One question I am asked on a regular basis. . . " I think I need a marketing plan, what should I include in this plan. . . ?" So I thought I would devote this post to answering that question.
One important element I always discuss first, before any marketing plan, and even a business plan, is your unique value proposition or UVP. I have a few posts on just this topic but this is not only the most important part of you plan, it IS the PRIMARY element of your business. You must have it, know it, believe it, profess it and naturally market it! You cannot be in business, I repeat you cannot be in business unless you have a UVP, it governs why customers will buy from you.
OK, now back to marketing plans;
Marketing plans are critical for any size company, especially in todays' economy. An effective marketing plan helps you identify your sales goals and position your product or service within the overall competitive landscape. Over time the plan can become an ongoing blueprint for business development.
While no two plans should be alike and much depends on your business situation there are basic questions that should be answered, Startup, small business, mid sized business, or whether you are seeking investors, partners etc, the are certain primary elements which should be included. The amount you detail each will be dependent on your situation.
A well-written marketing plan helps you think through how you will reach prospects and customers with your message. It demonstrates how you will acquire leads and convert them into paying customers. While high-end Harvard MBA-type marketing plans have their appropriate place, I’m going to show you how to create a quick n’ dirty marketing plan that you can use right now. Assuming you have already developed your product or service, this very basic plan will help you get your business going and growing.
Executive Summary
A brief overview of the proposed plan for management
Marketing Situation
Relevant background data on the market, product, competition, distribution, and market trends. (UVP goes in this area)
Market Situation.
Defines market size, growth and key segments
Product Situation.
Provides sales, profit, trends, cogs, spend, and distribution history by product• UVP also goes in this area.
Competitive Situation.
Major competitors’ size, share, strategies, spending, and comparisons UVP also included here it becomes your differentiator.
Note: this picture is from our website, we did not develop an unbranded image for our blog.
Distribution Situation.
Distribution channel and its relative importance in terms of percent of total sales, volume,distribution costs, growth potential, and competitive status
Target Market Situation.
End users in demographic, psychographic, and lifestyle terms; actionable information such asbuyer wants, needs, attitudes, perceptions; segment growth or decline and why
Macro‐market Situation. Demographic, economic, technological, political, social, and cultural trends that have a directimpact on the company
Marketing Situation Analysis
External opportunities and threats, internal strengths and weaknesses, and issues facing the organization. This typically includes a SWOT analysis and Market Opportunity Analysis.
Marketing Objectives
The goals of the plan in the areas of sales, market share, and profit. Marketing objectives may include sales revenue, sales volume,market awareness, distribution channels, and average price. Financial objectives may include gross sales, cost‐of‐goods, grossmargin, net profit, cash flow, and return on investment.
Marketing Strategy
The approach to how the marketing objectives will be achieved. Descriptions of target markets, segments and customers, productlines, distribution/sales channels, unique positioning/messaging, pricing, marketing/promotional spend, research and developmentand market research plans.
Marketing Programs
The details of what will be done, who will do it, when it will be done, and how much it will cost.
Projected Profit‐and‐Loss Statement
The expected financial outcomes of the plan.
Controls
Indicates how the plan will be monitored, measured, and refined
Please contact us for help with your marketing plan, if you are looking for financing such as an SBA, Bank Loan, or Angel Investing . The amount of detail and quality of information is critical and is very necessary for success.
Learn more about this and other topics by visiting our website. Your time will more than pay for itself in the knowledge you will gain.
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