all aspects of your marketing efforts from paid advertising and content creation to software subscriptions and event sponsorships. This will help you stay financially responsible as more marketing opportunities arise.

One of the keys to a successful business is setting yourself apart from the competition. A strategic marketing plan that details your marketing efforts can not only help you stand out but also provide a step-by-step guide toward reaching your business objectives.

What are the main elements of a marketing plan?

The main elements of a marketing plan typically include an executive summary, marketing objectives, target audience definition, marketing strategies, budget and metrics for performance evaluation. It outlines the company’s strategy for attracting and retaining customers by detailing specific actions to achieve campaign goals, timeline with key milestones, channels to be used and team members responsibilities.

What is a realistic marketing budget?

A realistic marketing budget is typically determined as a percentage of a company’s revenue. It is recommended that B2B companies spend 2% to 5% of their revenue on marketing. Because B2C companies typically have a broader range of marketing channels, it is recommended they spend between 5% and 10% of their revenue on marketing.

What should every marketing plan start with?

Every marketing plan should start with a clear mission statement for the marketing department that aligns with the overall mission of the business. This statement should be specific enough to guide marketing efforts but also allow room to adjust the plan as needed. For example, if your company’s mission is “to revolutionize home cooking,” the marketing mission might be “to inspire home cooks and provide them with innovative cooking solutions.”

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Jennifer Simonson draws on two decades as a journalist covering everything from local economic developement to small business marketing. Beyond writing, she tested entrepreneurial waters by launching a mobile massage service, a content marketing firm and an e-commerce venture. These experiences enriched her understanding of small business management and marketing strategies. Today, she channels this first-hand knowledge into her articles for Forbes Advisor.

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Marketing Strategy vs. Marketing Plan: What’s the Difference?

Is there really a difference between a marketing strategy and a marketing plan? Are they two sides of the same marketing program coin?

While the terms are commonly used interchangeably, they’re two very different concepts in the real world. It may seem like splitting semantic hairs, but understanding the difference between marketing strategy vs. marketing plan is crucial to the success of your campaigns and your progress toward overarching business goals.

Let’s compare and contrast the concepts in greater depth so you’re prepared when it comes time to take your marketing to the next level .

What Is a Marketing Strategy?

A digital marketing strategy is the “why” behind your marketing. Every piece of marketing collateral you create will be informed by this documentation, which means it works hand-in-hand with your content strategy .

Basically, a marketing strategy is a reflection of your short-term and long-term business approach. This strategy should also be a distillation of your brand values, voice, mission and messaging. For example, if your business aims to scale up quickly, the strategic marketing vision you develop needs to support that objective, perhaps by focusing on consumer acquisition or ramping up your online presence.

A good marketing strategy will encompass your unique selling proposition, all that your business hopes to achieve and its brand identity.

What Is a Marketing Plan?

Your marketing plan is the “how” to your strategy’s “why.” Ideally, a marketing plan should be just that — a plan of action for how you will execute your strategy to accomplish each marketing goal.

The process of creating a tactical marketing plan is about addressing the real-world steps you will take to create, promote, track and measure your campaign, programs and assets. The workflows and procedures you develop will provide a roadmap for making your strategy actionable.

How a Marketing Strategy and Plan Work Together

To use a not-at-all-complicated metaphor, let’s say your business needs a ship to sail through your marketing campaign. That ship needs a direction in which to travel (i.e., a strategy) and the sails to power it (i.e., a plan).

Marketing strategy and plan work hand in hand, with the latter taking cues from the former. Everything laid out by your strategy should be addressed with a plan — one that defines the processes for tactical marketing.

However, the lines can be a bit blurred. Strategic planning is one oft-used phrase that can create confusion. In reality, strategic planning is just high-quality planning informed by a thorough marketing strategy.

Needless to say, a strategy without planning is like a winning idea without a way to realize it; and planning without a strategy will lead to a rudderless ship.

How to Create a Marketing Strategy

Strategy is not an amorphous concept. It takes real work and thinking to establish a good marketing strategy that ultimately facilitates business success.

Here are some basic steps to crafting a comprehensive strategy:

• Identify each marketing objective: Strategy begins with your goals, both now and in the future. For example, if your business plan is to expand into new markets, the strategic marketing approach may be to make inroads with new customer segments. Brainstorm how your marketing can reflect other short-term goals and long-term ambitions, like becoming an authority in your industry.
• Refine your audience: Defining your audience enables you to resonate with buyers and push customers through the marketing funnel. A strategic marketing priority is to develop buyer personas. These personas will be central to deciding on the angle and value prop of the marketing you create.
• Establish your brand guidelines: Your brand needs to be codified in a way that ensures every piece of marketing content will be identifiable and conforms to your standards. This means outlining editorial voice, graphic design preferences and all other critical brand elements. Having a unified presence leads to a better customer experience. Without a single source of truth for how the brand should be represented, your actual marketing may devolve into disparate shots in the dark.
• Assess opportunities and threats: Your level of strategy will influence how prepared you are to capitalize on a market research opportunity or manage risks. Research competitors to understand what they’re doing — and, more importantly, what they’re not doing. Know how you’ll leverage your competitive advantage to meet a new market need or shifting consumer preferences.

