One of the key parts of a business plan is your marketing plan. Your marketing plan conveys your marketing and sales activities that answer the questions of who, what, where, when and how much. Plainly put, it’s where you’ll outline your goals and objectives for the brand, and how to reach them. You are no longer general, but specific instead.
Here is a list of some of the more specific questions that you’ll need to answer in your marketing plan:
What is the nature of my business, product and/or service?
Where will I conduct business?
Who are my competitors and what issues might stand in my way?
When will I spend money?
How much will I spend?
How will I spend that money?
Which market(s) will I spend it in? Traditional media, new media, advertise at schools, events, online with banner ads?
Why is that particular market the right market for my product or service? If you choose multiple markets, answer that question for each of them.
What kind of positioning do I have in the market? Is there something unique about my product or service and how can I best leverage that?
What kind of sales achievement will I expect to result from the answers to the previous questions?
How much will I achieve in sales? How much will my profits be?
The eight key components of a marketing plan:
- Situation Analysis
- Executive Summary
- Situational Analysis
- Competitor and Issue Analysis
- Marketing Objectives to include your Marketing Strategy: Product, Price, Promotion, Place
- Action Programs: What, When, Who
- Budget
- Supporting Documents
To summarize, there are many questions that need to be answered. Be specific and support your facts and projections with as much evidence as you can. That is what will result in a successful marketing plan.
