Essentially, marketing plans are road maps to success. They cover goals, budget, creative assets, costs, and ultimately, the desired ROI on campaigns. Effective plans use clear goals and strict processes to drive results. A large part of any marketing campaign lies in the budget and in the overall financial objectives.

Marketing Plan Styles

Marketing plans come in many different forms. Plans are built for single advertising campaigns and for an entire quarter or year of marketing efforts. Every company works this a little differently, and, ultimately, the responsibility falls on the marketing director. A single marketing campaign plan is much easier to digest and understand, but a large-scale plan has the flexibility to cross-promote multiple mediums while shifting budgets toward the highest performing outlets. Plans can have set budgets or flexible budgets, depending on how the company operates.

Setting Budgets

Budget setting is a top financial objective for any marketing plan. How much money is available and where will it spend. Budgets are broken down and distributed across different mediums, with money going toward the creative and the media itself. Budgets for things such as radio and television airtime, billboards or print advertising are set on a flat rate, whereas digital spends are capped and monitored more closely, as the ads are served in a less static ecosystem.

Determine KPIs

Setting clear KPIs, or Key Performance Indicators, in a marketing plan is important for meeting financial objectives. What is the goal of your marketing plan? Setting a conversion KPI that measures the actual sales and that clearly shows the cost per customer acquisition (CPA) makes it possible to closely predict profits resulting from the marketing campaign. Setting an awareness KPI means you are raising brand awareness but are not measuring actual returns. Awareness campaigns do not have hard financial objectives set in the market plan outside of spend and desired reach. A digital awareness campaign can measure impressions and clicks, whereas a billboard can show highway count data to help determine reach. However, these numbers do not show the resulting sales, so that the only financial objective for an awareness campaign is the overall spend amount and the resulting reach.

Sales and Return Objectives

The biggest financial objective of any marketing plan is sales and ROI. If you spend $10 dollars marketing, what is your return? Marketing plans are intended to generate profits, and the close monitoring of return is useful. CPA-based campaigns are very useful for this exact reason. Knowing the value of your average customer and the exact cost of a lead generated or of a sale made, creates clear financial objectives in a marketing plan.