Importantly, strategy is not static. It needs to be constantly updated and fine-tuned to keep your business on track and achieve changing marketing objectives.

How to Create a Marketing Plan

Returning to the question of “how” shows us the best way to create a marketing plan that works. Ask yourself these questions as you set out to develop your plan of action:

• How will we reach consumers? The answer to this question will help define your marketing mix. What types of marketing will you utilize to reach leads, prospects and existing customers? Content marketing, digital marketing, search marketing, social media marketing , event marketing and all other types of marketing are in play here.
• How will we create marketing materials? Clearly defined workflows and processes will support the creation of high-quality marketing materials. You need to suss out who owns which project phases, how cross-functional teams will collaborate and what quality controls are in place (like checking for adherence to brand guidelines).
• How will we share content and collateral? Not only must you choose your marketing mix, but also your selection of marketing channels. Once again, there are many types to consider: direct mail, social media, email, your website, pay-per-click (PPC) advertising, organic search, etc. Each distribution channel will have its place in planning.
• How will we track campaigns and measure results? Data is the lifeblood of strategic marketing. You’ll need to create a list of key performance indicators (KPIs) with which to track campaigns. These may include anything from conversion rates to cost per lead.

Marketing Strategy and Marketing Plan Examples in Action

Let’s look at some examples of how the waterfall of business objectives to marketing strategy to marketing plan works in real life:

• Business goal: To pivot or reinvent the business, whether due to a merger, new market need or modernization effort.
• Marketing strategy: Launch a rebranding campaign; craft new messaging to align marketing with the business’s new direction; create new brand guidelines.
• Marketing plan: Pursue a website redevelopment; create a marketing plan template to ensure all new efforts adhere to guidelines; reoptimize website content and copy; coordinate a rollout of new colors, logos and fonts to all social media platforms; hire a marketing agency to consult on best practices.

It’s much easier to see the differences between marketing strategy vs. marketing plan in such a scenario, but also easier to grasp how they work in conjunction. Let’s consider another:

• Business goal: To launch a new service or product line.
• Marketing strategy: Research competitors and the existing market; develop a new set of buyer personas; outline the marketing funnel and customer journey; generate leads for the proposed expansion.
• Marketing plan: Create content around the new product for outreach (e.g., blogs, emails, white paper, one-pagers, etc.); decide which assets to gate in exchange for a name and email address; balance customer acquisition with retention by creating a loyalty program.

Getting the picture?

• Business goal: To increase revenue or raise sales by a certain percentage.
• Marketing strategy: Support sales enablement with high-quality marketing content and collateral; revitalize or refine the value proposition; reach out to new customer segments.
• Marketing plan: Track KPIs related to conversions; focus on high-performing channels; leverage customer data to make upsell or cross-sell recommendations; start a retargeting campaign.

One more for good measure:

• Business goal: To become an industry leader.
• Marketing strategy: Highlight brand strengths and competitive advantages; present the brand as friendly, knowledgeable and authoritative; raise brand awareness and cultivate brand evangelists.
• Marketing plan: Build influencer marketing relationships; publish thought leadership content and/or guest blogs; use social media for customer service and conversations; conduct webinars.

Level Up Your Marketing Campaign

When a marketing strategy and marketing plan are in harmony, what they create is music to your business’ ears. Alignment between the two gives your brand its best chance to impact consumers, raise its profile and succeed in its key business objectives.

Editor’s Note: Updated December 2022.

Dominic Tortorice

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Dom, an English major and journalism enthusiast, was just happy to get a job out of college writing and editing professionally. That it turned out to be in the burgeoning content marketing industry with Brafton was all the better.

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Marketing Plan vs Marketing Strategy: What's the Difference?

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TABLE OF CONTENTS Marketing Strategy   |    Marketing Plan   |    What’s the Difference?    |    Creating a Strategy  |    Creating a Plan    |    Which Is Best?

You’re posting on social media and you have blog posts on your website, but you’re not seeing any results. What’s the deal? The problem likely isn’t where you’re sharing content — it’s why you’re sharing content.

If your marketing efforts aren’t backed up by a strategy, then you probably won’t see results. Although marketers often use “plan” and “strategy” interchangeably, they are actually two different things.

Learn more about the components of both so you can start creating your own foolproof marketing machine.

What Is a Marketing Strategy?

Shaped by your business goals, your marketing strategy is your purpose. It’s what solution you offer, how it aligns with your company’s mission, and why it’s the key to solving your prospect’s challenges.

While many people think about jumping into action when it comes to marketing, having a clearly defined marketing strategy is incredibly important for your business's growth. Once you have your strategy, only then will you be able to develop an effective marketing plan.

What Is a Marketing Plan?

Driven by your strategy, your marketing plan is the execution — the roadmap of tactical marketing efforts that will help you achieve your marketing goals. Your plan is your detailed campaign of what you will do, where you will do it, when you will implement it, and how you will track success.

