Key Elements of a Good Marketing Plan

1. Measurable Goals

• What do you want to accomplish this year?

• Annual Sales

• Net Income

• Number of customers

• Other measures?

• What do you want to accomplish in 3-5 years?

• Ongoing client database of customers

• Annual growth rate of xx%

• Who is responsible for marketing/sales goals?

• Who is responsible for marketing/sales implementation?

1. Market Analysis

• Research your industry/environment

• How large is your industry?

• How many prospective customers are there?

• How do economic trends impact customer buying decisions?

• What unique abilities do competitors possess?

• Research your customers

• How do you define your ideal customer?

• What is your target market?

• Who will buy your product?

• When will they buy your product? Seasonally? Any time?

• Where will they look for your product? Online? Store? Catalog?

• From whom do they want to purchase your product? Owner, Sales rep, Distributor, Manufacturer’s Rep?

• Research your competitors

• Who are your direct competitors?

• Who are your indirect competitors?

• Evaluate direct and indirect competitor strengths and weaknesses in the areas of quality, customer service, price/value, location, convenience and any other areas of importance.

• Evaluate your own company – do a SWOT analysis. Compare yourself to your competitors.

  • Strengths

  • Weaknesses

  • Opportunities

  • Threats

1. Marketing Strategy

• Develop strategies that incorporate your goals, build on your strengths, and promote your unique competitive advantages. Build a marketing mix to best serve your target customers.

• Product: Describe product from customer’s point of view? What’s in it for them? What are the benefits & features of your product?

• Price: Set prices to strategically accomplish business goals, while remaining sensitive to customer motivations.

  • Cost based: cover your expenses

  • Going rate: follow the market leader

  • Image pricing: your product is exclusive

  • Service pricing: your product is convenient

  • Slow entry: work toward building customer loyalty

  • Loss leaders: work on generating traffic by setting pricing low

• Place: Determine most effective way to get your product to customer

  • Shipping, electronic transfer, personal delivery, retail, etc…

• Promotion: Determine promotional tools based on what your target customers hear and see…radio, TV, print, etc…

  • Publicity: news releases, success stories, organization memberships, community events

  • Advertising: electronic media (radio, TV, Internet, Email) versus print media (newspaper, magazine, brochure, direct mail, newsletters, letterhead, business cards)

1. Implementation Schedule & Budget

• Create a timeline for when different methods of advertising and publicity will be used.

• Prepare cost estimates.