Developing Effective Marketing Plans
Marketing Plan Blueprint for Action
The purpose of the marketing plan is to define your market, identify new customers, new products and services, competitors, outline strategies for attracting new/existing customers and identify or anticipate any change that will impact the market.
Developing a marketing plan involves four stages of action:
- Researching and analysing your business and the market
- Planning and writing the plan
- Implementing the plan
- Evaluating the results
Sample Marketing Plan Format
Executive Summary
1. Situation Analysis
1.1 Market analysis
1.2 Competitive analysis
1.3 Customer analysis
1.4 SWOT analysis
1.5 Analysis of marketing activities
2. Objectives
2.1 Corporate objectives
2.2 Marketing objectives
3. Marketing Strategy
3.1 Market segmentation strategy
3.2 Targeting strategy
3.3 Product life cycle
3.4 Strategy formulation
3.5 Core strategy
4. Marketing Programs
4.1 Marketing mix
4.2 Loyalty programs
4.3 Customer service & support
4.4 Market research
4.5 Personal selling
4.6 Trust and credibility
4.7 Trade promotions
5. Implementation Plan
5.1 Product design and development
5.2 Marketing & sales
5.3 Distribution
5.4 Resource requirements
5.5 Scheduling
6. Performance Evaluation and Monitoring
6.1 Monitoring ad campaigns
6.2 Sales analysis
6.3 Profit and loss statements
6.4 Meeting schedule
6.5 Customer profiling
6.6 Sales force evaluation
6.7 Compensation plan
7. Financial Information
7.1 Financials
7.2 Assumptions
7.3 Budgets
7.4 5 year financial projections
Ten Step Process
Drawing from our experience as a Marketing Services company consulting with various clients to create marketing plans and communication strategies and from keeping abreast of industry trends we have outlined ten steps to developing an effective marketing plan for you to consider:
1. Define Product or Service
Describe your product/service and mission in simple terms
Emphasise your USP “Unique Selling Proposition”
Communicate intrinsic benefit/value to your customer
2. Identify Target Audience
Your audience refers to the people you aim your sales effort at, otherwise known as your “target market”. You may have more than one target market.
This includes two factors:
- Who needs your product/service?
- What is the profile of your ideal customer and what are their habits?
Target markets are described in terms of their shared characteristics
For example, if your product/service is aimed at individuals, you can describe them by age, income, geographic location, and lifestyle.
If your product/service is aimed at organisations, you can describe them by number of employees, sales, geographic location, and industry
3. Determine Goals and Objectives
Set the bar as to what you want to achieve.
Measure your success against your own efforts, not your competitors.
Two types of goals:
- Quantitative – those with specific, measurable results and numbers.
- Qualitative – bring increased value, like improving image or visibility.
4. Define the Brand
Focus your message by identifying 3 to 4 “key messages” to be woven through all marketing materials.
There is a lot of “media clutter” customers are bombarded daily with hundreds of sales and marketing messages about numerous products and services.
To succeed, focus on a particular market and emphasise features/benefits to them.
5. Set Pricing
A guidepost for setting price involves estimating the monetary value your customer will receive, and understanding your financial goals and objectives.
Remember to price the product/service at a rate higher than your fixed and variable cost.
6. Establish Marketing Budget
Set aside a specific dollar amount either per quarter or per year. You need to make the best marketing decisions possible to maximise the return on your marketing dollars invested.
Evaluate marketing decisions such as advertising in the yellow pages, hiring sales reps or conducting a PR program based on the amount of business a particular initiative generates.
Track each initiative and evaluate what worked and what didn’t.
7. Choose Marketing Strategies
Strategic marketing tools to deliver your message to the target audience. Brainstorm ideas to reach target market. Be creative – don’t sensor wild ideas.
Divide into paid, non-paid and non-traditional media.
Paid media: direct mail, newspaper, radio, TV, billboards, direct sales.
Non-paid media – referred to as public relations because it is exposure through traditional media without paying for advertising in that media.
Non-traditional media: includes everything else — sponsorships, ad specialties, shows/events, electronic media and the Internet.
8. Determine Tactics
List out specific action steps to achieve each strategy.
Include deadlines and key dates for executing all of your marketing activities.
9. Establish Timing
Establish a specific timetable for each tactic.
10. Measure Results
Track results of your marketing efforts on an ongoing basis, using tracking devices such as ad codes, call-in logs and reply cards (if the budget allows).
Evaluate at the end of the year or plan period to see if the results matched your stated goals.
About the Author
Robert McAnderson, General Manager, gained his experience in Marketing, Sales and Senior Management with 3M, Canon, Expertise Events and Intercept Information Solutions.
He is highly regarded in the area of Sales Management having held the prestigious title of Australian Sales Manager of the Year.
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