What’s the Difference Between a Marketing Strategy and a Marketing Plan?

Laura Laire, Vice President of Creative Strategy and Co-Founder at LAIRE, breaks down the topic in this quick video:

The main difference is that your strategy is the “why” behind your efforts, while your plan is how you’re going to execute the strategy. The table below details the specific differences.

The main difference is that your strategy is the “why” behind your efforts, while your plan is how you’re going to execute the strategy. The chart below details the specific differences.

How to Create a Marketing Strategy

While a marketing strategy is a high-level overview, there are still a few key considerations you must understand and document.

Executive Summary

Consider the executive summary an outline or table of contents before you jump into the comprehensive strategy.

The background describes your business goals, marketing goals, and challenges. It can also include your previous marketing activities and initiatives.

Market Analysis

This asset describes the market opportunities, sizing, segments, and potential impacts, such as trends, the economy, and seasonality. A SWOT (strengths, weaknesses, opportunities, and threats) analysis will help you capture this piece of your marketing strategy.

Target Audience

This section of your marketing strategy is the detailed version of your buyer personas and their characteristics, including demographics, goals, pains, and buying patterns. In this section, you’ll also want to include examples of negative buyer personas.

Competitive Analysis

Next, include the different categories of competitors and their characteristics including threats, market share comparison, differentiation, and barriers to entry. This will provide an overall look at what your competitors are doing digitally and how their activities seem to be performing from a keyword, paid advertising, and social perspective.

This includes what product or service you deliver to the market, the features and benefits for each segment, and how you intend to deliver those features and benefits. You’ll also want to document how your product or service is better than competitors’ offerings.

Your message is your opportunity to show prospects that you understand their challenges and that your offering is the key to solving those challenges. It should have variations that speak directly to each of your personas rather than trying to reach everyone with a single message.

Write down the channels you sell through and who is involved in selling through each step of the sales process. This is also a good place to document whether this is an impulse or planned purchase for your audience.

Additionally, describe the steps customers take through each stage of the buyer journey and understand their buying criteria. This will inform the content you can create and use in your marketing materials.

Every customer has unique needs. In some cases, the price may not be an important criterion in the buying process. Is this true for your segment?

What is your pricing model? Is it tiered? Are there discounts? Make sure to include competitive pricing, the perceived value of your product or service compared to the price, services that you include in the price, and how consumer trends could drive the price up or down.

How to Create a Marketing Plan

From your website to social media to all the other channels through which you will engage with potential clients, your marketing plan is a critical component to achieving your business objectives and producing results for your company.

Unlike your marketing strategy, you'll revisit your marketing plan frequently , referring back to it as you implement your tactics and monitor your findings. Here are the various elements you’ll need to create an effective marketing plan.

This is a high-level overview of your marketing goals and how you intend to achieve them.

Key Performance Indicators (KPIs)

Your KPIs measure the success of your marketing campaign. Here are some examples:

• Sales revenue
• Cost per lead
• Client value
• Inbound marketing ROI
• Website traffic-to-lead ratio
• Lead-to-client ratio
• Landing page conversion rates
• Organic traffic

Situation Analysis

Describe your goals, strengths, weaknesses, environmental factors, and market analysis to clearly articulate your challenges and impacts on your business moving forward.

The 4 P's of Marketing

• Product: What are you offering in the marketplace and how is it different from competitors?
• Price: How is your pricing model different? What is the dollar amount and structure? Why will customers choose your product or service over others?
• Place: Today's digital environment demands a shift toward online sales. Is online the first place that your buyers will see your product? What other avenues will you sell your product?
• Promotion: Where will you be promoting your product? Through online advertising? Email marketing? Blogging? Ensure that each avenue selected will positively impact your revenue.

What channels will you use to reach your audience? Where are they most active? Where do they seek advice? Ask your personas which channels they are on.

Website and Branding

Does your website messaging resonate with your personas? Is it optimized for lead generation?

Even if a potential buyer isn't ready to purchase your service or product today, it doesn't mean they won't later. Establish yourself as a thought leader, providing helpful content on your website to bring in leads until they are ready to buy from you.

Content Plan

Look at what content already exists on your website and determine whether it makes sense for your marketing campaign. Do you need to update the messaging so it better captivates and engages your audience? Are there additional questions or common objections you can address?

Social Media Plan

How is your business using social media ? Make sure you have a plan for engaging with thought leaders, replying back to happy clients, and how frequently you will post. Also, make sure you’re clear on what KPIs you’re tracking to measure success.

Communication and Promotion

Where and how often will you communicate with customers? What marketing materials can you create to facilitate this communication? Think about how customers might like to hear about you and your products or services, as well as the most relevant and effective channels for communication.

Ensure that you have a timeline for your campaign. Over time, this will help you measure the overall success and effectiveness of your marketing efforts.

What is the amount you will allocate to advertising, digital, website, event marketing, etc.?

