Creating Your Marketing Plan

by Marita Greenidge

 

You don't need to write a huge 20-page document but you do need some kind of guiding post for effectively marketing your business. From researching the Internet, listening to seminars, reading entrepreneurship magazines and listening to experienced angel investors (I worked at the Rochester Angel Network in the summer of 2008) there are some key things that should go into your marketing plan.

Mission Statement

Who are you and what are you about? What is your company trying to achieve? Don't assume that customers know because you have "Fair Trade" in your company description.

Situation Analysis

Summarize the market you are in, your products/services and the main issues that your company might be facing.

Competition

Who's the competition? Do some research to find out what you are up against.

Competitive Advantage

What do you have that's going to make you stand out from amongst all your competitors?

Objectives

State clearly what it is you hope to achieve with your plan. Increase sales by 10% each month after launch? Grow sales to a particular dollar value by the end of a particular year? Make sure your objectives are quantifiable so you can assess how actual performance measures up to your plan.

Target Market

What types of people are you aiming to market your products to? Do they have a particular lifestyle? Do they earn a particular salary? Do they partake in certain activities?

Strategies

How are you going to achieve your objectives? Enlist the help of the 4 P's - Price, Product, Place, Promotion. Explain how you will use each one of these marketing mix elements to help you attain your goals. Will you be enhancing your product over time? Will you be offering via an online channel only or would you like a brick and mortar store as well? Will you use PR to promote or perhaps you want to purchase ads?

Financials

What is your budget? How much will the strategies you outlined cost you to implement? Will the money you outlay be worth it in terms of the profit generated? How much sales do you need to recoup the money you intend to spend?

With these points you can come up with a pretty decent document that can help you market your business. One of the great advantages of sitting to write a plan is that it makes you stop and think awhile about what you really need to move your business forward instead of simply jumping in and making random moves. It doesn't have to be an overly complex document; it merely needs to help you chart a course.

Make sure you carefully monitor how your actual results stack up against your plan. If something isn't working, you may have to change. Remember that your plan isn't set in stone; it's a living, breathing document capable of a few amendments.

Here are some great links to help you along the process:

http://www.infotoday.com/mls/jun99/how-to.htm

http://www.knowthis.com/tutorials/principles-of-marketing/how-to-write-a-marketing-plan.htm

http://www.mplans.com/sample_marketing_plans/

http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073869186

http://inventors.about.com/od/licensingmarketing/a/tutor_marketing.htm