In Part 1 of our Guide to Creating a Marketing Plan, we described the process of designing and conducting market research to collect important data for your marketing plan. In this section, we will talk about how you will develop your plan using the data you have collected and by brainstorming your goals.
Your Mission Statement
What is it you want to accomplish through your business? Before creating a marketing plan, you must know what your mission is. Of course, it will mostly likely involve earning a profit, but think about why you chose to sell a specific product or service.
Product/Service Description
A marketing plan must identify and describe the products or services that will be marketed. Create descriptions for yours. Think of answering these questions:
- What does my product/service do?
- What is the shape, color, size, etc. of my product?
- Does my product/service have any trademarks or patents?
- What is the name of my product/service?
- What differentiates my product/service from other similar products/services?
- What other characteristics describe my product/service?
Describe the Market
Here is where your market research comes in handy. With the data you collected, start making observations and conclusions about the market(s) you wish to enter. What percentage of your research said they would buy your product or service? How many said your product or service would be a useful item they need? Would your product or service be something consumers want or desire rather than need? Here is where you will make conclusions whether your product or service is viable in the chosen target market, and whether you believe your product has a chance of selling to meet your goals.
Talk about the demographics of your target market such as age range, average education, income, social and recreational habits, etc. Is your target market localized into a specific area, or is it a general market across national or international borders? Describe trends in the target market behaviors.
The more you can describe and identify your target market, the better suited you will be able to meet their needs.
Define the Competition
For an effective marketing plan, you need to know who your competitors are. Identify and investigate your main competitors and their products. Try to list the top five who you believe will be the ones competing for your target customers’ business.
Talk about the strengths and weaknesses of your competitors. How is their product or service superior to yours? How is it inferior? What are the similarities? How do they differ? Identify the main differentials that sets your product apart, and how you can improve your product or service to match and even surpass the quality of your competition.
Determine their advertising techniques. This will give you insight into how you will form your marketing plan strategy. Do they use print ads? Promotions? Social media campaigns? Find out how you can get the better part of the market share through advertising.
In Part 3, we will discuss getting your marketing plan onto paper and executing it for maximum results.