Responsibilities

Identify who is responsible for each part of the implementation. Is one person creating all the designs? Do you have a content writer responsible for blogging and posting on social media?

Marketing Strategy vs Marketing Plan: You Need Both

Your marketing plan acts as your roadmap, clearly identifying the plan of action for your marketing efforts. Your marketing strategy, on the other hand, describes the overarching reason for how your marketing efforts will help you achieve your goals.

MARKETING PRO TIP To be successful and generate a marketing ROI, you must ensure that your team is executing a plan that backs up your strategy.

Understanding the current state of your digital presence can identify what you really need from a marketing strategy. A free 20-minute consultation with LAIRE CEO and Co-Founder, Todd Laire, will show you how you're ranking against your competitors, opportunities for improvement, and more.

Schedule a free marketing consultation today.

B2B Sales and Marketing Leader | CEO at LAIRE, a Digital Growth Agency - Co-Founder, Entrepreneur, Public Speaker, Marketer, Sales Team Builder, and Change Advocate.

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Goldman Sachs CEO downplays firm's report on Harris' economic plan

David solomon says report that harris touted at debate shows her plan is not all that different from trump's.

Kamala Harris didn't make case on policy at debate: Freeman

WSJ editorial page assistant editor James Freeman discusses whether former President Trump should agree to a second debate with Harris on 'Varney & Co.'

The CEO of Goldman Sachs weighed in on Vice President Kamala Harris' comments during Tuesday night's presidential debate in which she touted the investment bank's analysis of the benefits of her economic plan, saying the Democratic nominee made the report seem like a bigger deal than reality shows.

"I am offering what I describe as an opportunity economy, and the best economists in our country, if not the world, have reviewed our relative plans for the future of America," Harris said during the debate. "What Goldman Sachs has said is that Donald Trump's plan would make the economy worse, mine would strengthen the economy."

Goldman Sachs CEO David Solomon said in a Wednesday appearance on CNBC with host Scott Wapner, "So, that report, which was mentioned last night in the debate, came from an independent analyst, and it's interesting, Scott, I think a lot more has been made of this than should be."

"What the report did is it looked at a handful of policy issues that have been put out by both sides, and it tried to model their impact on GDP growth," Solomon explained. "The reason I say a bigger deal has been made of it is what it showed is the difference between the sets of policies that they've put forward is about two-tenths of 1%."

COST-OF-LIVING CRISIS KICKS OFF THE HARRIS, TRUMP DEBATE

Goldman Sachs CEO David Solomon said on CNBC that the report Vice President Kamala Harris touted showed only a very small economic growth disparity between her plan and former President Trump's plan. (Jeenah Moon/Bloomberg via Getty Images)

"So, the economy grows , if you took these particular sets of policies they looked at — and by the way, we have no idea whether these policies, these things that are talked about, will ultimately be implemented — and what was the growth impact? And the differential was two-tenths of 1%," he said.

"I think our clients are trying to look at what's going on from a policy perspective and make judgments. I think this blew up into something that's bigger than what it was intended to be," Solomon said.

CHAMBERS OF COMMERCE CALL TO EXTEND TRUMP TAX CUTS, AVOID 'LARGEST TAX INCREASE IN AMERICAN HISTORY'

Reuters reported that the analysis in question said that higher tariffs and tighter immigration policy under a potential Trump administration "would outweigh the positive fiscal impulse" of other policies to bring down GDP growth.

Further, it predicted that Democrats' spending policies and tax credits would "slightly more than offset lower investment due to higher corporate tax rates" and result "in a very slight boost to GDP growth on average over 2025-2026."

Vice President Kamala Harris claimed that Goldman Sachs said former President Trump's plan "would make the economy worse," whereas hers would "strengthen the economy." (Glen Stubbe/Star Tribune via Getty Images)

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FOX Business reached out to Goldman Sachs for comment.

Reuters contributed to this report.

Fact-checking the presidential debate between Trump and Harris

Vice President Kamala Harris and former President Donald Trump faced off in their first debate Tuesday night, trading barbs on foreign policy, abortion and guns.

Trump advanced a number of debunked conspiracy theories related to migration, crime and voting in the combative showdown, while Harris made misleading statements about manufacturing jobs and whether U.S. troops are in combat zones.

Here's what Harris and Trump got right and wrong on the debate stage in Philadelphia.

Fact check: Trump calls Harris’ dad a Marxist

“Her father’s a Marxist professor in economics, and he taught her well," Trump said.

That’s not what his students say.

In interviews, three of Professor Donald Harris’ former students, who are now economists themselves, told NBC News that they disagreed that Harris’ father is a Marxist. Donald Harris taught at Stanford University for nearly three decades until he retired in 1998, and while he was there, he studied Karl Marx’s economic philosophy among the philosophies of other different thinkers, his students recall. While Harris has spoken about her father’s influence in her early childhood, she has credited her mother for being the parent who shaped her into the person she is today.

Fact check: Did the U.S. leave $85 billion worth of military equipment in Afghanistan?

