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A marketing plan is part of a business plan and consists of a list of actions. Developing a marketing strategy is crucial for any business. If you want to your business to grow, you must have a marketing plan; otherwise your effort to attract customers will not be fruitful. Here is a guide, detailing the process of making a marketing plan and the fundamentals of marketing strategy.
A business invests its time in planning marketing strategy with the sole purpose of identifying —
An executive summary is a high-level summary of the marketing plan as a whole. As the term suggests, you will have to come with a summary of your plan. Keep your summary as short as possible – just a couple of sentences to sum up everything, covering each of the sections of your marketing plan in brief. When you read it aloud, it should not take more than 10 seconds to finish. Your executive summary will help in giving you and other constituents (e.g. employees, advisors etc.) of the company an overview of your strategies.
In this stage, you will have to describe your company in brief, including customer base and your market at large. It has five sub-divisions:
In this section, you have to describe —
This part is dedicated to assess —
Here you describe —
Here you need to discuss —
Here we do PEST and SWOT analysis —
This section is implemented in order to spot
Here we deal with three concepts, namely —
In this part, you need to describe detailed positioning plans of your products and how your pricing will support it. If you want your company to be known as a premier brand, your pricing should be as big as your thought.
Promotion is vitally important for product recognition. It includes —
In distribution plan, you need to explain how your customer will buy from you. Will your customers purchase directly from your website or will they get your products from the distributors or other retailers?
In this section, you create some unique offers that will attract new customers and bring back the past customers too. You can try some innovative offers like —
Marketing tools are the collateral you use to advertize your product to current and prospective customers. You can use your website, business cards, print brochures and catalogues as your marketing materials.
Conversion strategy is the marketing technique to turn prospective customers into paying customers. In this section, you plan which conversion-boosting strategies you desire to use. There are many such as improvement of your sales script, demonstrating testimonials of past satisfied customers etc.
You can take up joint ventures and partnerships agreements with other organizations in order to reach new customer or better monetize existing customers. Here you have to be creative about your ideas. List such companies that can be beneficial to your business in this section of the marketing plan and reach out for them.
Transaction prices refer to the amount that customers pay when they buy from you. In this part, you create plans to increase your transaction prices. There are numerous ways to do that, such as increasing prices, creating product and service packages.
With retention strategy, you can increase revenues and profits by getting customers to purchase from you more frequently over time. There are number of ways to do it such as monthly newsletter or customer loyalty program.
This is the final part of your market plan. Include all your information documented in your marketing plan in your projections. The financial projections consist of —
After accomplishment of financial projections, you will set goals for which you company should aim at.
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