Marketing Plan Example (With Essential Questions You Must Answer)
May 30, 2018
Does your startup venture have a marketing plan? If not, you’re probably not being as diligent about preparation as you should be. Here is an overview of what to include in a marketing plan.
What is a marketing plan and why do you need one?
A marketing plan outlines campaigns that will be executed over a specified period time, defines resources, and details how they’ll be measured and monitored.
A marketing plan contains vital elements including:
Market research that supports pricing decisions and identifies potential markets.
How to tailor your message to different target audiences.
Selecting the tactics and platforms to execute marketing campaigns.
Setting up metrics, benchmarks, KPIs, and timelines so you can measure the success of your campaigns.
What’s the difference between a marketing plan and a marketing strategy?
A marketing strategy is your overall game plan for presenting the value of your offer. It’s where you identify a marketing need, develop your value proposition, and evaluate both who you’ll try to reach and how you’ll turn them into a customer.
A marketing plan formalizes the goals and tactics of a campaign. A plan has benchmarks and time-frames. It outlines the tactics you’ll use, makes assertions about what you’ll achieve, and plans for alternatives if modifications need to be made.
You can’t create a marketing plan without a strategy, because you won’t know what you’re trying to say or who you’re saying it to.
One way to keep this clear in your mind is to remember that a strategy will have a longer lifespan than an individual plan. Your strategy is where your value proposition and key brand elements are. Ideally, this won’t change much over time.
Time-frames and benchmarks are always elements of marketing plans.
Marketing Plan Example: Main Elements and Questions
#1. Define Your Target Audience
What are the demographics and psychographics of your target audience?
Do they understand the need for your product, or will you have to educate them?
What emotional triggers will motivate them to act?
#2. Presenting Your Value Proposition
What is the buying trigger in your message?
What are the main benefits you want to outline?
What features do you need to highlight?
How will you modify your message for different target audiences and platforms?
#3. Pricing and Competitive Analysis
How do you want to position your product for pricing?
Are you looking to be the most inexpensive option, or do you want to position yourself at a higher, more exclusive price point?
How will your pricing and the perception of your offer compare to your competition?
#4. Distribution Plan
What is your main point of sale?
Will you have your own eCommerce website?
How will product fulfillment needs impact your profit margins?
#5. Special Offers
What discounts and special offers will you use?
Will you offer free-trials, money-back guarantees, or package deals?
How will you vary these offers in your calls to action?
#7. Materials and Platforms
What marketing platforms will you use? What platforms does your business lend itself to?
What type of website design do you need?
How will you use online search (paid and organic) so customers can find you?
Where are your potential customers, and how will you connect with them on platforms they use?
What kinds of ads, content, images, and videos do you need to create?
#8. Conversion Strategy
What is your conversion funnel, and how will you move leads from initial engagement to conversion?
What calls to action will you use, and how will you vary them for different campaigns and target audiences?
What alternatives can you execute if certain conversions aren’t meeting expectations?
#9. Reviews and Retention
How will you earn customer approval and get them to leave you positive reviews?
How will word of mouth and popularity of your product in the marketplace affect sales?
How will you maintain contact with existing customers and encourage repeat business?
#10. Resources & Budgeting
Do you have the budget needed to invest in your campaigns so they can run full duration?
Do you have the people and talent in place to ensure strong sales and customer service?
Are your margins big enough to ensure profitability?
How will you measure results and judge the success of campaigns?
Answer these questions with as much specificity as possible and you’ll have the basis for a solid marketing plan.
Also, be keenly aware of any questions you can’t answer. If you’re vague on any more than just a couple of them, it’s likely to escalate into bigger problems down the road.
In addition, do a SWOT analysis of your product and marketing. This will also help you identify opportunities and problem areas to address.
The most important tip? Plan before you act.
Too often, we see new businesses jump right into the execution of tactics (building websites, running PPC campaigns, delving into social media) with no strategy and no marketing plan. The results are never optimal.
You’ll have to make assumptions as you get started, and you’ll be wrong about some of them. A big part of your plan is having an idea of how you’ll pivot when something doesn’t work, as well as making sure you have the resources in place to survive setbacks.
Take the time to develop a broad marketing strategy, develop a plan for your campaigns, and do a SWOT analysis. It won’t just save time and trouble later. It’s the key to your long-term success.