“We wouldn’t have left $85 billion worth of brand-new, beautiful military equipment behind," Trump said.

This is false.

The Taliban did gain possession of U.S.-made military equipment when they retook power in 2021, but the $85 billion figure is grossly exaggerated. It is a rounding up of the approximately $83 billion in total assistance appropriated for the Afghan military and police during the two-decade war, including training, equipment and housing.

According to a  2022 Defense Department report , the Taliban seized much of the estimated $7.12 billion in U.S.-funded equipment that was in the hands of the former Afghan government when it collapsed, the condition of which was unknown. The report said the U.S. military had removed or destroyed almost all the major equipment it was using in Afghanistan in the months leading up to the U.S. withdrawal.

Fact check: Trump claims Harris ‘wants to confiscate your guns’

“She wants to confiscate your guns,” Trump claimed.

Online posts have advanced a similar false claim. Harris has advocated for gun safety laws, proposing requirements for “anyone who sells more than five guns a year” to conduct background checks and for unlawful gun dealers to face penalties.

Harris responded moments later: “This business about taking everyone’s guns away? Tim Walz and I are both gun owners. We’re not taking anybody’s guns away.”

Fact check: Harris says Trump oversaw manufacturing job losses

“Donald Trump said he was going to create manufacturing jobs. He lost manufacturing jobs," Harris said.

This needs context.

Before the onset of the pandemic, the U.S.  added about 500,000 manufacturing jobs  during the Trump administration. But by the time Trump left office at the height of the pandemic, the U.S. had given up virtually all those gains as a result of the worldwide economic devastation from the virus.

Meanwhile, Trump actually understated the number of manufacturing jobs lost last month:  It was 24,000, not 10,000.

Fact check: Would Trump end the Russia-Ukraine war by giving up Ukrainian interests?

"I believe Donald Trump says that this war would be over within 24 hours. It’s because he would just give it up. And that’s not who we are as Americans," Harris said.

Harris’ comments came during a lengthy exchange that was kicked off when debate moderator David Muir asked Trump, “Do you want Ukraine to win this war?”

Trump responded by saying only that “I want the war to stop. I want to save lives that are being uselessly, people being killed by the millions.” He added that “I will get it settled” because “what I’ll do is I’ll speak to one, I’ll speak to the other, I’ll get them together.”

Harris responded with the above quotation and brought up that the Biden administration had helped bring dozens of countries together to support Ukraine’s defense.

“Because of our support, because of the air defense, the ammunition, the artillery … that we have provided, Ukraine stands as an independent and free country. If Donald Trump were president, Putin would be sitting in Kyiv right now,” she said.

Trump hasn’t publicly discussed what his specific plan to end the war would be.  The Washington Post reported in April that the plan  was essentially a land-for-peace deal.

Citing people who discussed the plan with Trump and his advisers, the Post reported that  Trump would plan to push Ukraine to hand over control  of Crimea and the Donbas region to Russia in any future deal, which would effectively formalize the gains Russian President Vladimir Putin made during his illegal invasion. In exchange, the Post reported, Putin would stop the war. The report attracted criticism across the political spectrum and from Kyiv, with many lawmakers and international figures saying the deal amounted to appeasement.

Regardless of whether such a plan would ever bear fruit, Harris’ latest comments build on the narrative that Trump continues to seek cozy ties with Moscow. Before Russia invaded Ukraine, Trump praised Putin as “genius” and “savvy” for declaring his intention to invade. 

In addition, it’s important to note that Trump didn’t say in his direct response to Muir that he wanted Ukraine to win in the war. He said only that he wanted the war to stop.

And even if Trump won and tried to stop the war, U.S. and European governments say Russia has shown no sign it is genuinely interested in any peace negotiations.

Fact check: Harris says no U.S. military members are on active duty in a combat zone

“And as of today, there is not one member of the United States military who is in active duty in a combat zone, in any war zone around the world, the first time this century," Harris said.

While Congress hasn’t formally declared a war in decades, American troops are certainly in combat zones around the world.

They’re serving in places like Iraq and Syria, where they work with local troops to fight terrorist networks. And they also conduct missions in both places — we saw that late last month in Iraq’s Anbar province, where an operation killed 15 Islamic State fighters and two U.S. soldiers were medevaced for injuries (and five more were injured). And a drone attack in Syria last month injured eight U.S. service members .

U.S. troops are also in Somalia and other parts of Africa, where they support local troops fighting terrorist groups, and they’ve been shooting down Houthi drones and missiles in the Red Sea.

Fact check: Trump claims he saved Obamacare

“Do I save it and make it as good as it can be, or do I let it rot, and I saved it," Trump said.

During Trump’s term in office, he made several attempts to repeal the Affordable Care Act. While those efforts were unsuccessful, Republicans in Congress did repeal its individual mandate, which required people to have health insurance or face fines.

Fact check: Did Trump’s election cases fail on standing?

