Writing a marketing plan

You’ve done a lot to get started on your new business.  Now it’s time to write a marketing plan.  A marketing plan will help you be able to intelligently discuss the market for your new venture with potential buyers.  “It will allow you to sell or license your invention to manufacturers, retailers or other interested parties.”

In writing a marketing plan you should understand your target market, your competition, your product, your budget and your pricing, promotional and advertising strategy.  Most importantly, know your customers so you can fulfill their needs.  Of course, you should also be prepared to identify changes in the marketplace.

Many business owners think that attracting customers is solely done through advertising and getting the word out about your product.  This is true to a certain extent but people may never learn of your invention without a strong marketing strategy in place.  You need to understand how to effectively use your marketing strategy to attract buyers.  After all, you don’t just want to attract a steady group of loyal customers but you want to keep them and identify and gain new customers.  You also want to anticipate market shifts that can affect your bottom line.  Think about product, price and promotion.

Your marketing plan should identify your customers by age, sex, profession, income and educational level.  You must understand your customer base – their likes, dislikes and expectations especially since you might have limited resources as a small business owner.  “Try to describe the benefits of your goods from your customer's perspective. Emphasize its special features - i.e., the selling points. Successful business owners know or at least have an idea of what their customers want or expect from them. This type of anticipation can be helpful in building customer satisfaction and loyalty.  Make sure you have a clear idea of who your ideal customers or clients are, what they like, what they need and what they expect. This will make your marketing strategy more accurate and applicable to your target audience.”

Some sites you might want to check out that can help you write a marketing plan are: http://www.mplans.com/, http://www.morebusiness.com/templates_worksheets/bplans/printpre.brc, http://www.marketingplan.net/sample-marketing-plan/. Additionally, you might want to consider checking out existing marketing plans to get a better sense of how one goes about writing one.  Here is an example of a real-life real estate marketing plan: http://marcozarfati.live.keyes.com/?PageID=2976.  Here is one for a boat manufacturer: http://www.guerrillaconsulting.com/downloads/guerrilla_marketing_plan_and_roadmap_sample.pdf.

Make your marketing plan unique by knowing your competition.  Indeed, you should include a heavy component on your competition.  Do your homework.  Thoroughly research your competition.  Understand your competitors’ strengths and weaknesses.  Are new competitors entering or leaving the marketplace.  Understand why.  Understand how they might threaten your success.  Are you offering a new product or an existing one?  Is the market for your product growing or declining?

Keep your plan brief.  Experts believe the best ones are written in 15 pages or less.  Don’t over-think it.  “For small businesses, it's best to think of a marketing plan as a way to tell a concise story that covers all the key points of your strategy going forward.”

Decide what your vision is so you can get a better sense of the opportunities and threats facing your business.  “You can begin by establishing S.M.A.R.T. objectives – specific, measurable, attainable, relevant, time-bound - that will help you drive to your tangible goal, such as profitable growth or market share.”  Be realistic and specific – set goals for yourself.

Most importantly, do your research and define your strategies.  Think about your purpose and mission.

Writing a marketing plan takes careful planning and time.  As I’ve mentioned here today know your customers and their needs and most importantly understand your competition so you can position yourself uniquely in the market.  These are the keys to success.

Until next time…