what is the difference between marketing plan and business plan

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Marketing plan vs business plan: What’s the difference?

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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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 Updated on December 11, 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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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

Image credit: MarketingInsiderGroup.com

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!

what is the difference between marketing plan and business plan

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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.

Image of a man standing over a few key marketing concepts.

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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Tim berry on business planning, starting and growing your business, and having a life in the meantime., marketing plans vs. business plans: what’s the difference, and why do you care.

What’s the difference between a marketing plan and a business plan? Doesn’t a business plan include a marketing plan? Why would anybody do one without the other?

Good questions, and since I get them a lot, I decided to answer them here:

A business plan covers the entire business, including overall strategy, financial plans, target markets, sales, products and services, operations, and how they all relate to each other. A marketing plan, in contrast, focuses on the marketing: marketing strategy, target markets, marketing mix, messaging, programs, etc. Cash flow is vital for a business plan, but not usually included in a marketing plan
Yes, a business plan almost always includes the marketing portion. Emphasis varies, and I’ve seen some plans that focus much more on product or service than on marketing. But those are unusual.
Lots of people do marketing plans rather than business plans because their job or their attention or their focus is on the marketing, not the whole business.

I wrote 5 steps to creating a marketing plan in one of my columns for entrepreneur.com. I’m including a summary here:

Step One: Your identity as a business.

Create separate lists that identify your business’ strengths, weaknesses and goals. Put everything down and create big lists. Don’t edit or reject anything.

Then, find priorities among the bullet points. If you’ve done this right, you’ll have more than you can use, and some more important than others. Kick some of the less important bullets off the list and move the ones that are important to the top.

This sometimes requires input from your managers as well. For example, your management team thinks being conservative on spending is a weakness but you don’t. That might be something to drop off the list.

Step Two: Focus on markets.

The next list you’ll need to make outlines your business’ opportunities and threats. Think of both as external to your business — factors that you can’t control but can try to predict. Opportunities can include new markets, new products and trends that favor your business. Threats include competition and advances in technology that put you at a disadvantage.

Also make a list of invented people or organizations who serve as ideal buyers or your ideal target market. You can consider each one a persona, such as a grandmother discovering email or a college student getting his or her first credit card. These people are iconic and ideal, and stand for the best possible buyer.

Put yourself in the place of each of these ideal buyers and then think about what media he or she uses and what message would communicate your offering most effectively. Keep your identity in the back of your mind as you flesh out your target markets.

Step Three: Focus on strategy.

Now it’s time to pull your lists together. Look for the intersection of your unique identity and your target market. In terms of your business offerings, what could you drop off the list because it’s not strategic? Then think about dropping those who aren’t in your target market.

For example, a restaurant business focused on healthy, organic and fine dining would probably cater to people more in tune with green trends and with higher-than-average disposable income. So, it might rule out people who prefer eating fast-food like hamburgers and pizza, and who look for bargains.

The result of step three is strategy: Narrow your focus to what’s most in alignment with your identity and most attractive to your target market. In other words, focus on the area that is shared by all three lines in the diagram here.

Step Four: Set measurable steps.

Get down to the details that are concrete and measurable. Your marketing strategy should become a plan that includes monthly review, tracking and measurement, sales forecasts, expense budgets and non-monetary metrics for tracking progress. These can include leads, presentations, phone calls, links, blog posts, page views, conversion rates, proposals and trips, among others.

Match important tasks to people on your team and hold them accountable for their successes and failures.

Step Five: Review often and revise.

Just as with your business plan, your marketing plan should continue to evolve along with your business. Your assumptions will change, so adapt to the changing business landscape. Some parts of the plan also will work better than others, so review and revise to accommodate what you learn as you go.

Thanks for sharing your valuable experience Tim. Creating, implementing and reviewing business plans should definitely be an essential part of every company. However, marketing is a core element of a business and should be treated as such. While focusing on the market & customer behavior, a marketing plan misses ‘cash flow’ as a key ingredient. This is why a marketing plan should go hand in hand with the business plan. Personally, I’m a huge fan of doing both 🙂

[…] Marketing Plans vs. Business Plans: What’s The Difference, and Why Do You Care? […]

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What’s the Difference between a Business Plan and a Marketing Plan?

Leah Hoppes | Posted on June 8, 2017 |

They both sound profoundly important and you know you need a plan, but planning takes time. So, what is the difference between a business plan and a marketing plan and which one do you really need to run your business?

A business plan is primarily an overview of your business concept and how you aspire to create a viable and sustainable business. It is written with the intent of winning other’s approval of your ideas and methods in order to receive funding. This type of business plan is a way to prove out your business theory, so to speak. It’s the real-world equivalent of showing your work in math class. You may very well have your vision mapped out in your head but if you’re expecting someone else to fund you, you better prove to them you really do understand the market you plan to enter. You’ll need to convince the banker you have a solid business model because a lender’s primary concern is that you can repay the loan.

The business plan is the proving out, on paper at least, the viable path in which to bring a particular product or service to the marketplace in a profitable manner. There are two types of business plans.

The first type of business plan is used solely for funding, ends up in a file cabinet or in the virtual folder never to be referred to again. As crucial as it was to get the business started, it serves no purpose once the doors are open. The second version of a business plan, written for internal decision makers, is too cumbersome for the majority of small business owners and that’s why a marketing plan is the perfect solution.

Whereas a business plan is written for an audience to get them to buy-in to a concept, a marketing plan is written for the staff or team members in order to execute the day-to-day action items which must be met in order to achieve the larger business goals or corporate vision.

Whether you call it a marketing plan, sales, and marketing plan or strategic marketing plan really doesn’t matter, they’re all essentially the same thing – action planning. Making a list of actions and putting them in motion. A marketing plan should include some of the points of a business plan because there are certain key elements which determine the direction of the plan. For example, identifying the vision for the company is essential in a marketing plan because everything in the plan should be driving the company closer to that particular vision, or overall objective. However, the difference between a marketing plan and a business plan is the marketing plan is detailed out in terms of not just conceptual ideas, but a list of actions which will drive results.

In other words, a strategic marketing plan is not only the foundation for your sales and marketing efforts – it is a 12-month plan of action items so that you know what you need to accomplish every single month to move you towards your goal.

If you’re looking for help with your marketing plan, Marketing Chomp is a self-guided step-by-step workbook which will ensure you develop a fully developed marketing plan. If you need outside help to do all the heavy lifting contact us .

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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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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

Understanding The Differences Between A Business Plan and Marketing Strategy

For business owners or other company leaders, understanding the differences between having a business plan and a marketing strategy are two critical elements that should be at the forefront of your business. While these terms may sound synonymous, they are built and reflected differently throughout successful companies.