“No judge looked at it. ... They said we didn’t have standing. That’s the other thing. They said we didn’t have standing. Can you imagine a system where a person in an election doesn’t have standing? The president of the United States doesn’t have standing? That’s how we lost if you look at the facts, and I’d love to have you do a special on it. I’ll show you Georgia, and I’ll show you Wisconsin, and I’ll show you Pennsylvania," Trump said.

Trump falsely claimed that judges rejected the more than 50 lawsuits brought by his supporters claiming widespread fraud because the president did not have legal “standing.”

The  majority of the lawsuits were rejected  because of a lack of evidence of voter fraud, a finding that Attorney General William Barr supported. Judges in Georgia, Wisconsin and Pennsylvania rejected the claims of widespread voter fraud. The Supreme Court rejected Trump’s appeal because of a lack of standing. There is  extensive proof  that the 2020 election wasn’t marred by fraud. 

Fact check: Is ‘migrant crime’ happening at high levels?

“They’ve destroyed the fabric of our country. Millions of people let in and all over the world, crime is down all over the world, except here. Crime here is up and through the roof, despite their fraudulent statements that they made, crime in this country’s through the roof, and we have a new form of crime. It’s called migrant crime. I like that. It’s happening at levels nobody thought possible," Trump said.

This is misleading.

The rate of violent and property crimes dropped precipitously in the first three months of 2024 compared with the same period last year, according to quarterly statistics released Monday by the FBI known as the  Uniform Crime Report . The murder rate fell by 26.4%, reported rapes decreased by 25.7%, robberies fell by 17.8%, aggravated assault fell by 12.5%, and the overall violent crime rate went down by 15.2%, the statistics indicate.

Pressed about the crime rates’ contradicting him, Trump claimed the FBI didn’t “include the cities with the worst crime; it was a fraud.” And while it’s true that some cities data isn’t included in the FBI crime data, city-level data shows similar trends. For example, New York City data compiled  by the police department  indicates that crime was down overall in the first quarter of 2024 there, too.

Under President Joe Biden, over 112,000 migrants with criminal backgrounds have been apprehended at the border, compared with over 63,000 under Trump. The number of people who are on the terrorist watchlist stopped at the border has largely stayed the same, with an estimated 1,400 encounters under Trump and 1,800 under Biden. But the government has acknowledged the difficulty of vetting migrants coming from countries that won’t share criminal history data with the U.S., and investigators have opened more than 100 investigations into the Tren de Aragua, a Venezuelan gang that has spread into the U.S.

Fact check: Are noncitizens being encouraged to vote?

“We have to have borders, and we have to have good elections. Our elections are bad. And a lot of these illegal immigrants coming in, they’re trying to get them to vote. They can’t even speak English. They don’t even know what country they’re in, practically. And these people are trying to get them to vote, and that’s why they’re allowing them to come into our country," Trump said.

It is a crime to register or vote as a noncitizen in all state and federal elections, though Washington, D.C., and a handful of municipalities in California, Maryland and Vermont allow noncitizen voting in local elections. Few people break those laws.

There’s no evidence of “people” trying to get undocumented migrants to vote, either.

Fact check: Trump says ‘fossil fuel will be dead’ under Harris

“If she won the election, the day after that election, go back to destroying our country and oil will be dead. Fossil fuel will be dead. We’ll go back to windmills, and we’ll go back to solar, where they need a whole desert to get some energy to come out. You ever see a solar plant? By the way, I’m a big fan of solar, but they take 400-500 acres of desert soil," Trump said.

Oil and gas production is at an all-time high under the Biden administration, and the U.S. is the world’s top oil producer.

Meanwhile, wind and solar power are rapidly expanding across the country. The U.S. Energy Information Association projects the amount of new solar power coming online will grow by 75% from 2023 to 2025. New wind power is also increasing by 11%.

In the context of the cost of living for Americans, solar and onshore wind are also significantly cheaper sources of energy than fossil fuel. Solar power, on average, costs nearly half the price of fossil gas energy, according to the EIA.

Fact check: Did Trump threaten there would be a ‘bloodbath’ if he doesn’t win the election?

“Donald Trump, the candidate, has said, in this election, there will be a bloodbath if this and the outcome of this election is not to his liking. Let’s turn the page on this. Let’s not go back. Let’s chart a course for the future and not go backwards to the past," Harris said.

This is true, though Trump says differently.

During the debate, Trump hit back at Harris, saying: “Let me just it was a different term, and it was a term that related to energy, because they have destroyed our energy business. ... That story has been, as you would say, debunked.”

Harris was referring  to comments Trump made at a rally in Andalia, Ohio, in March .

At the rally, Trump vowed there would be a “bloodbath” if he’s not elected in November — comments that came during a broader tirade that included his referring to the possibility of an increasing trade war with China over auto manufacturing.

At the Ohio rally, Trump said: “If you’re listening, President Xi — and you and I are friends — but he understands the way I deal. Those big monster car manufacturing plants that you’re building in Mexico right now … you’re going to not hire Americans and you’re going to sell the cars to us, no. We’re going to put a 100% tariff on every single car that comes across the line, and you’re not going to be able to sell those cars if I get elected.”

