You need to develop a clear, concise, compelling marketing plan.
A marketing plan is a written statement that defines the strategies, tactics, and resources that your company will employ to reach its business objectives. Put more simply, your marketing plan is the “why” behind whatever your company plans to do to achieve its sales objectives.
A marketing plan has two objectives. It can serve as a reality check to help you determine the likelihood of achieving your marketing objectives. And it can serve as a communication vehicle to help you sell your ideas internally, to senior management and to your sales team, and externally, to potential investors.
Creating A Marketing Plan Template
The process of developing your marketing plan can help your company allocate resources, organize operations, prioritize activities, evaluate different marketing activities, think creatively about problems, and identify new business opportunities.
I. EXECUTIVE SUMMARY.
The executive summary is the most important section of your marketing plan. It should summarize the main points that you have made in each section of your marketing plan and should restate the reason that you believe your business strategy will be successful.
Try to keep your executive summary to a manageable length; it should take an average reader no more than five to ten minutes to read. And keep in mind that your executive summary should, like every communication, be clear, concise, and compelling.
1. Describe your product or service
The description of your product should be as specific as possible. Include pictures or diagrams if they help describe your product. Include samples of output if they are relevant. If your product is unique, explain why this matters. Explain the primary purpose, utility, or advantage of your product. Describe what your product can do for your consumer.
2. Discuss your target market
Specifically what and/or where is your target market? Are secondary markets being considered? Will modifications of your products allow it to address other markets’ needs? Will declining manufacturing cost over your product’s life cycle open new markets?
3. Describe your products strategic advantage.
If your product is “revolutionary” discuss how current market needs are being satisfied. Explain what differentiates your products from competitive products that are already available.
4. Specify dates that have been set as goals for product availability and shipment.
Will your company complete its research, release a fully functional prototype, and make its first customer shipment? Be optimistic, but be realistic.
5. Describe any specific skills or proprietary technology that provides a competitive advantage.
If your team has specific skills or if a specific technology has been developed that relates directly to your product, explain what or what is involved. Explain relevant patents or copyrights.
6. Specify what investments or other resources are required to implement your plan.
Be specific, detail who will be involved and when additional financial resources must be committed to your plan.
7. Summarize projected sales and revenue forecast.
Define your expectations for product sales and market penetration s. Explore future business opportunities.
8. Briefly describe your reason for implementing this product strategy.
Explain why you developed this product and what other product strategies were considered.
9. Outline your objectives and key results.
Your executive summary should distill the totality of your marketing plan in a concise, positive statement of your primary objectives and key results.
10. Describe your exit strategy for potential investors.
If your marketing plan is being presented to investors, it should explain how and when they would profit from their investment. In most cases this would be through a public stock offering or the sale of your company.