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Developing, writing and implementing a successful Marketing Plan starts with solid Industry and Market Analysis and concludes with an implementable Marketing Strategy and Marketing Programs. A Marketing Plan is not developed and implemented independently; rather, it should be developed in tight coordination with your Business Plan Products and Services Section and at last implemented through your Company’s Strategic and Sales Plans. This article gives you an overview of what an effective Marketing Plan contains.
There is a certain approach and building-block process to developing a Marketing Plan. The place to start is analyzing your Industry: its current state; who the major participants are; changes in the industry; opportunities, economic modeling forecasts; and examining who else may enter the industry. With that completed, move on toward determining how distribution works in your industry and how technology affects its distribution systems.
After your analysis on the Industry tier is complete, it is time to particularize your focus to analyzing and defining your Market Segments. Determinants of Market Segments are Demographics, Geographic’s, Customer Needs, Buying Patterns, Psychographics and so forth. Once your Market Segments are defined and analyzed, then for each of the Market Segments, explain how the Market Needs lead these identified groups to buy your products and services.
Having determined your market segmentation strategy, it much easier to derive your Target Markets. It is important to determine what market groups are the most vital and important to your enterprise, including what Market Niches to target. It is vitally important to narrow done and finely define your target customers’ characteristics and needs. Determine what target market groups are more advantageous and potentially profitable than others.
The next step in the Marketing Plan Process is to analyze Market Trends from a Strategic standpoint. Look at Market Trends as a way to get ahead of the market direction, knowing with a probability of certainty where it is going before hand. Having constructed the nature and direction of Market Trends, you can now adeptly and realistically visualise your Market Growth and specific Growth Rates. Your Growth Rate Projections should identify in detail the relationship between your potential customers, sales, revenues and ultimately, profits.
With Market Trends and Growth rates determined, it is time to explain the Nature of your Competition, why customers choose one provider over the other and why customers will buy from your company instead of these competitors. Provide an elaborated competitive summary of your Products and Services’ Variables, ranking them in comparability to your Competition (example variables: Pricing, Sales, Trends, Positioning Clarity, Quality, Value, Reputation, Packaging, Advertising, Customer Service, Target Market Focus, Innovation, Brand Awareness and so forth).
Having established your Competitive Gap Threats, you can now develop a detailed Analysis of your Competitors. You must show how you can bridge your Competitive Gaps, clearly show you can effectively compete, and what areas your business is better than the Competition. It is important at this juncture to illustrate how Competitively Positioned your Company will be in the Market. Specifically, what is your Positioning Strategy and what your areas of specialty and customization? With your Company’s Competitive Positioning Strategy clearly defined and established, you can clearly explain your Company’s Competitive Edge.
Two parts remain in the Marketing Plan: the Marketing Programs and Marketing Strategy. These two vital parts are very closely linked together as the marketing program is the implementation platform of the marketing strategies.
It is important to call up that the term “Marketing†is defined as the broader effort of generating Sales Leads on a large scale basis and enticing customers to consider your products and services. Your Marketing Strategy will explain how your Marketing Program will support your Company’s Strategic Plan and specifically identify the Sales Appeal of your Products and Services. Elements to consider: Company Uniqueness, Products and Services, Positioning; Attracting and Maintaining your Market.
This is further developed in the core ingredients of the Marketing Strategy.
– Positioning Statements: Strategic Focus on the most important Target Markets; the Market’s most important Needs; and how your Products and Services meet those Needs. State the Main Competition; how your Products and Services are better.
– Pricing Strategy: Provide a Price Breakdown of your Products and Services and relate your Pricing Determinants and Strategy to your overall Marketing Strategy. Consider things like: What your Products and Services cost you to produce and sell; what your Margins will be; Discount Policies & Strategies; Dealer and Distributor Margins; Recouping R & D costs; Possibility of Pricing Wars; Critical Supply and Demand factors; How Pricing will change over time, etc.
– Promotion Strategy: This component of your Marketing Strategy will answer how you spread the word about your Company to future Customers, and how you will Promote your Products and Services. Elements to consider: Advertising, Public Relations, Trade Shows, Events, Direct Mail, Internet Strategies, Seminars, Sales Literature, Expected Response Rates, Promotion Costs, Name identification, Brand Loyalty, Advertising Budgets, Incentives; Advertising Message, Theme and Vehicles; Customer Communications and so forth. It is important to determine the Marketable Differences in your Products and Services over your Competition.
– Distribution Strategy: How will you / who will distribute your Products and Services? What is Unique in your Distribution Strategy compared to the Competition? What are your Distribution Strengths? Types and numbers of Sales People? Sales People Compensation Structure? Sales Territories? These are some of the questions you should be asking while developing your Marketing Strategy’s Distribution System.
The last Section of your Marketing Plan deals with your Marketing Programs. Areas to consider include:
? Defining Marketing Programs
? How the Marketing Strategy will be implemented
? Identify specific Marketing Plans
? State Market Gaps and how they will be met
? How performance of your Marketing Programs will be measured and quantified
? How your Target Markets relate
? How you will capture Markets others are competing for
The Marketing Programs put your Marketing Strategy into action, bringing “life†to your Marketing Plan.
Start out the new year strong with good Business Turnaround Process to pave the way for success. Consider using Venture Capital Business Plans to increase your likelihood of business success and growth. Frank Goley is a highly experienced business plan consultant, and he is author of a business plan book. Frank also writes the business success blog, and he has written over 170 articles on business success.
