HOW TO DEVELOP A MARKETING PLAN (2)
The Marketing Plan in One Paragraph
Many experienced marketers suggest that the first step in creating the marketing plan is to condense all the ideas about marketing strategy into a single paragraph. Impossible? Not at all. Crafting a single well-written paragraph forces the entrepreneur to focus carefully on the central point of the overall marketing strategy. This paragraph should include the purpose of the marketing plan:
What will the marketing plan accomplish? – the benefits of the product/service.
How will the product/service help the customer or satisfy a need? – the target market.
Who is the primary buyer or first customer? – the niche market.
Where does the concept fit in the industry or market? How does the company differentiate itself? – the marketing tactics to be used.
What specific market tools will be employed? – the company’s convictions and identity
How will the customers define the company?, and the percentage of sales that the marketing budget will represent.
How much money will be allocated to the marketing plan?
Here is an example of an effective one-paragraph statement of the marketing plan for a product/service business.
TCB & Associates enables qualified importers and exporters from a varieties of countries to find trading partners through an Internet-based, business-to-business network. The purpose of the marketing plan is to create awareness and name recognition for TCB & Associates in the market space. The target customer or first customer is the small exporter who needs to find buyers in another country or to find a buyer for excess inventory; the secondary customer is the importer who wants to find new sources for products to import. Customers will enjoy the benefits of reduced time and risk in finding new customers or suppliers. TCB & Associates has defined a niche targeting smaller companies that want access to the same opportunities as large companies world-wide. Customers will view TCB & Associates as a professional, innovative, and customer-focused company. Initial marketing tactics include personal selling at industry events, strategic alliances with complementary companies,and providing free workshops on import/export. TCB & Associates will spend an average of 40 percent of sales to implement the marketing strategy in the initial stages.
With such a paragraph in hand and the focus established, the entrepreneur is ready to develop a more detailed marketing plan.