The Marketing Plan - Sqone

The Marketing PlanThe most important partof a business plan is theMarketing Plan. To keepone’s business on coursethis plan must be gearedtoward the business’smission—its product andservice lines, its markets,its financial situation andmarketing/sales tactics. The business must be aware of its strengths andweaknesses through internal and external analysis andlook for market opportunities. The business must analyze its products and services fromthe viewpoint of the customer—outside-in thinking. Whatis the customer looking for and what does the customerwant (benefits)? The business must gain knowledge of themarketplace from its customers. The business must analyze its target markets. What otheradditional markets can the business tap into and are thereadditional products or services the business can add? The business must know its competition, current andpotential. By identifying the competitor’s strengths andweaknesses the business can improve its position inthe marketplace. The business must make decisions on how to apply itsresources to the target market(s). The business must utilize the information it has gatheredabout itself, its customers, its markets, and its competitionby developing a written Marketing Plan that providesmeasurable goals. The business must select marketing/sales tactics that will allow it to achieve or surpass its goals. The business must implement the plan (within anestablished budget) and then measure its success in termsof whether or not the goals were met (or the extent to whichthey were). The Marketing Plan is an ongoing tool designedto help the business compete in the market for customers.It should be re-visited, re-worked, and re-created often.This marketing plan outline is designed to serve as a guide for discovery, analysis and marketing activity planning, as outlined by ASBCD. 2018 The CMO Team[1]

The Marketing Planning ProcessGOALSETTINGMissionCorporate ObjectivesMarketing Audit & AssumptionsANALYZINGTHE CURRENTSITUATIONSWOT Analysis & Buyer PersonasCurrent Promotional StrategyCompetition & PricingCREATING THEMARKETING STRATEGYMarketing Objectives & StrategiesForecasts of Expected ResultsMarketing BudgetALLOCATING MARKETINGRESOURCES AND MONITORINGDetailed Action PlanTimelines & Team Members[2]

Marketing Plan OutlineThere is no single “right” way to approach a marketing plan. Your marketingplan should be part of an ongoing self-evaluation process and unique toyour business.State the purpose of the marketing plan.Review business goals and objectives as well as specific strategies to reach them.Below, list out each goal from your business plan that your marketing plan and activities can directlyor indirectly support.[3]

Marketing Plan Outline [continued]A. Mission Statement1. What do we do?2. How do we do it?3. Who are we doing it for?4. What value are we bringing to the table?Everything your company does should beguided by and consistent with your MissionStatement. The mission statement is theone place you can be general, rather thanspecific. This is your vision of the business:it’s philosophy, and what makes it differentfrom any other business.If you don’t already have a mission statement,write one down. Refer to it often as youdevelop your marketing plan. An opportunitythat takes you away from your businessmission is not a good opportunity for you.A strategy or tactic that does not carry thebusiness towards fulfilling its mission is faultyand should be revised.In order to determine how to get where youwant to be, you need an accurate, objectivepicture of where you are now.[4]

Marketing Plan Outline [continued]B. Diagnosis: Where are you right now?In order to determine how to get where youwant to be, you need an accurate, objectivepicture of where you are now.Write a brief statement assessing thecurrent state of the business.[5]

Marketing Plan Outline [continued]C. Product/Service1. Identify each product or service in termsof name, trademark, color, shape or othercharacteristic, including packaging andlabeling.2. What is your competitive advantage?How does your product or servicediffer from the competition in termsof exclusivity, exclusive processes, orother features.[6]

Marketing Plan Outline [continued]C. Product/Service - continued3. What are your strengths versus yourcompetition?4. What are your weaknesses versus yourcompetition?5. What is your product’s/service’spersonality?[7]

Marketing Plan Outline [continued]D. Target Audience/Customer PersonaI dentify your customers – include alldemographics, lifestyle, and professionalinformation.1. Who are your customers? (Adjust thefollowing questions based on whetheryou are in a B2C or B2B market.) Male or female? How old? What education level? What type of work? Profession? Title? What are their challenges, pain points,needs? What level of income? How knowledgeable about your productor service? What factors (e.g., price, availability,service, etc.) influence this customer’spurchase decisions? What other people (if any) influence thepurchase decision? How would you describe your customers’personality? What are their values? What brand valueswould resonate with them? Is there anything else unique about yourcustomer? Exercise: Think about the 20% of yourcustomers who generate or will generate80% of your business. Write one-paragraphdescription of this typical customer.2. Do you have a large, homogenouscustomer base, or several smaller marketsegments? If segments: Describe each segment’scustomers according to section D #1above.[8]