Several key stakeholders should be aware of the business plan to ensure alignment and effective execution. These include the executive team (CEO, COO, CFO), senior management (department heads, managers, and team leaders), Board of Directors, key employees, and advisors or consultants. Ensuring these stakeholders know and understand the business plan promotes alignment, accountability, and a unified approach to achieving the company’s goals.

What Is A Business Plan?

A business plan serves as the blueprint for your business. It can include your vision and mission statements, services you offer, accountability chart, SOPs, financials, sales, and marketing plans. Consider it the “big picture” or roadmap to success that guides all other aspects of your business.

What Should Be Included In Your Business Plan:

Executive Summary: A succinct overview of the business, its mission, and its unique value proposition.
Market Analysis: A detailed assessment of the industry landscape, target market demographics, and competitors.
Company Description: A narrative describing the nature of the business, its products or services, and organizational structure.
Marketing and Sales Strategy: A strategic approach to promoting and selling products or services to target customers.
Financial Projections: Forecasts of revenue, expenses, and cash flow over a defined period, typically three to five years.

Your business plan will ultimately set your team up for success. When creating this plan, consider your industry and what your clients care most about—ensure all that information lives within it!

How Is A Marketing Strategy Different From Your Business Plan?

On the other hand, your marketing strategy is only a piece of your business plan. It zooms in on the tactics and techniques you will employ to grow your business. It’s a dynamic roadmap delineating how to effectively market your products or services to your target audience, leveraging channels, messaging, and campaigns.

Key Elements of A Marketing Strategy Include:

Target market
The “how” to achieve your marketing goals
Target audience definition
Goals & objectives
Product, price, place, and promotion
Social media, keywords, and advertising
Identifying your ideal audience and where they are
Budget and KPIs

Why Are Both Essential To Your Business?

Your business plan and marketing strategy are intertwined but essential for different reasons. A well-crafted business plan provides the strategic framework and direction for the entire organization. By aligning the marketing strategy with the broader business objectives outlined in the plan, every marketing initiative becomes purposeful and contributes to the overarching goals.

“As a business owner, it is your responsibility to ‘steer the ship.’ Having a well-documented business plan not only makes it easier for your team to understand your vision and expectations but also helps any partner to jump in and help execute. The most successful marketing programs I have participated in are those based on collaboration and trust. When the client sets the goals and vision, our team can create the roadmap for getting there!” – Jenna Sherrick, Senior Marketing Manager

Thinking big picture, a business plan sets up more than just your marketing up for success. Business plans eliminate internal conflict by reducing confusion and getting your team thinking with one goal in mind. Successful teams work together in harmony when they know what they are doing, why they are doing it, and for what purpose or end goal. It can also be a great resource for new leadership employees during the onboarding process.

Employing Marketing Strategy In Real Life

Evolve Systems has managed the marketing strategy and website development for KeyeStrategies and Poised for Exit for over five years. During our time with this client, we have seen their online engagement grow, which is a positive sign that the marketing is “working.”

Our team works directly with the KeyeStrategies project manager on strategy and implementation, with monthly status reports, quarterly planning, and weekly check-ins. All of these initiatives have enabled a small firm to do BIG things! Speaking of big things, our team was recently tasked with merging the Poised for Exit website with the primary website, KeyeStrategies. We created a landing page to connect the two websites seamlessly.

A business plan and a marketing strategy are the building blocks for a strong foundation for your organization. But, business owners must recognize the differences between the two and the role each plays in driving sustainable growth and success. By synergizing these two pillars, businesses can confidently navigate the complexities of the marketplace, ultimately realizing their full potential and achieving enduring prosperity.

Get Started On Your Marketing Strategy

At Evolve, we love working with business owners and other organization members as a key player in your marketing strategy. Our team of experts wants to guide you through all the areas of marketing and website development to reach your full potential. If you are looking for a partner in your marketing strategy, let’s start the conversation today !

10 tips to make your marketing and sales emails stand out, how google maps can benefit your business, what does google tag manager do the benefits of google tag manager and what to track, introducing sharpspring – powerful all-in-one sales and marketing platform with automation, download example report.

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.

the ship (your business) needs not only a direction (i.e., a strategy) but also the sails to power it (i.e., a plan).

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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Home » Marketing Strategy vs. Marketing Plan? (The Difference)

Marketing Strategy vs. Marketing Plan? (The Difference)

A company’s success relies heavily on the right marketing strategy supported by a robust marketing plan.

That said, beginning marketers often confuse these two concepts and consider them to mean the same thing.

But they are very different. Here’s how:

A marketing strategy answers the “why”.
A marketing plan answers the “how”.

What Is the Difference Between a Marketing Strategy and a Marketing Plan?

A good exercise to think clearly about the differences between a marketing strategy and a marketing plan is to compare a SWOT analysis against the Marketing Mix . A SWOT analysis is a structured review of the organization while the marketing mix plans the activities to bring your product or service to market.

A marketing strategy and a marketing plan are different in three distinctive ways:

by definition,
purpose, and

A business strategy informs what goes into a marketing strategy.

A marketing strategy explains why you intend to perform specific marketing actions.

For example, if your startup wishes to scale up, the marketing strategy you develop will help you reach this goal, perhaps by building a customer base or through social media marketing.

On the other hand, a marketing plan describes how you intend to implement the actions laid out in the marketing strategy.

It provides the specifics regarding branding, scheduling the communication channels you intend to use.

A marketing plan comes after a marketing strategy.

Moreover, one of the main focal points of any good marketing plan is monitoring the success of your marketing actions using key performance indicators (KPIs) .

These KPIs are crucial not only for measuring progress but also in ensuring the marketing plan lines up with the marketing strategy. A regular SWOT analysis is also a helpful activity to help you with your marketing strategy.

How Do You Develop a Marketing Strategy?

A marketing strategy consists of the following practical steps.

1. Develop a marketing plan

Building a robust marketing plan will include the following components:

Branding . How you sell the company matters. You need to determine the brand voice and incorporate this element in marketing campaigns.
Timeline and budget . These two components are essential, particularly for small businesses that have limited funds.
Roles . The success of a marketing plan requires that those involved in the execution understand and perform their functions.
Content strategy . This strategy describes the schedule for dispensing the content, the communication channels, and the type of incentives you intend to use.

2. Identify buyer personas

A buyer persona is a company’s depiction of an ideal customer. When developing this persona, an organization must consider several aspects, including:

Demographics like age, income, and gender
Psychographic factors such as interests and lifestyle

For instance, Netflix and other streaming services use behavioral segmentation. Here, the company knows which content to recommend based on watch history. Another example would be to look at fashion brands’ buyer persona. Zara’s buyer persona is a fashion-forward customer with mid-range income who lives in an urban area.