“Now, if I don’t get elected, it’s going to be a bloodbath for the whole — that’s gonna be the least of it,” he added. “It’s going to be a bloodbath for the country. That will be the least of it. But they’re not going to sell those cars. They’re building massive factories.”

Later, Trump said, “If this election isn’t won, I’m not sure that you’ll ever have another election in this country.”

Trump has continued to refuse to acknowledge that he lost the 2020 election. The doubt he cast on the results of the race helped sow the Jan. 6, 2021, Capitol insurrection.

In response to the comments in March, Trump campaign spokeswoman Karoline Leavitt told NBC News at the time that “Biden’s policies will create an economic bloodbath for the auto industry and autoworkers.”

Fact check: Who is responsible for the botched troop exit from Afghanistan?

“They didn’t fire anybody having to do with Afghanistan and the Taliban and the 13 people who were just killed, viciously and violently killed. And I got to know the parents and the family. They didn’t fire, they should have fired all those generals, all those top people, because that was one of the most incompetently handled situations anybody has ever seen," Trump said.

This is true, but additional context is needed.

It’s true that no one in the Biden administration was held accountable for the final withdrawal of troops from Afghanistan in August 2021, a chaotic event that resulted in 13 deaths.

But Trump and Biden share responsibility for the withdrawal and its consequences. Both publicly supported pulling U.S. troops out and rejected advice from military commanders to keep a small U.S. force on the ground.

Trump and his supporters have tried to solely blame Biden and Harris for the chaotic pullout. The Biden administration, in a National Security Council report last year, tried to pin most of the blame on the Trump administration, arguing that Biden was “severely constrained” by Trump’s decisions.

In February 2020, the Trump administration negotiated an agreement with the Taliban that excluded the Afghan government, reduced U.S. troops levels from 12,500 to 2,500, freed 5,000 Taliban prisoners   in a prisoner exchange and required all U.S. troops to withdraw by May 1, 2021.

In return, the U.S received an ambiguous pledge from the Taliban not to allow Afghanistan to become a base for terrorist attacks against the U.S. and its allies. 

Trump then scaled back U.S. troop levels over the course of 2020 from about 13,000 to 2,500 as part of the deal, even though the Taliban didn’t keep their commitment to reduce violence and it maintained ties with Al Qaeda. Republican lawmakers in November expressed alarm over the troop reductions, with Sen. Marco Rubio, of Florida, warning of a “Saigon-type situation.”

The February 2020 Doha agreement and the troop drawdown presented Biden with difficult choices. Some administration officials were concerned that if the U.S. chose to renege on the Doha agreement, the administration would have to deploy additional U.S. troops in Afghanistan to bolster the small contingent remaining. That, in turn, risked triggering an intensified war with the Taliban.

The head of U.S. Central Command, Gen. Frank McKenzie, recommended keeping a small force of 2,500 in place to counter the terrorist threat from the country and to support the Afghan army. The chairman of the Joint Chiefs of Staff, Gen. Mark Milley, agreed with the recommendation.

Biden eventually moved up the timeline for full troop withdrawal to Aug. 31 (from Sept. 11) as the Taliban made dramatic advances across the country.

In August, Taliban forces seized Kabul without a fight, and Afghan President Ashraf Ghani fled the country amid chaotic scenes at the Kabul airport. Desperate Afghans climbed onto the wings of a U.S. cargo plane and fell from the sky after it took off. 

On Aug. 26, a bombing at the airport’s Abbey Gate during the final days of the withdrawal killed 13 U.S. service members and 170 Afghans and wounded many more people. The attack was carried out by ISIS. 

Fact check: Trump says Harris ‘wants to do transgender operations on illegal aliens that are in prison’

“Now she wants to do transgender operations on illegal aliens that are in prison," Trump said.

CNN  recently reported  that in her response to an American Civil Liberties Union questionnaire in 2019, Harris said transgender people who rely on the state for care, including federal prisoners and detainees, should have access to gender transition treatment. The Harris campaign didn’t answer questions from CNN about whether she still supports that position.

Fact check: Trump says Democrats support ‘execution after birth’

“You can look at the governor of West Virginia, the previous governor of West Virginia — not the current governor, who is doing an excellent job, but the governor before — he said the baby will be born and we will decide what to do with the baby. In other words, we’ll execute it. And that’s why I did that, because that predominates, because they’re radical. The Democrats are radical. ... Her vice presidential pick says abortion in the ninth month is absolutely fine. He also says execution after birth is execution — no longer abortion because the baby is born OK, and that’s not OK with me," Trump said.

While some Democrats, including Walz, support broad access to abortion regardless of gestation age, infanticide is illegal, and no Democrats advocate for it. What’s more, just 1% of abortions are performed after 21 weeks’ gestation,  according to the Centers for Disease Control and Prevention , and they are typically due to serious medical causes.

This is a frequent falsehood from Trump dating to 2019, referring to something former Virginia Gov. Ralph Northam, a Democrat, said on a radio program. NBC News  debunked the claim  then, reporting that Northam’s remarks were about resuscitating infants with severe deformities or nonviable pregnancies. 

