14 STEPS TO CREATE A SUCCESSFUL MARKETING PLAN

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14 STEPS TO CREATE A SUCCESSFUL MARKETING PLAN

• A marketing plan is part of a business plan and
  consists of a list of actions. Developing a
  marketing strategy is crucial for any business.
  If you want to your business to grow, you must
  have a marketing plan otherwise your effort to
  attract customers will not be fruitful. Here is a
  guide, detailing the process of making a
  marketing plan and the fundamentals of marketing
  strategy.

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Step 1 Executive Summary

• An executive summary is a high-level summary of
  the marketing plan as a whole. As the term
  suggests, you will have to come with a summary of
  your plan. Keep your summary as short as possible
  just a couple of sentences to sum up
  everything, covering each of the sections of your
  marketing plan in brief. When you read it aloud,
  it should not take more than 10 seconds to
  finish. Your executive summary will help in
  giving you and other constituents (e.g.
  employees, advisors etc.) of the company an
  overview of your strategies.

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Step 2 Situational Analysis

• In this stage, you will have to describe your
  company in brief, including customer base and
  your market at large. It has five sub-divisions
• Company analysis
• Target customers analysis
• Market analysis
• Competition analysis
• Current situation analysis

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Step 3 Marketing Research

• This section is implemented in order to spot
• Information requirements
• Research methodology
• Research results

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Step 4 Marketing Strategy of Product

• Here we deal with three concepts, namely
• Unique selling proposition (USP), the critical
  part of product selling that distinguishes your
  company from others competitors
• Product mix
• Product strength and weaknesses

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Step 5 Pricing and Positioning Strategy

• In this part, you need to describe detailed
  positioning plans of your products and how your
  pricing will support it. If you want your company
  to be known as a premier brand, your pricing
  should be as big as your thought.

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Step 6 Promotional Strategy

• Promotion is vitally important for product
  recognition. It includes
• Deciding promotional goals
• Determine advertising reach, frequency of
  advertising, theme, and media (television ads,
  online advertising)
• Considering the alternatives of publicity and
  public relation strategies (trade show, press
  release, and event marketing)

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Step 7 Distribution Plan

• In distribution plan, you need to explain how
  your customer will buy from you. Will your
  customers purchase directly from your website or
  will they get your products from the distributors
  or other retailers?

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Step 8 Offers

• In this section, you create some unique offers
  that will attract new customers and bring back
  the past customers too. You can try some
  innovative offers like
• Free trials
• Money back guarantee
• Combining different products and services
• Discount offers

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Step 9 Marketing Tools

• Marketing tools are the collateral you use to
  advertise your product to current and prospective
  customers. You can use your website, business
  cards, print brochures and catalogues as your
  marketing materials.

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Step 10 Conversion Strategy

• Conversion strategy is the marketing technique to
  turn prospective customers into paying customers.
  In this section, you plan which
  conversion-boosting strategies you desire to use.
  There are many such as improvement of your sales
  script, demonstrating testimonials of past
  satisfied customers etc.

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Step 11 Partnerships and Joint Ventures

• You can take up joint ventures and partnerships
  agreements with other organizations in order to
  reach new customer or better monetize existing
  customers. Here you have to be creative about
  your ideas. List such companies that can be
  beneficial to your business in this section of
  the marketing plan and reach out for them.

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Step 12 Increasing Transaction Prices

• Transaction prices refer to the amount that
  customers pay when they buy from you. In this
  part, you create plans to increase your
  transaction prices. There are numerous ways to do
  that, such as increasing prices, creating product
  and service packages.

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Step 13 Retention Strategy

• With retention strategy, you can increase
  revenues and profits by getting customers to
  purchase from you more frequently over time.
  There are number of ways to do it such as monthly
  newsletter or customer loyalty program.

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Step 14 Financial Projections

• This is the final part of your market plan.
  Include all your information documented in your
  marketing plan in your projections. The financial
  projections consist of
• Assumptions (the promotional expenses you expect
  to incur and what your expected results will be
  in terms of new customers, sales and profits)
• Pro-forma monthly income statement
• Contribution margin analysis
• After accomplishment of financial projections,
  you will set goals for which you company should
  aim at.

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