BOOT CAMP DAY 13 - What is in a Marketing Plan? – KarmaDNA

BOOT CAMP DAY 13 - What is in a Marketing Plan?

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What is in a Marketing Plan?

Everyone knows you need a business plan if you have a business idea, yet many entrepreneurs don’t realize how vital marketing plan is. Every marketing plan includes objectives, facts, and strategies.

Before you start your marketing plan, the best thing is to do research. You need to find answers to the following questions:

  1. Who is your audience?
  2. Who is your competition?

This is why we always say niche it down. Knowing exactly who your target audience will help you make the best marketing plan. The more you know about your customer the better.

Always look at what your competitors are doing. Make sure to conduct a competitive analysis. It is important to know little things like how much they charge, what they do the best, and their ads. Play the long game. Analyze your competition so you can implement some of their ideas for your business.

After you have analyzed the market, make sure to set a goal. Determine what you want to achieve in in your marketing plan. You can always try something else if your initial plan doesn’t work. Rarely anyone’s plan worked the first time so don’t worry about it. You will see what does not work and improve.

Strategizing and writing a marketing plan is a long process.  Start by writing your Executive Summary.

TASKS:

  1. To download the Executive Summary Worksheet  and Company Description Worksheet from the KarmaDNA’s Emerging Entrepreneurs Workshop, under files. Click here.
  2. Fill out the worksheet and write an executive summary of your business.

    (It is recommended that you write your Executive Summary after your Business Plan or Marketing Plan is completed. After you write a Marketing Plan come back to your Executive Summary and make the necessary changes.) 

What a Marketing Plan Should Include:

what is in a parketing plan

Executive Summary

Market Summary

Market Past, Present & Future

Review changes in market share, leadership, players, market shifts, costs, pricing, competition

Product Analysis Product Definition

Describe product/service being marketed

Competition Analysis

The competitive landscape

Provide an overview of product competitors, their strengths and weaknesses

Positioning

Position each competitor’s product against your product/s

Positioning of product or service

Statement that distinctly defines the product in its market and against its competition over time

Consumer promise

Statement summarizing the benefit of the product

Launch Strategies

Launch Action program

Promotion budget

Public Relations Strategy & execution of PR strategies (analogue & digital)

PR plan highlights (Have backup/contingency) PR plan

Communication Strategies

Messaging by audience

Target consumer psychographics, demographics, behavioral data

Packaging & Fulfillment

Product packaging

Discuss form-factor, pricing, look, strategy

Discuss fulfillment issues for items not shipped directly with product

COGs

Summarize Cost of Goods and high-level Bill of Materials

Advertising

Strategy & execution

Overview of strategy

Overview of media & timing

Overview of ad spending

Channel management

Process Management

Internal Marketing

Digital

Other Promotion

Direct response

Overview of strategy, vehicles & timing

Overview of response targets, goals & budget

Third-party marketing

Cooperative & trade-marketing arrangements

Marketing communications programs

Personal selling, account management online

Pricing

Summarize specific pricing or pricing strategies

Compare to similar products

Policies

Summarize policy relevant to understanding key pricing issues

Distribution

Distribution strategy

Channels of distribution

Summarize channels of distribution

Distribution by channel

Show plan of what percent share of distribution will be contributed by each channel -- a pie chart might be helpful

Vertical Markets/Segments

Vertical market opportunities

Discuss specific market segment opportunities

Address distribution strategies for those markets or segments

Address use of third-party partner role in distribution to vertical markets

International distribution

Address distribution strategies

Discuss issues specific to international distribution

International pricing strategy

Localization issues

Highlight requirements for local product variations

Success Metrics

First year goals

Additional year goals

Measures of success/failure

Requirements for success Schedule

18-month highlights

Timing

schedule

Isolate timing dependencies critical to success

Support Documents

Appendix & attachments



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