Marketing Plan Outline [continued]D. Target Audience/Customer Persona - continued3. Meeting customer needs: What are your customer’s real needs? What are your customers perceivedneeds? Are you meeting either or both of these? If not, where do you fall short? What resistances do people have tobuying your product or service? Identify location of customers (local,regional, national or international).4. Identify location of customers (local,regional, national or international).5. Identify market trends – includeinformation about market studies andtest marketing.6. List factors that affect purchasing such as: Seasonal Obsolescence Tax considerations Price Availability Convenience Service Emotional considerations; e.g., prestige,status, fear, lifestyle, etc. Any other factors you can think of Write a brief paragraph that synthesizes allthe factors that affect the purchase of yourproduct.[9]

Marketing Plan Outline [continued]E. Distribution1. Identify the most effective methods forgetting products/services to customersin the target market. Do customers come to you? Do you go to the customer? Do you mail out samples, use trial offers,or premiums?2. Do you make it easy for customers orpotential customers to find, acquire,engage with or get to your product/service?3. Have you made it easy for customersor potential customers to get moreinformation about your product(s) orservice(s)?[ 10 ]

Marketing Plan Outline [continued]F. Promotional Strategy1. What is your current image in themarketplace? How are you perceived by yourcustomers? What is your current image inside yourorganization, as a workplace?- How are you perceived by youremployees?- Is this accurate to the desired cultureof the organization?2. What would you like your image to be inthe workplace?3. Will everything in your organizationconsistently represent the image youwant to project? Employee behavior Place of business atmosphere Printed communication[ 11 ]

Marketing Plan Outline [continued]F. Promotional Strategy - continued4. What type of customers are you targetingwith current marketing efforts?5. Where/how do you currently get newleads?6. How are your leads followed up?[ 12 ]

Marketing Plan Outline [continued]F. Promotional Strategy - continued7. Where/how do you get repeat business?8. What is the source of your mostproductive referrals? Are you doingeverything you can to manage thesource(s)?9. Review the Message: Is your message written in terms of whatthe customer needs and wants to hear,or in terms of what you want to say aboutyour business, product, service? Your Promotional Strategy consists ofblending and using each of the followingcomponents to the same end — that is,with the same message. Advertising Personal Sales Sales Promotion[ 13 ]

Marketing Plan Outline [continued]F. Promotional Strategy - continued10. Review: What’s working? List thepromotional and marketing activitiesyou have used in the past 12 months.When finished, prioritize them in orderof effectiveness/ROI. Examples:A. Advertising – Social MediaB. Advertising – Digital / OnlineC. Advertising – MobileD. Personal One:One SellingE. Direct MailF. Sales Promotion (coupons, freebies,samples, trial offer, etc)G. Trade ShowsH. Publicity and Public RelationsI. Email CampaignsJ. Automated MarketingK. Cross-channel (Multi-channel)CampaignsL. Content MarketingM. Social Media MarketingN. Mobile MarketingO. Video Marketing11. Are the benefits you offer beingcommunicated effectively? (Indicateyes or no for each of the activities listedabove.)12. Review: Does the audience for each ofthe media/channels outlined match yourtarget market profile?13. Review public relations activities. What are your plans? C an you generate any productpublicity? How? Special programs[ 14 ]

Marketing Plan Outline [continued]G. Competition (Direct and Indirect)1. Identify competitors by divisions, productlines and markets.2. Compare your marketing techniques withthose of your competitors.[ 15 ]

Marketing Plan Outline [continued]H. Pricing1. How price sensitive is your market — inother words, how much change occurs inbuying behavior when prices rise or fall?2. Do your prices position you as “top ofthe line” or “bargain basement?” Are youhappy with your position?3. Does your current marketing strategysupport this price position?[ 16 ]