For every new project your business takes on, you need to write a good marketing plan. Marketing plans involve a lot of research, analysis, and a comprehensive recommendation.
At Curve, our clients often come to us in search of some direction. They have a great idea, but they don’t know how to sell it, how to price it, or what their first step should be. That’s why we write them a comprehensive marketing plan to give them all the information they need to start their new project. Feel free to use this template for your own business.
1. Executive Summary
What is your marketing plan in a page or less? Shareholders and executives won’t have time to go through your report in-depth, so summarize everything down to a single page.
2. Research and Analysis
As a rule of thumb, every major business decision you make should have some sort of research or experience to back it up. If you’re planning on expanding into a new market, where is the evidence that proves the new market will be receptive to your business? Use analyses like SWOT or Porter’s 5 Forces to organize your findings.
If you’ve conducted any first-person research like focus groups and surveys, include the findings here. Clearly explain what the results mean and what conclusions you can draw from them.
Clearly state who your target market is and why they were chosen. Go beyond just talking about them and talk about their behaviour. Are you targeting 18-year-old males who sit at home and browse the Internet all day or 18-year-old males who spend all their time partying with friends? Two identical demographics can represent two very different lifestyles.
Next, find out who your main competitors are for this target market. Every group of consumers has their own personal preferences, so identify your biggest rivals for your audience.
Based on your research, what are you planning on doing? More importantly, how are you planning on doing it? Use the four P’s of marketing to explain your plan.
Product (or service)
What are you selling? Why is it better than your competitors? What can your brand or business offer that other competitors can’t?
How much does your product or service cost? Are you priced as a luxury brand or a value brand?
Where can you be found? Being part of the right distribution network will greatly affect your success. Make sure your products and services are easily accessible to your target market.
How will people know about your product? Explain where you plan to advertise and the cost. The effectiveness of each advertising channel will vary depending on the…?
Make sure all four of these work well together. For example, if you wanted to promote your new line of luxury accessories (product and pricing), you wouldn’t choose to only sell them at value locations (placement). Your business should be telling a consistent message across all four P’s.
5. Risk Analysis
No one can predict exactly what will go wrong with your project, but it pays to figure out what your contingency plan is beforehand. Make sure you talk about what you plan to do IF something goes wrong and which member of your team is assigned to take responsibility in that case. Weigh each risk on both their severity and likelihood to gauge how much of a threat it is.
Which of your recommendations is the best? Identify one recommendation you think will have the highest chance of succeeding and explain why.
If you need a marketing plan done for your next project, make sure it’s done right. Contact Curve for a free consultation today.