3. Determine marketing goals

As mentioned earlier, you should typically model your marketing strategy after your overall business goals. Plus, such a strategy will remain consistent. And will only change if your team meets its marketing goals.

Moreover, you may also need to revise these goals if there are any significant market changes, for instance, new technological trends or if you launch new products/services. Standard marketing goals include:

Market development
Increased brand awareness
Wider customer base
Increased sales

4. Understand the market

Market research is one of the essential elements of a marketing strategy. It helps you build the right buyer persona, stay updated on market changes and boost your business performance. Like other steps mentioned earlier, it would be wise to set clear goals for market research. Doing so reduces the scope making it easier to get accurate and relevant results.

Market research involves gathering information such as the market size, demographics, trends, and growth. Pay attention to specific matters like data availability and credibility when undertaking this process.

5. Competitive analysis

The competitive analysis provides valuable information about your competitors, including their pricing, advertisement strategies, plus strengths and weaknesses. Moreover, this process lets you in on your unique value proposition.

To understand your competitor’s strategies, ask yourself the following questions. Are your competitors:

Attempting to create new markets?
Trying to expand their market share?
Bringing in technologically advanced products?

Once you’ve made a competitor profile, here’s how to go about the analysis.

Examine the competition’s offerings. Start by examining your competitors’ products and their unique properties.
Establish your competitor’s market share. A comprehensive market share can influence consumer perception and benchmarks for the product/service.
Identify your company’s competitive position and develop appropriate strategies. Some potential ones include lowering prices, ramping up advertisements, or buying out the competition.

Examples of Successful Marketing Strategies

Here are two notable successful marketing strategies.

Spotify, a music streaming service, found a way to provide its listeners with a unique user experience, setting it apart from other providers. Besides the standard genre filters, Spotify offers users a chance to select music based on their current mood.

Sephora introduced a “Beauty Insider” loyalty program that rewards shoppers based on their spending levels.

Beauty Insider (no minimum costs)
VIB (at least $350 spent)
VIB Rouge ($1000 minimum purchases)

Effective Marketing Strategies and Plans Equal Successful Business Strategy Goals

The success of an organization’s marketing actions requires a great marketing strategy and a good marketing plan. While different, a marketing strategy and plan mesh together to improve brand awareness, facilitate customer acquisition, provide a competitive edge, boost sales performance and ultimately gain a customer and keep a customer.

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

Join thousands of successful marketers who get our weekly marketing mixtape email with fresh ideas & hot insider tips.

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.

Marketing Plan vs Marketing Strategy- Whats the Difference-02

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, co-founder of our agency, 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 chart below details the specific differences.

Marketing Plan vs Marketing Strategy- Whats the Difference

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 on delivering 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 on achieving 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 it is 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.

And remember, to be successful and generate results, 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. Our free 20-minute assessment will show you how you're ranking against your competitors, opportunities for improvement, and more.

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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What Are the Differences Between a Sales Plan and a Marketing Plan?

Although many people use the terms “sales plan” and “marketing plan” interchangeably, they are in fact (or should be) two very distinct documents. One simple way to outline the differences is to think of the marketing plan as the macro view, whereas the sales plan is the micro… however both plans are working towards the same overall company revenue goals and targets.

The purpose of a marketing plan is to identify your target market and outline the strategies you will use to build awareness, advertise and ultimately sell to them. The purpose of a sales plan is to identify how exactly you will meet your revenue goals, outlining the strategies you will use to sell your products and services to your customers. In a way, you might like to think of your company’s marketing efforts as the bait that lures the fish toward the rod, whereas your company’s sales efforts are the fisherman who actually reels them in.

The Marketing Plan As mentioned above, your marketing plan is the strategy map for how you will reach your customer base. The first step in devising a marketing plan is to understand who your target market is. Then, once you have identified this target market, the marketing plan must layout which strategies you will use to create brand awareness, get brand recognition, and advertise your product/services to the right audience.

Essentially, it defines how you can differentiate your product or service (what are its unique selling points and benefits) and make it stand out in a crowded marketplace (how does it solve a particular problem better than any other solution out there). Your marketing plan will also identify the appropriate channels (e.g., print, email, social media, television, etc.) for promoting your products or services.

The Sales Plan While the marketing plan looks at identifying the target market and creating awareness, the sales plan is focused explicitly on achieving conversions. The two plans are directly related: the intel from your marketing plan about to whom you are selling, and what will make your product or service stand out from the crowd, will feed your sales plan.

The sales plan itself, however, will have a narrower focus and gets into the nitty-gritty: a month-by-month forecast of the number of sales you need to achieve in each territory and precisely what you are going to do to get there. Excellent sales planning is integral to sales success. It encompasses past sales, market issues, who your ideal customers are, and how you’re going to find, engage and sell to them.

As you can see, a sales plan and a marketing plan are clearly connected and must be aligned for your company to achieve sales success. Many businesses fall into the trap of neglecting marketing efforts and putting resources solely into a sales-focused approach. This places too heavy a burden on the sales team, often resulting in a need to slash prices or rely on promotions. When marketing and sales work together to create a product-focused approach - highlighting your product or service’s benefits and how it solves a business need - your marketing plan will reel your customer’s in and make it easier for your sales rep to close the deal.

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The difference between a comms plan and a marketing plan

We marketers sure love our verbiage and jargon. Branding , marketing, communications planning, where is the line drawn? What’s the difference?

One thing we’ve noticed that gets people occasionally hung up is the difference between a marketing plan and communications plan. They’re both vital to the success of a brand but serve very different purposes. Generally, every brand has a marketing plan. However, not everyone has a comms plan. Let’s take a look at the difference between the two and how when to use them.

Marketing Plan

A marketing plan is the high-level guiding document that guides the overall direction of achieving the marketing goals a business has.

Whereas a marketing campaign and its accompanying comms plan address one specific marketing goal, the marketing plan serves as the general road map that weaves everything together. The comms plan ladders up into the marketing plan and then up into the overall business plan.

Marketing plans last for a longer period of time (typically a year) and usually contain the following:

Market research and analysis
Marketing and financial goals and objectives
Target audience breakdowns
Marketing strategies covering the 4 P’s of marketing (product, price, place, and promotion)
Budget: This component of a marketing plan consists of developing a marketing budget, which will allow you to plan for marketing expenditures.
Monitoring and evaluating (KPI's and how you'll respond)
An execution plan (or a marketing plan checklist) which breaks down tasks and tactics as well as timing and responsibilities.

Though marketing plans can differ by industry, they generally follow a similar structure.

Now, a communications plan is a very specific tool which we’re huge fans of. Its primary use case is to help layout an integrated execution plan of a marketing campaign. With so many channels available to marketers these days, the comms plan was born out of a necessity to think strategically about how to integrate all these executions under one overarching concept, while still being bespoke to each channel.

