Marketing Plan

Before you roll up your sleeves and start on any marketing strategy, you should create a road map. This road map, or rather marketing plan, should include the following researched items: Objective (purpose), your product/service, what makes it different from the competition, who you're selling to (target audience), projected results (goals) and so much more.

 

The Essential Content of a Formal Marketing Plan*

Every marketing plan has to fit the needs and situation. Even so, there are standard components you just can't do without. A marketing plan should always have a situation analysis, marketing strategy, sales forecast, and expense budget.

Situation Analysis: Normally this will include a market analysis, a SWOT analysis (strengths, weaknesses, opportunities, and threats), and a competitive analysis. The market analysis will include market forecast, segmentation, customer information, and market needs analysis.

Marketing Strategy: This should include at least a mission statement, objectives, and focused strategy including market segment focus and product positioning.

Sales Forecast: This would include enough detail to track sales month by month and follow up on plan-vs.-actual analysis. Normally a plan will also include specific sales by product, by region or market segment, by channels, by manager responsibilities, and other elements. The forecast alone is a bare minimum.

Expense Budget: This ought to include enough detail to track expenses month by month and follow up on plan-vs.-actual analysis. Normally a plan will also include specific sales tactics, programs, management responsibilities, promotion, and other elements. The expense budget is a bare minimum.

Are They Enough?

These minimum requirements above are not the ideal, just the minimum. In most cases you'll begin a marketing plan with an Executive Summary, and you'll also follow those essentials just described with a review of organizational impact, risks and contingencies, and pending issues.

Include a Specific Action Plan

You should also remember that planning is about the results, not the plan itself. A marketing plan must be measured by the results it produces. The implementation of your plan is much more important than its brilliant ideas or massive market research. You can influence implementation by building a plan full of specific, measurable and concrete plans that can be tracked and followed up. Plan-vs.-actual analysis is critical to the eventual results, and you should build it into your plan.

*An excerpt from On Target, the Book on Marketing Plans, © 2001 Palo Alto Software, Inc. © 2001 Palo Alto Software, Inc.

 

Your Formal Marketing Plan - Getting Started
All of that sounds great, however you have never created a plan before. You want to know how you can get started today on your marketing plan for your industry.

You can:

  • Outsource : Find a professional to help you build your marketing plan. We recommend searching Odesk
  • Purchase either Microsoft Small Business Office or Palo Alto's Marketing Plan Pro. Both have amazing wizards that walk you through the process to creating a Marketing Plan.
  • Use a sample template that is similar to your own industry. Free and/or low cost [under $10.00] samples can be found: MyWorkTools.com or BizPlans.com

 

 

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