How To Create a Marketing Plan

If you have read the previous articles by Rebecca Game on " What is a business plan?" and "A business plan layout Explained", you are probably convinced that it is time to put your ideas on paper. So you're excited!  You have a vision!! How do you begin? 

A majority of the business plan is straight forward information so I won't go into details.  There are a lot of references that you may find in the library which may assist you.  The marketing plan, on the other hand, requires creativity and focused thinking. 
Here are my suggestions of how you should begin. 

The Marketing Plan - the Heart of A Business Plan

This is the soul of the business plan.  Many people interpret it as the advertising and promotional side of the business.  They are certainly part of it but there is a lot more to it.  You need to focus on three questions:

1. Where is your business?
2. Where do you want to be?
3. How are you going to get there? 

It is merely a route map of how you intend to reach your business objectives. Let's face it! Great ideas are a dime a dozen!  Being able to take the concept, translating it to a plan, and to execute it requires ingenuity.

But I Don't Need A Loan…Why should I create a plan? 

That is precisely the reason why you need one.  Mistakes can be costly.  So the most optimum way is to make the mistakes in your head.  Think your actions through.  If  you fail, you lose some time and you gain a lesson.

Ready to Start?

Write down all the questions you can think of in terms of your business.  Get together with your partners and conduct a brainstorming session.

Again, always return to your three core questions:

I) Where are you?

Put together a checklist of questions regarding the following four categories
1) products 2) customers 3) market  4)competition 

· Conduct a brain storming session with your partners and devise everything you need to know about the categories.

II) Where do you want to be?

These are "quantifiable" objectives for your business.  "I want to sell lemonade" is far from satisfactory.  How many cups of lemonade a year?  Make yourself a sales projection for at least 5 years.   What is your unit of sales? Your revenue projection?  Are you looking to increase market shares?

III) How are you going to get there?

· How will you tell your customers what products you have?
· What type of promotion will you use?
· How are you going to pay it?

Depending on your budget, you may choose to execute one or a combination of promotion to create your marketing strategy.  The more is not better.  Focus on the best strategies for your business.  Trial and error works best.  Be ready to part with what isn't effective.

Finalizing Your Plan

So here it is. You have your marketing plan.  The final checklist should include an exhaustive number of questions.  These may seem like very basic questions but they are precisely the type of questions you will face in front of  your investors.

Last Words of Advice

I save the best for the last.  The following addresses some of our human characteristics that will influence our road to being a successful entrepreneur.   You cannot find them from any commercial books because they are devised from my own experience.

I) Do It Yourself

Regardless of whether you are to visit a professional or not, it is wise to devise the business plan on your own first.  A professional can assist you in refining your ideas, translating it to financial models, and provide advice.  The original thoughts must come from you.  That means if your thoughts cannot be channeled out properly, the end results of your "pro plan" will still be mediocre.  So what can be better than running the plan through your own mind first? 

II) Read read read

Find a good book on how to create your own marketing plan.  I mean a good interesting book and not necessarily a thick one. 

Read books with success stories of entrepreneurs who inspires you.  They offer real life examples and there are unlimited ideas to stimulate your creativity and motivation.  Learn from their success. 

III) Don't try to Be Perfect

Researching the facts to come up with market analysis is great.  Do Not get hung up with perfect results.  To give you an example, let's say 20% of the market will reach your target sales goal.  Research has proven to you will easily reach that goal.  So be content with the result.  Being a perfectionist, putting in more hours, searching for the most accurate data will result to misused resources and time. 
 

FREE
If you need advice on how to putting together your business or marketing plan, you can e-mail a brief description of your business/product/service and your questions to me at willie@ferrosa.com.  I will try respond at the best possible turnaround time.