Here is a sample comms plan we use inspired by Julian Cole, a well-revered expert on comms planning.

Let’s take a look at each section and break it down.

Business Problem

This is the connection point to the business/marketing plan. While it is crucial to frame most of the campaign architecture through a consumer mindset as opposed to the business’, the business problem is the exception. It is generally driven through analysis of the marketing plan and could be something such as:

“We’re seeing a decrease in subscriptions to Spotify by Generation Z because that generation sees the platform as the place for annoying Millennials”

Positioning

Positioning refers to the intersection of where the brand sits in the context of the product category, culture, and consumer sentiment. It is driven by uncovering insights quantitatively and qualitatively. It is by comparing the positioning to the business problem that we can begin align the marketing campaign and its initial goals. For example, the positioning of Spotify could be:

“Spotify is the streaming service for Neverlanders who will never grow old”

Campaign Idea

This represents the core concept of your marketing campaign. It will serve as the umbrella idea that connects to each comms task which we will describe below.

Barriers are the specific pain points being addressed within that specific channel/execution of the campaign. These barriers are uncovered through a mapping of the consumer journey starting from the high-funnel down into the final purchasing and advocacy touchpoints. Once complete, we can discern what are the specific barriers to accomplishing the goal of the campaign within said touchpoint.

An example of a barrier could be:

“Gen Z’s on TikTok feel like any platform outside of it is just for old people”

With the barrier established, it is time to develop how we will solve that barrier. To do this, we work through the specific communications task. In relation to the previous example, the task could be to convince Gen Z’ers on TikTok that Spotify is just as youthful as TikTok itself .

Last but not least, is the tactics themselves. This is where we prescribe the specific channel and tactic that the creative will live to solve the aforementioned barrier. In this case, one tactic could be for Spotify to hire TikTok influencers to develop branded playlists of their favourite songs on Spotify to be shared on Tik Tok to their followers.

This process of outlining the barrier and task repeats itself until all touchpoints of a consumer journey map have been addressed and solved. As this occurs, an integrated and strategic execution plan of your marketing campaign emerges.

The benefits of following an integrated comms plan such as this are proven and substantial. It leads to increased emotional responses and overall branding perception as seen in the studies below.

In summary, the marketing plan is the high-level plan of a brand that focuses on more than just an advertising campaign. It includes pricing strategies, distribution strategies, and is much more focused on driving sales from a high-level perspective. A comms plan is a specific tool used to think of the rollout of an advertising campaign from a more integrated and strategic point of view. It is driven through analysis of the consumer mindset and is used to tap the consumer at specific points within the purchasing process.

Both plans serve very different purposes but often get mixed up. However, both are fundamental to the success of a clear and discerning brand that knows exactly where it stands and where it is headed. You might also like our post titled The Difference Between Branding and Marketing .

Contact MMGY Origin

Specializing in the outdoor industry and tourism, MMGY Origin has a team of experts who robust, digitally driven, creative and marketing services to clients across North America.

If you need help developing a communications plan or marketing plan, we can help. Feel free to contact us .

Our monthly newsletter “Insights on The Outdoors” offers additional tips on outdoor marketing. To subscribe, visit https://www.originoutside.com/newsletter

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SEP IRA vs. Solo 401(k)

Which should i choose, the bottom line.

Small Business

SEP IRA vs. Solo 401(k): Which Is Better for Business Owners?

Take a look at the differences between these retirement savings plans

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Individual 401(k) vs. SEP IRA CURRENT ARTICLE

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The solo 401(k) is a simplified way for small-business owners to save for retirement and enjoy some of the benefits of an employer-sponsored 401(k) . Its origins date to the Self-Employed Individuals Tax Retirement Act of 1962, but it was popularized by the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001. The SEP IRA was established in 1978 as another way for small-business owners to establish retirement accounts for their companies.

A self-employed business can have both of these tax-deferred plans at the same time. With a SEP IRA, individuals can contribute up to 25% of their income to the account. With a solo 401(k), individuals can save up to 100% of their compensation as an employee contribution (though the amount is limited by an annual dollar threshold), while also accepting employer contributions of up to 25% of their compensation .

Key Takeaways

SEP IRAs and solo 401(k)s both allow small business owners to establish retirement accounts for their employees.
SEP IRAs are funded by employer contributions alone.
Solo 401(k)s allow both employer and employee contributions.

The SEP IRA is probably the simplest way for business owners to help their employees save for retirement . The plan is purely profit-sharing in nature, meaning only the employer can make contributions, and allows owners to make contributions for themselves as well. (Part-time workers, those under age 21, and those who have not worked for the employer in at least three of the previous five years may be excluded.) A SEP IRA can be established anytime before “the due date (including extensions) of your business income tax return for the year you want to establish the plan.”

The annual amount an owner can contribute to their own SEP IRA is the lesser of up to 25% of business revenue—20% in the case of a sole proprietorship or a single-member limited liability corporation (LLC) —or a set dollar amount adjusted for inflation every year ($69,000 for 2024.) The annual contribution limit to an employee’s SEP IRA is the lesser of the dollar limit or 25% of the employee’s total compensation.

One of the main advantages of a SEP is its relative simplicity compared with the rigorous reporting requirements that come with qualified retirement plans , even those that are designed for self-employed persons , such as Keogh plans .

Solo 401(k)

A solo 401(k) is designed exclusively for sole proprietorships that have only one employee (the owner). Also known as an “individual 401(k),” a “one-participant 401(k),” or a “uni-k,” it can also be established retroactively, “provided it’s adopted by the due date, including extensions, for filing the employer’s tax return for the taxable year of adoption, and the employer elects to treat the plan as having been adopted as of the last day of that prior taxable year.”

A solo 401(k) is generally considered a better option for solo practitioners than a SEP IRA, because it offers the following additional features:

Employee deferrals – Unlike a SEP IRA, a solo 401(k) allows both employer and employee contributions. This allows the proprietor to contribute up to $23,000 to their own plan (in 2024) even if the business loses money.
Catch-up contributions – A solo 401(k) allows the same annual amount to be contributed by the owner as a SEP does ($69,000 in 2024), but it also allows participants who are age 50 and above to contribute an additional $7,500 as a catch-up contribution .
Roth contributions – A solo 401(k) allows for post-tax Roth contributions, which can let the owner accumulate a substantial pool of tax-free money over time. A SEP IRA only allows traditional pretax contributions.
Loan provision – A solo 401(k) can allow participants to take out a loan equal to the lesser of 50% of the plan balance or $50,000. Loans are not available from a SEP IRA.

Which you choose depends on the circumstance of your business. Those who have full-time employees can save for retirement using a SEP IRA, while solo practitioners can opt for a solo 401(k) that has higher contribution limits and other advantages. Note that it is possible not to choose at all: Both plans can be held simultaneously.

