Writing a Marketing Plan

Whether you run a home-based business, a small company, or a large enterprise, writing a marketing plan that is effective and intelligent is critical to the success of your venture.

The types of plans run the gamut from “short and sweet” documents to massive (and expensive) reports, but they all serve the same purpose: to outline strategies for promoting your product or service, to determine how to connect with your target customer, and to build the credibility of your business.

Writing a marketing plan doesn’t have to be a drawn-out or complex process. Because they’re not for public viewing, you can include as much or as little information as you’d like, and can be entirely forthright about your objectives. Below are some of the key components of an effective marketing plan.

Understand your business.

Next, you’ll need to determine what sets your business apart from the rest. What is your value proposition? What key selling points will you highlight? Why should customers choose you over your competitors?

A key part of this analysis is studying businesses in your area that are offering similar products or services. Document their pricing, promotional campaigns, locations, selection, and support plans. Are they excelling in areas where you might need some development? How can you tailor their ideas and strategies and make them your own?

Understand your target customer.

You might consider hiring a professional market research firm to help you determine the motivations, spending patterns, and expectations of your prospective buyers.

Depending on the location and breadth of your target market, you may need to identify a primary audience (the biggest segment of your market) and a secondary audience (consumers outside of your main target market).

You cannot connect with and sell to a vague notion of a customer. You must know exactly who they are if you will serve them effectively.

Understand your objectives.

When writing a marketing plan, some common objectives include the percentage of profits per year, the projected share of total industry revenue, and your targeted sales per year. You cannot tell if you are successful if you don’t have a target in mind.

Have detailed marketing strategies.

You’ll also need to specify what media outlets you’ll use to convey your messages, a calendar detailing the insertion and duration of placements, and the cost of each campaign.

Make a realistic budget.

When allocating funds, consider how much you’ll spend on production (photography, graphic design, mailing materials, etc.), printing (envelopes, letterheads, brochures, etc.), and media placements. A budget should be fairly specific so you can keep control of the costs.

Every budget also needs a miscellaneous “catch-all” for other general costs that will be incurred throughout your campaigns. There are always unplanned costs.

A final thought.

By carefully choosing the strategies you’ll execute throughout the year, you’ll be less likely to miss out on timely opportunities and will avoid splurging on impulsive expenses that may not be worth the investment.

Above all, remember that marketing plans are intended to be working documents. Writing a marketing plan is only half the battle. To make it work for you, you’ll need to actually implement the strategies, measure the results, and make any necessary changes to the plan as circumstances and ideas dictate.

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