Asked what happens when a woman who is going into labor desires a third-trimester abortion, Northam noted that such procedures occur only in cases of severe deformities or nonviable pregnancies. He said that in those scenarios, “the infant would be resuscitated if that’s what the mother and the family desired, and then a discussion would ensue between the physicians and the mother.”

Fact check: Are pets being harmed by migrants?

Baseless rumors have  spread on social media for days  claiming that Haitian immigrants in Ohio are abducting and eating pets. Most of the rumors involve Springfield, which has a large number of Haitian immigrants, but police there knocked down the stories Monday in a statement saying they hadn’t seen any documented examples.

“There have been no credible reports or specific claims of pets being harmed, injured or abused by individuals within the immigrant community,” the statement said.

Republicans, including Vance, have pointed to the claims as evidence that immigrants are causing chaos. Vance, though, hedged somewhat  in a statement  on X on Tuesday, saying, “It’s possible, of course, that all of these rumors will turn out to be false.”

Immigration is  a potent subject  in the presidential face. In an NBC News poll in April,  22% of voters  put immigration and the border as the most important issue facing the country, second only to inflation and the cost of living, at 23%.

John Kirby, the White House’s national security spokesperson,  denounced the claims  about Haitians in Ohio as a dangerous conspiracy theory that could inspire anti-immigrant violence.

“There will be people that believe it no matter how ludicrous and stupid it is, and they might act on that kind of information and act on it in a way where somebody could get hurt,” he told reporters Tuesday.

Fact check: Have the jobs created under the Biden administration been ‘bounce-back’ jobs?

“[T]he only jobs they got were bounce-back jobs. These were jobs bounce back, and it bounced back, and it went to their benefit, but I was the one that created them," Trump said.

The U.S. regained all the jobs lost during the Covid-19 pandemic  in June 2022 . Since then, more than 6 million jobs have been created.

Fact check: Trump says inflation is ‘probably the worst in our nation’s history’

“Look, we’ve had a terrible economy because inflation has — which is really known as a country buster. It breaks up countries. We have inflation like very few people have ever seen before, probably the worst in our nation’s history," Trump said.

Inflation is at 2.9%, the lowest it has been since March 2021, although the rate did reach a peak of 9.1% during June 2022 amid the Covid-19 pandemic. Inflation was at that level at multiple points of the Trump presidency, as well, in June and July 2018.

Fact check: Trump says he has ‘nothing to do with Project 2025’

“I have nothing to do with Project 2025. That’s out there. I haven’t read it. I don’t want to read it purposely. I’m not going to read it. This was a group of people that got together. They came up with some ideas, I guess, some good, some bad, but it makes no difference," Trump said.

Trump has spent weeks trying to push back against associations with Project 2025, a 900-page policy wish list put out by the Heritage Foundation.

It’s true that Trump has disavowed some of the policies in the document and that he didn’t write it, but many of his allies and former aides  are behind it  and have advanced the positions proposed in it.

The Heritage Foundation also had significant influence in the Trump administration. In 2018, it boasted  that Trump and his administration “embraced nearly two-thirds of the policy recommendations” it advanced in a similar document. 

Fact check: Are 21 million migrants coming into the U.S. monthly?

“But when you look at what she’s done to our country, and when you look at these millions and millions of people that are pouring into our country monthly, where it’s I believe 21 million people, not the 15 that people say," Trump said.

According to statistics from U.S. Customs and Border Protection, there have been an estimated 10 million encounters across U.S. land borders during the Biden administration. In July, CBP recorded 170,273 national encounters between and at U.S. ports of entry. The most national encounters recorded since the start of fiscal year 2024 has been 370,887.

Fact check: Would Trump tax cuts create a $5 trillion deficit?

“My opponent, on the other hand, his plan is to do what he has done before, which is to provide a tax cut for billionaires and big corporations, which will result in $5 trillion to America’s deficit. My opponent has a plan that I call the Trump sales tax, which would be a 20% tax on everyday goods that you rely on to get through the month. Economists have said that that Trump sales tax would actually result for middle-class families in about $4,000 more a year," Harris said.

This is true.

A report in May  from the nonpartisan Congressional Budget Office found that extending the Trump tax cuts for 10 years would add $4.6 trillion to the federal deficit.

Harris’ reference to Trump’s “sales tax” actually refers to his proposal to raise tariffs on all nearly all imported basic goods by 10% and by up to 60% on basic goods imported from China. Economists,  including from the left-leaning Center for American Progress , have said those levels of tariffs would pass costs on to consumers, amounting to about $3,900 in additional costs for an average middle-class family.

Jane C. Timm is a senior reporter for NBC News.

Adam Edelman is a politics reporter for NBC News.

David Rohde is the senior executive editor for national security at NBC News. A Pulitzer Prize winner who previously worked at the New York Times and the New Yorker, his latest book is Where Tyranny Begins: The Justice Department, the FBI and the War on Democracy .