How Much Can You Contribute to a SEP IRA?

The contribution limit for a SEP IRA is the lesser of up to 25% of business revenue—20% in the case of a sole proprietorship or a single-member limited liability corporation (LLC)—or a set dollar amount adjusted for inflation. The dollar amount is $69,000 for 2024.

How Much Can You Contribute to a Solo 401(k)?

The total amount you can contribute to a solo 401(k) is $69,000 in 2024. If you are 50 or older, you can make an additional $7,500 catch-up contribution.

What Are the Downsides of a SEP IRA?

The main shortcoming of a SEP IRA is that only an employer can contribute to it. Employee and catch-up contributions are not allowed. Additionally, you can’t take a loan against a SEP IRA, and you can’t have a Roth version.

A SEP IRA and a solo 401(k) are each good retirement plans for business owners. Depending on the type of business you have and your retirement goals, one may be a better option than the other. The Internal Revenue Service (IRS) has various publications you can read to determine which will be the best for you and your business. You may also want to seek guidance from a financial advisor .

Internal Revenue Service. " One-Participant 401(k) Plans ."

Internal Revenue Service. " 401(k) Plans for Self-Employed Individuals: Fact? Or Fiction? "

Fordham Law Review. " Self-Employed Individuals Tax Retirement Act of 1962 ."

Internal Revenue Service. " Simplified Employee Pension Plan (SEP) ."

Internal Revenue Service. " Employee Plans CPE Topics For 2002: Chapter 15-Simplified Employee Pensions (SEPs) ." Page 3 of PDF.

Internal Revenue Service. " SEP Plan FAQs ."

Internal Revenue Service. " 2024 Limitations Adjusted as Provided in Section 415(d), etc ," Page 1.

Internal Revenue Service. " Issue Snapshot — Deductibility of Employer Contributions to a 401(k) Plan Made After the End of the Tax Year. "

Internal Revenue Service. “ 401(k) Limit Increases to $23,000 for 2024, IRA Limit Rises to $7,000 ."

Charles Schwab. " Individual 401(k) Plan —Traditional & Roth ."

Internal Revenue Service. " Retirement Topics - Plan Loans ."

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How To Start a Landscaping Business and Make It a Success

There are nearly a million people working in the landscaping industry throughout the United States, according to the Bureau of Labor Statistics. A career in this industry enables you to beautify your environment, work with your hands, and engage your creativity.

But, what if you want to do more than just work for a landscaping company? What if you want to own one? This guide will explain how to start a landscaping business, including steps like developing your skills, purchasing required supplies, and more. The tips will help you get a successful company off the ground and maximize your chances of consistently turning a profit.

Avoid Nasty Surprises: 10 things you must do before the next recession

Key takeaways

You'll need to develop landscaping skills to start a landscaping business.
Purchasing landscaping supplies can be an expensive but essential upfront investment.
A business plan will help you make the right decisions for your growing company.
The right business structure can help protect you from liability.
A detailed marketing plan will help you find the right customers for your landscaping business.

Pros and cons of starting a landscaping business

There's a steady demand for landscapers.
The barriers to entry are relatively low.
You can work outdoors or lead a team from your office.
The work may be seasonal in some parts of the country.
You may have high equipment and labor costs for certain kinds of landscaping work.
There's intense competition.

As long as there are homeowners and commercial buildings that need lawns mowed and flowers planted, there will be a demand for landscaping services. Since all you need is some basic equipment to get started, you can take advantage of the low barriers to entry and the high demand to get your company off the ground.

Unfortunately, in parts of the country with unfavorable winters, your work may be seasonal, and you may be forced to venture into related fields — like snow plowing — during the winter months. This can require finding a new customer base and purchasing additional equipment.

Depending on the type of landscaping you do, you may also incur high business expenses and startup costs for labor and for equipment. If you'll be doing specialized work that requires a bulldozer or other machinery, for example, it could cost tens of thousands of dollars to purchase this equipment. You could also face intense competition in many areas of the country.

Steps for starting a landscaping business

When you are figuring out how to start a business in the landscaping field, you'll need to both make sure your landscaping skills are up to par and make smart choices about the business side of your operations. Here are nine steps to take to get your company off the ground and make it a success.

1. Develop your landscaping skills

If you expect people to pay you for your landscaping skills, you'll need to make sure your talents in this industry are well-developed. There are a number of ways to do that.

You could obtain formal education, such as by completing an academic program focused on landscape management or horticulture. You could also complete various certifications through the National Association of Landscape Professionals .

Depending on what type of landscaping jobs you plan to focus on, you may also want to undergo additional training. For example, you could become a landscape architect if you hope to focus on complex landscape design work, but would need at least a bachelor's degree and would be required to complete a Landscape Architect Registration Examination.

You will likely also need real-world training, especially if you are going to be working with machinery or performing complex tasks such as hardscaping. This can often be obtained on the job by working for a landscaper or through certification programs.

2. Purchase landscaping supplies

Landscapers use many tools, and you may need to purchase a variety of different supplies depending on the kinds of services your company plans to offer. Some of the supplies you may need include, but are not limited to:

A truck to transport landscape equipment and materials
A lawn mower
Various shears and trimmers, including string trimmers (weed whackers) and hedge trimmers
Edgers to create perfect borders around flower beds
Rakes and leaf blowers to remove leaves and debris
Shovels for removing and adding soil, mulch, and plants
Spreaders and/or sprayers to distribute fertilizer and weed- or insect-control applications

If you plan to do larger jobs such as installing a swimming pool or moving large rocks, you will also need to buy or rent equipment such as a bulldozer or a skid steer.

3. Create a business plan

Running your own landscaping business involves more than just focusing on your landscaping talents. In order to become an entrepreneur, you'll need to develop your business skills as well, starting by making a business plan. Business plans serve as a guide or roadmap to help you lead your company to profitability and make cohesive decisions as you begin operations.

Traditional business plans are incredibly detailed and include things like:

A description of your company
An analysis of the market
Details about your organizational structure
A description of your product line and services
Your marketing plans and sales methods
Financial projections for when your landscaping business will become profitable and how much you might charge for different services.

You could also opt for a lean business plan that focuses just on the key elements of your business.

4. Choose a name for your business

You'll need to select a name for your new business. This should be something catchy, simple for customers to remember, and distinctive to your brand. You'll also want to register it with your local government if required, which can usually be completed through the secretary of state's office where you plan to operate.

You will need to make sure no other companies have the same business name as you, or you will not be able to register it. You'll likely also want to register an online domain name with your company's name so you can set up a website people can navigate to when searching for your services or information about your company.

