So you need a marketing plan, but not sure of the right marketing plan format?
First let's understand what a marketing plan is...
A marketing plan is simply a document which explains how your business will approach its target market. It can be as broad as promoting your business to create awareness amongst buyers, or as refined as promoting a specific campaign to launch a new product. Essentially, a marketing plan is about showing what actions you will take as a business to ultimately increase revenue and market share.
You'll often find marketing plans as a section within a company's business plan. But they can be and frequently are standalone documents.
Here are 10 vital elements that need to go in:
1. Marketing Vision: Know your outcome.
What result do you want? Do you want to increase market share? Target a new market segment? Launch a new product?
Your first step is to get clear on the result you want. Make sure it's measurable.
2. Ideal Customer: Define your target buyer and approach them.
You need to define who's going to buy your product or service. Find out what makes them move, and then tailor your marketing efforts accordingly.
3. Your Unique Proposition: Define what sets you apart from your competitors.
What makes your company a better choice for buyers? Why should they buy from you rather than someone else? Focus on your business philosophy towards your target customer rather than the product itself.
4. Innovation: Explain how your product or service is better than the competition.
What does your product or service offer that others don't? Is it faster, better, more accurate? Does it produce better results? Does it make someone look more attractive? More professional? State clearly what makes your product or service more desirable.
5. Lead Generation: Describe how you will create interest in your product or service.
What is your strategy for attracting buyers? How will you find and contact them? How will they find out about you? Your lead generation approach should be clear and measurable. If possible, it should also be based on past experiences.
6. Sales Conversion: Explain how you will convert potential customers into buyers.
What methods will you employ to get people to pay for your product or service? What messages will you express to convince people to spend in your business? Will you hire sales people? Will you create a strong sales pitch or sales letter on your website? What kinds of promos or packages will you offer to buyers to get them to spend more?
Your marketing efforts should be focused on attracting buyers and warming them to your product, service or offer.
Your sales efforts, on the other hand, should be focused on getting the customer to commit to buying your product, service or offer. In cases where the sales process is simple, such as a meal at a restaurant, this simply means ordering food and paying the bill. In more complex cases, such as purchasing expensive equipment or technology, it means gaining commitment from the buyer over several steps, ultimately moving towards making the sale.
Thus, in this element of the marketing plan format, you must state how you will effectively convert potential buyers into actual buyers.
7. Loyalty: Explain why customers will want to come back and continue buying your product or service.
It's just not enough to sell your product or service. Your aim should really be to create a buyer experience that will keep them loyal to your business and come back for more.
There are many methods to create loyalty, but at the core of loyalty is a customer experience that the product or service received exceeds the value which was paid. This could be measured in several ways, for example, product quality, or the quality of service provided by staff.
What you must do is carefully define and design this experience within your marketing plan, and how you will bring it to life.
8. Implementation: Map out your strategy for taking your plan to action.
A strong marketing plan is one which you can put into action relatively quickly. In other words, the key to a sound marketing plan that it's actionable.
Break down each goal into several steps of activity. Explain the result and importance of each activity. Put deadlines - start and finish dates - for each activity, and then identify who will champion each activity to its achievement.
Ideally, each activity should be assigned to people who have the skill, passion and experience in performing that activity effectively. Sometimes, that means hiring outside of the company, such as hiring an advertising agency or law firm.
9. Financials: Project the revenue you will generate through your marketing endeavors and what it will cost to implement.
One of the key elements of the marketing plan format is financial projections. Even if your numbers may not be based on any previous experiences, it's important to forecast the revenue generated and expenses incurred.
10. Measurement: Measure and evaluate the progress and results of your actions.
A marketing plan is only as good as the results it produces. Of course, when we talk about results, the people who implement the plan are the main factor; the plan alone is merely a blueprint document.
That said, to ensure your marketing efforts are being implemented correctly and producing the desired results, you need to have indicators and a way to measure the results of your actions.
Follow these simple steps and you'll have created an outstanding marketing plan in no time!
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