MARKETING PLAN What you need to do to prepare

Multiple sections ■Executive Summary ■Target Customers ■Unique Selling Proposition ■Pricing and Positioning Strategy ■Distribution Plan ■Offers ■Marketing Materials ■Promotions Strategy ■Online Marketing Strategy ■Conversion Strategy ■Joint Ventures and Partnership ■Referral Strategy ■Strategy for Increasing Transaction Prices ■Retention Strategy ■Financial Projections

Executive Summary ■This is the first section people will see but it will be the last that you create. –Summarizes sections of marketing plan. –Gives overview of plan.

Target Customers ■Who are you targeting? –Demographic ■Age ■Gender –Psychographic ■Interests ■Beliefs –Wants and Needs in relation to the products you are offering –Helps to pinpoint advertising (for higher ROI – return on investment) –Focuses language to draw in prospective customers.

Unique Selling Proposition (USP) ■Pricing and positioning need to match up. –Example: If you want to be a premier brand, pricing too low may work against ■What position do we want to take? ■How does our pricing support this?

Distribution Plan ■How will you get your products to your customers? –Physical Location –Online Presence –Think about which distribution methods best fit your target customers.

Offers ■Special deals created to draw in new customers and secure past customers return. –Free trials –Packaging/combining products –Discounts

Marketing Materials ■What you use to promote the business to prospective and current customers. –Website –Print Brochures –Catalogs –Display cases

Promotions Strategy ■Includes details how you will reach new customers – very important – key detail to a marketing plan. ■Promotional Tactics –TV ads –Radio ads –Trade Show marketing –Press releases –Event Marketing –Online Advertising ■Not all are necessary – pick what will best reach the target customer

Online Marketing Strategy ■Sub category of Promotions Strategy ■There are four key components: –Keyword Strategy: identify what keywords you would like to optimize your website for. –Search Engine Optimization Strategy: document updates you will make to your website so it shows up more prominently for your top keywords. –Paid Online Advertising Strategy: write down the online advertising programs will you use to reach target customers. –Social Media Strategy: document how you will use social media websites to attract customers

Other strategies for full business marketing operations ■Conversion strategies –How to turn prospective customers into paying customers. ■Sales Scripts such as testimonials ■Joint venture partnerships –Agreements with other businesses to reach new customers and optimize customer base ■Referral strategy –Asking customers for referrals – how? When? –Rewards for referrals?

Other strategies for full business marketing operations ■Transaction Price Increase Strategy –Optimizing the price customers pay while still retaining their business. –Compare to other businesses. Driving profits will help accumulate more money for advertising and growing market share. –Multiple ways to increase transaction price ■Product price increase ■Lower product cost to you ■Create product bundles/packages ■Retention Strategy –Find ways to keep customers returning ■Loyalty program ■Monthly newsletter ■Financial Projections –This includes expenses (advertising, cost start up, promotion), expected results (customers, sales, profits). estimated results from retention strategy –These projections help establish goals (through profitability and retention) ■Basis of Information Courtesy of Forbes.com –