5. Decide on a business structure

You'll need to decide on the right type of business entity your landscaping company should operate as. You have several options, including the following:

Sole proprietorship. No paperwork is involved in creating a sole proprietorship, and you and your business are the same legal entity. You'll declare business profits and losses on your personal taxes and have no protection from liability.
Partnership: If you are going to start the business with another (or more than one) person, you can choose to operate as a partnership. Partners in general partnerships share liability and are responsible for operations, whereas partners in limited partnerships are more hands-off and are typically protected from liability. Whatever type of partnership you choose, make sure you put a partnership agreement in place. And, you and your partners will declare company profits and losses on personal tax returns.
Limited Liability Companies. When you create an LLC, your business has a separate legal identity. You'll typically have to file tax returns and register your business with the state. LLC owners are called members and are protected from personal liability. Profits and losses still pass through to them and are declared on personal taxes.
S corporations: S-corps are also separate legal entities that must file their own tax returns and be registered with the state. They can be more complicated to create but provide liability protections as well as some tax flexibility, as you can declare certain income to be a distribution rather than wage income, which can have favorable tax benefits. Profits and losses pass through to owners with an S-corporation as well.
C corporations: C-Corporations are separate entities without the restrictions on ownership that exist with LLCs and S-corps. Many large and publicly traded companies are C-corps. C-corps file their own taxes and declare profits and losses, which creates a risk of double taxation, as owners are also taxed on dividends the corporation pays.

The right business structure will depend on your goals for the company, your tolerance for paperwork, and how important it is for you to put liability protections in place.

6. Register your business for taxes

Once you start your company, you will typically need to apply for an Employer Identification Number, especially if you plan to hire workers to staff your landscaping business. You can apply for an EIN on the IRS website.

If your business exists as a separate legal entity, your company's EIN is used when filing tax forms with the IRS on behalf of the business.

7. Get licenses, permits, and insurance

Depending on where you live and what kind of landscaping work you plan to perform, you may need to obtain specific business licenses and permits to operate.

For example, you may need a commercial applicator license to apply pesticides as part of your landscaping work. Or you may need a landscaping construction professional license if you intend to design or plant trees, grasses, or nursery stock or may require other special licenses to do tree work. It's a good idea to research the specific requirements in your state to find out what the mandates are.

You will need business insurance to protect against financial loss as well. You should purchase general liability insurance in case you harm someone or damage a customer's property. If you will be hiring any workers, unemployment and workers' compensation insurance may also be necessary. And, it's a good idea to get business interruption insurance in case a covered event causes you to temporarily pause operations.

8. Fund and budget for your landscaping business

You will need money to operate your landscaping business, so you should open a separate bank account to keep your company funds in. You'll also need to look into how you will secure funding to get your business off the ground. You could rely on your savings, pursue a business loan, get a small business credit card , or ask investors to help fund your startup landscaping enterprise.

9. Market your business

The key to figuring out how to make money as a landscaper is knowing your target market and being proactive in reaching customers.

To do that, you'll need to identify who you want to provide services to, if there's a niche you want to fill, and how you will reach potential customers so they'll know you can provide the services they require.

There are a number of ways to market your landscaping company, including through ads in local magazines, creating a website, connecting with customers through local groups, creating a word-of-mouth referral program, or posting pictures and videos of your work on social media sites like Houzz, TikTok, Instagram, and LinkedIn. Don’t forget to print and hand out your business cards.

Consider what kind of marketing is most likely to help you reach your target audience — and what kind of marketing is within your budget and skill level.

What is landscaping?

Landscaping is the process of improving and maintaining a property's grounds. There are different kinds of landscaping work that you could do, with landscaping tasks ranging from planting flowers to installing a patio or pool to adding other ornamental features such as ponds and outdoor kitchens.

What is the difference between landscaping and lawn care?

Lawn care focuses specifically on lawn maintenance. A lawn care business could include mowing, trimming and edging, pest control, leaf blowing, and fertilization. Landscaping can include lawn care services but also involves a broader array of services designed to make land more attractive. Landscaping could include planting flowers and trees, leaf removal, or adding pools or other outdoor structures.

How profitable is a landscaping business?

According to a survey conducted by the National Association of Landscape Professionals (NALP), the typical landscaping business owner's salary ranged from $54,000 to $115,000. However, the salary of a landscape business owner — and the profits a landscaping business makes — will vary depending on many factors, including geographic location, reputation, and services provided.

How much does it cost to start a landscaping business?

The cost of starting a landscaping business varies depending on what kinds of services you wish to perform. If you simply plan to mow lawns, you could potentially get started with a few hundred dollars. If you need an equipment truck or specialized equipment such as a bulldozer, then you may need tens of thousands of dollars to get your business off the ground.

How do I make my landscaping business successful?

To make your landscaping business successful, you must develop both your landscaping skills and your business skills. You will need a business plan and a marketing plan so you can reach customers, set prices, and determine how to become profitable. It can help to have certifications or other advanced training in landscaping. And getting good reviews once you begin work can become referrals and positive references to provide potential clients.

Bottom line

Figuring out how to start a successful landscaping business can be a challenge, but it is worth the effort if you want to help people enhance their homes or buildings — while also making a good income. Start working on these steps today, and your company will be off the ground before you know it.

Sales Plan Vs. Marketing Plan

Small Business
Advertising & Marketing
Marketing Plans
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A High-Level Marketing Plan

Hr management objectives, what objectives should be used for a business proposal.

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Although the two terms are often used interchangeably, sales plans and marketing plans are not identical. Marketing plans are all about identifying your business' target market and creating strategies for reaching those customers. Sales plans detail the strategies the business will use to sell products and services and increase revenue. The sales plan therefore often forms part of the larger marketing strategy.

The Sales Plan

A sales plan, like its name suggests, is a document that outlines your business' goals in relation to the selling of products or services. Typically a sales plan will be organized around central goals for the business to reach its financial targets. As a base line, the goals you include in the sales plan should be specific, measurable and relevant to the needs of your customers. The sales plan will often form part of the larger marketing plan for your company so you'll need to be sure to identify a target market, consider the buying attitudes and behaviors of the customers and consider the ins and outs of the advertising strategies you'll use.

The Marketing Plan

Your business' marketing plan is a blueprint for reaching your customer base. The first step in developing the marketing plan is to consider who your target customers are. Ask yourself who your main customers are, what they are looking for and if you are able to provide it. Inevitably, some marketing strategies have worked for you in the past; are you now able to grow these time-tested strategies to maximize your profits?

Setting Goals

Both sales and marketing plans involve goal setting. Goal setting for a small business is an important task because it can help to hold you, the business owner, accountable for the tasks that will ultimately increase your profit margins and gain new customers. While working towards marketing and sales strategies is rarely an easy task, setting goals can help keep you on a timeline that is both challenging and ultimately rewarding when you see the money start to come in.

