Better money with better marketing
Posted 24th February 2009 at 10:29 AM by awesometbn
Tags marketing plan, mba
Ever feel lost when it comes to affiliate marketing, and trying to make a dollar with online sales? Start with a better marketing plan to position your product. You'll have an easier time reaching your sales goals.
This is not a fluff post. I'm going to show you an essential piece of your overall business plan. Below is an outline and description of each section that should be included in a typical marketing plan. In my experience, the marketing plan is the first thing I attack when creating a business plan for a new project. I already have the 1-2-3 list in my mind (the so-called entrepreneurial script) with the original business concept on how to make potential profit, but the marketing plan is where I can get creative and show not only how I can grab the attention of the audience, but also how to grow that audience in order to grow the business.
What have I been using to actually create and refine my marketing plans? It's what I call the question and answer method, and I got it from my MBA program at the Keller Graduate School of Management.
Marketing Plan
This is your "opportunity" section. You will build a case that details what you are offering, the market in which you are operating, why there is a need for your product or service, and how you will reach that market.
Product or service concept
Describe in overview and detail what you are offering to the market. What does it "do"? What are the benefits to your customers? How do the customers now accomplish the same task? How is this better than the competition?
Target market analysis
Describe your market. Where is it? How big is it? What is the growth rate? What are the unique features or dynamics of this market? What causes people to buy?
Evidence of market need
Specific evidence that people will buy your product or service. Primary market research is the key to this evidence. How can you prove that if you make this investment, customers will buy what you are selling?
Competitive analysis
Describe the competitive landscape. Who are the key competitors? What are their strengths and weaknesses? Approximate their market shares. How will you take share from them? How will they most likely try to stop you if you are successful? Who are your indirect competitors? What do they offer your prospects?
Pricing strategy
Describe your pricing strategy and specific prices. How did you arrive at these prices? What are competitive prices? Why are yours different? How do your prices relate to costs and your development investment?
Marketing communications plan
Describe the role, the strategy and the execution of your total communications plan. This may include advertising, literature, promotion, the Internet, etc. What is your message, your specific communications vehicles and your timing? Show your budget by year and type of expense.
Marketing budget
Handled by the Marketing team but implemented through finance, this will set out your marketing expenses, including staff and advertising costs.
Sales/marketing channel plan
How are you going to "sell" your product or service? Describe your overall sales plan. What is the structure of your sales force (if you have one)? What marketing channels will you use? Why? What is your access to them? How do you pay them? Break down the cost and budget for this operation.
I want to hear from you. Did this help you with creating or editing your own marketing plan? Let me know what you think (good or bad) by using the comment section. Thanks!
This is not a fluff post. I'm going to show you an essential piece of your overall business plan. Below is an outline and description of each section that should be included in a typical marketing plan. In my experience, the marketing plan is the first thing I attack when creating a business plan for a new project. I already have the 1-2-3 list in my mind (the so-called entrepreneurial script) with the original business concept on how to make potential profit, but the marketing plan is where I can get creative and show not only how I can grab the attention of the audience, but also how to grow that audience in order to grow the business.
What have I been using to actually create and refine my marketing plans? It's what I call the question and answer method, and I got it from my MBA program at the Keller Graduate School of Management.
Marketing Plan
This is your "opportunity" section. You will build a case that details what you are offering, the market in which you are operating, why there is a need for your product or service, and how you will reach that market.
Product or service concept
Describe in overview and detail what you are offering to the market. What does it "do"? What are the benefits to your customers? How do the customers now accomplish the same task? How is this better than the competition?
Target market analysis
Describe your market. Where is it? How big is it? What is the growth rate? What are the unique features or dynamics of this market? What causes people to buy?
Evidence of market need
Specific evidence that people will buy your product or service. Primary market research is the key to this evidence. How can you prove that if you make this investment, customers will buy what you are selling?
Competitive analysis
Describe the competitive landscape. Who are the key competitors? What are their strengths and weaknesses? Approximate their market shares. How will you take share from them? How will they most likely try to stop you if you are successful? Who are your indirect competitors? What do they offer your prospects?
Pricing strategy
Describe your pricing strategy and specific prices. How did you arrive at these prices? What are competitive prices? Why are yours different? How do your prices relate to costs and your development investment?
Marketing communications plan
Describe the role, the strategy and the execution of your total communications plan. This may include advertising, literature, promotion, the Internet, etc. What is your message, your specific communications vehicles and your timing? Show your budget by year and type of expense.
Marketing budget
Handled by the Marketing team but implemented through finance, this will set out your marketing expenses, including staff and advertising costs.
Sales/marketing channel plan
How are you going to "sell" your product or service? Describe your overall sales plan. What is the structure of your sales force (if you have one)? What marketing channels will you use? Why? What is your access to them? How do you pay them? Break down the cost and budget for this operation.
I want to hear from you. Did this help you with creating or editing your own marketing plan? Let me know what you think (good or bad) by using the comment section. Thanks!
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