Tying It All Together

No matter the format or content of your marketing and sales plans, your business cannot ignore the fact that marketing and promotion strategies are important to your business' long-term viability. This is true now more than ever, as we live in a world that is interconnected and in one where competition runs high. The sales and marketing plans can help your business set itself apart from competitors by connecting with your customers in new and time-tested ways.

PR20/20: Marketing Strategy v. Sales Strategy

Jeremy Bradley works in the fields of educational consultancy and business administration. He holds a Master of Business Administration degree.

How to write a sales business plan, the importance of promotional & marketing strategies, how to prevent discouragement for salespeople, the difference between sales plans & sales projections, what is a short-term marketing plan, what is the relationship between the business plan, marketing plan & sales plan, what is a competitive assessment, benefits of customer management, final summary for a marketing plan, most popular.

1 How to Write a Sales Business Plan
2 The Importance of Promotional & Marketing Strategies
3 How to Prevent Discouragement for Salespeople
4 The Difference Between Sales Plans & Sales Projections

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How the redevelopers of a dead durham mall plan to (finally) win over its neighbors.

The owners of the defunct Northgate Mall announced Wednesday night they will add affordable housing and a grocery store to their redevelopment plans, trying again to win over their neighbors in the working-class Walltown neighborhood.

It’s the second significant revision Northwood Retail has made since purchasing the 55-acre property, and it could be the key to the rezoning they will request from the Durham City Council this year.

The firm paid $34.5 million for the mall in 2018 after moving to foreclose on it earlier the same year. Northgate had been bleeding tenants for years and finally closed in May 2020.

The new plans would result in about half the mall being torn down. The remaining structure would be converted to about 300,000 square feet of labs and offices.

More than 220,000 square feet of commercial — most of it new construction — would be sprinkled throughout the site.

For the largest space, a new 150,000-square-foot building, company president Sandy Spurgin said they are in negotiations with “a large-scale general merchandise retailer whose stores include a grocery component and a pharmacy component.”

He added the company had “a presence in the market, but not in the north side of Durham.” Many national grocers already have sites in the area, with the exception of Target and Sam’s Club.

Planet Fitness and neighboring shops would remain, but be renovated. The movie theater would be torn down.

Pressure to add affordable housing

The Walltown Community Association made clear it would not support a rezoning unless the redevelopment contained affordable housing and a grocery store. The organization continues to make other requests, such as a commitment to participate in the small area planning process, a planning department initiative to define a long-term vision for the neighborhood.

Questions poured in for nearly two hours in a virtual meeting Wednesday night in which Northwood presented the new plans.

Some residents wanted market-rate housing, but Spurgin said that was “not financeable.”

Northwood is partnering with Crosland Southeast , a developer with offices in Charlotte and Orlando, to craft the affordable housing component.

Crosland proposes constructing 72 apartments for seniors 55 and older, aiming to fill most of the units by early 2028.

The units would be restricted to those making between 30% and 60% of the area median income. To qualify for tax credits, Crosland must price the rents at 30% of each qualifying renter’s income for at least 30 years.

“We would propose they would last 50, 60 years or longer,” said Tim Sittema, a managing partner at Crosland Southeast. “It is our desire to partner with a local nonprofit.”

Durham’s comprehensive plan calls for multi-generational living instead of age-restricted communities. But the state’s tax credit framework allows fewer parking spaces per person if the units are for older adults. That increases the available land, according to Northwood.

“It’s a balancing act. Do you want twice as many units that are age-restricted? Or do you make them not age-restricted and do half as many?” Sittema said.

Northwood will need a rezoning, from the current “commercial center” designation to the “commercial general” category for the redevelopment, meaning the City Council decides whether the project proceeds.

Northwood intends to submit its application to the planning department in the next few weeks, Spurgin said. The process generally takes at least several months.

He said he hopes to schedule an in-person meeting this summer to gather additional feedback.

Trump is guilty. It won't matter at all this election.

Donald trump is now a convicted felon. i just don't think that will matter to voters and how they see him..

President Joe Biden and the Democrats have gotten their wish and can now label former President Donald Trump as a convicted felon .

A New York jury on Thursday found Trump guilty on all 34 counts in the case involving hush money payments to a porn star and falsification of business records.

While this is going to make for some salacious headlines and nonstop cable news fodder, don’t count on it impacting the 2024 presidential election.

At least, that’s my prediction.

Those who hated Trump are now only going to have more reason to despise him. Those who love him will see this as a reason to rally around him more.

Now, don’t get me wrong. This is bad for the country to have a former president – and one who’s the likely GOP nominee – convicted of a felony for the first time.

All the hoopla over the conviction, however, won’t change the fact that this case has widely been seen as the weakest of the four criminal cases against Trump. And Trump will certainly appeal.

He will also continue playing up how he’s been politically persecuted by opponents.

Trump will win in 2024: Acquitted or convicted, he wins no matter what

Most say a Trump conviction won't sway their vote

Republican political consultant Dennis Lennox recently told me most voters have already made up their minds.

“Other than what the Trump foes see as the historic symbolism of a conviction, it’s hard to see it making any real difference given everything else thrown at Trump since 2016,” Lennox said.

Those who haven’t made up their minds yet are likely not planning to vote at all or will check the box for a third-party candidate.

A PBS NewsHour/NPR/Marist poll released just ahead of the Trump verdict found that 67% of voters said a guilty verdict wouldn’t affect whom they plan to vote for in November.

And 25% of Republicans said they would be even more likely to vote for Trump if he were found guilty .

Democrats, campaign on Trump's verdict: Trump, guilty on all counts, carries a new label into 2024 election – convicted felon

Expect Trump to return to campaign trail even more fired up

Now that Trump has been found guilty, the next step is sentencing, which Judge Juan Merchan has set for July 11 – just days ahead of the Republican National Convention in Milwaukee.

Matthew Schneider, a former Michigan U.S. attorney appointed by Trump, doesn’t anticipate the guilty verdict will change much about how Trump campaigns on the criminal prosecution.

“His position was, this is an unfair prosecution, and after it’ll just be adding a line to that,” Schneider said. “It will be, this is an unfair prosecution and we’re appealing.”

In the meantime, Trump is likely to continue campaigning as he has been in between court appearances.

The reality is most Americans don't care about Trump's courtroom drama . They care about how government policies are impacting their daily lives. Expect them to vote on that come November ‒ not the results of this trial in New York.

Ingrid Jacques is a columnist at USA TODAY. Contact her at [email protected] or on X, formerly Twitter: @ Ingrid_Jacques .

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Marketing plan vs business plan: What's the difference?
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 ...
Business Plan vs. Marketing Plan: What is the Difference?
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.
What Is the Difference Between a Marketing & Business Plan?
A business plan covers the entire business, from strategy and mission to financial plans, and operational strategy. A marketing plan contains specific strategies for getting the product to market ...
Marketing Plan vs. Business Plan: What's The Difference?
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 ...
Marketing vs. Business Plans Explained
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.
Marketing Plans vs. Business Plans: What's The Difference, and Why Do
A business plan covers the entire business, including overall strategy, financial plans, target markets, sales, products and services, operations, and how they all relate to each other. A marketing plan, in contrast, focuses on the marketing: marketing strategy, target markets, marketing mix, messaging, programs, etc. Cash flow is vital for a ...
what is the difference between a business plan and a marketing plan?
A business plan and a marketing plan are both important documents that help guide the direction of a business, but they serve different purposes and cover different areas. A business plan is a ...
What's the Difference between a Business Plan and a Marketing Plan
Whereas a business plan is written for an audience to get them to buy-in to a concept, a marketing plan is written for the staff or team members in order to execute the day-to-day action items which must be met in order to achieve the larger business goals or corporate vision. Whether you call it a marketing plan, sales, and marketing plan or ...
Business Plan vs Marketing Plan: What's the Difference?
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.
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.
What Is a Marketing Plan? And How to Create One
Marketing plan vs marketing strategy vs business plan. In researching a marketing plan, you may encounter the concepts of marketing strategy and business plan. Think of all three as written roadmaps for developing your business. You'll find similarities among them, including your business objectives and information on your target market.
The Difference Between A Business Plan & Marketing Strategy
A well-crafted business plan provides the strategic framework and direction for the entire organization. By aligning the marketing strategy with the broader business objectives outlined in the plan, every marketing initiative becomes purposeful and contributes to the overarching goals. "As a business owner, it is your responsibility to ...
Marketing Plan Component of Your Business Plan
Marketing strategy. The marketing strategy portion of your business plan presents the approach you plan to take to provide products or services to your customers. It explains, at a high level, what you are going to do to get your customers to buy in the desired quantities. Someone who reads your market strategy should come away with a "big ...
Marketing Plan vs. Marketing Strategy: What's the Difference?
To grow your business, it's important to consider both a marketing plan and a marketing strategy. In this article, we define a marketing plan, discuss what a marketing strategy is, describe the differences between a marketing plan and a marketing strategy and share the benefits of having both. Read more: A Guide to Effective Marketing Techniques
What Is the Difference Between a Marketing Plan & a ...
To understand the difference between a marketing plan and a corporate plan, think of a corporate plan as a sailboat and the marketing plan as its sails. Without all the components that make up a ...
Marketing Strategy vs. Marketing Plan: What's the Difference?
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 ...
Marketing Strategy vs. Marketing Plan? (The Difference)
A marketing strategy and a marketing plan are different in three distinctive ways: by definition, purpose, and. focus. A business strategy informs what goes into a marketing strategy. A marketing strategy explains why you intend to perform specific marketing actions. For example, if your startup wishes to scale up, the marketing strategy you ...
Marketing Strategy vs Marketing Plan: What's the Difference?
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 Plan vs. Marketing Strategy (With Elements)
The marketing strategy outlines how the marketing goals can help you achieve business goals, whereas a marketing plan outlines the steps you might take to support the strategy. Understanding the difference between the strategy and plan, with the various elements of each, can help you advance your marketing career.
#What Is the Difference Between a Marketing & Business Plan?
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 ...
What Is the Difference Between a Marketing Plan & a ...
There are a wide range of marketing concepts, and each may have relevance in the development of a marketing plan. Marketing concepts may range from the importance of segmentation and positioning ...
What Are the Differences Between a Sales Plan and a Marketing Plan?
Your marketing plan will also identify the appropriate channels (e.g., print, email, social media, television, etc.) for promoting your products or services. The Sales Plan. While the marketing plan looks at identifying the target market and creating awareness, the sales plan is focused explicitly on achieving conversions. The two plans are ...
How To Start A Business In 11 Steps (2024 Guide)
The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may ...
The difference between a comms plan and a marketing plan
Journal of Advertising Research. 53 (4). 417-430. One thing we've noticed that gets people occasionally hung up is the difference between a marketing plan and communications plan. They're both vital to the success of a brand but serve very different purposes. Generally, every brand has a marketing plan. However, not everyone has a comms plan.
SEP IRA vs. Solo 401(k): Which Is Better for Business Owners?
Employee deferrals - Unlike a SEP IRA, a solo 401 (k) allows both employer and employee contributions. This allows the proprietor to contribute up to $23,000 to their own plan (in 2024) even if ...
How To Start a Landscaping Business and Make It a Success
A business plan will help you make the right decisions for your growing company. ... What is the difference between landscaping and lawn care? ... You will need a business plan and a marketing ...
Sales Plan Vs. Marketing Plan
The sales and marketing plans can help your business set itself apart from competitors by connecting with your customers in new and time-tested ways. Although the two terms are often used ...
How the redevelopers of a dead Durham mall plan to (finally) win over
The firm paid $34.5 million for the mall in 2018 after moving to foreclose on it earlier the same year. Northgate had been bleeding tenants for years and finally closed in May 2020. The new plans ...
Boots to Business. Online Reboot, Modules 5 & 6
The B2B-Reboot curriculum provides assistance to Veterans interested in exploring business ownership or other self-employment opportunities by leading participants through the key steps for evaluating business concepts and providing foundational knowledge required to develop a business plan. Participants are introduced to a broad spectrum of entrepreneurial business concepts and resources ...
Trump guilty verdict won't change 2024 election
PBS NewsHour/NPR/Marist poll. released just ahead of the Trump verdict found 67% of voters said a guilty verdict wouldn't affect whom they plan to vote for in November.

Marketing plan vs business plan: What’s the difference?

The bottom line

Business Plan vs. Marketing Plan

1. Executive Summary

2. Company Description/Overview

3. Products or Services Offered

4. Market Analysis

Industry analysis

Competitor analysis

Target market analysis

SWOT analysis

5. Marketing and Sales Strategies

Marketing and advertising plan

Sales strategy and tactics

Pricing strategy

6. Operations and Management

Operational plan

Technology plan

Management and organizational structure

Personnel plan

7. Financial Plan

Startup Costs

Financial projections

Break-even analysis

Funding requirements and sources

Key performance indicators (KPIs)

8. Appendices

1. Marketing Objectives

2. Target Market

What Problem Are You Solving?

Research Your Market and Competition

Talk to Potential Customers

Create Customer Profiles

3. Value Proposition

4. Marketing Activities

5. Marketing Budget

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Executive Summary

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Marketing Objectives

Competition

Marketing Mix

Marketing Strategies

Key Performance Indicators (KPI)

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