The Ten Key Components of a Marketing Plan

If you're thinking about developing a marketing program, you need to begin with a marketing plan.

Regardless of the scope of your marketing plan, you must keep in mind that it is a fluid document.

Every business needs to begin with a well structured plan that is based in thorough research, competitive positioning and attainable outcomes.

Your plan should be the basis for your activities over the coming months. However, you should always be willing to enhance or redirect your plan based on what proves successful.

Below you can find the 10 key components:

1. Market Research

Collect, organize, and write down data about the market that is currently buying the product(s) or service(s) you will sell. Some areas to consider:

  • Market dynamics, patterns including seasonality.
  • Customers - demographics, market segment, target markets, needs, buying decisions.
  • Product - what's out there now, what's the competition offering.
  • Current sales in the industry.
  • Benchmarks in the industry.
  • Suppliers - vendors that you will need to rely on.

marketing plan

2. Target Market

Find niche or target markets for your product and describe them.

3. Product

Describe your product. How does your product relate to the market? What does your market need, what do they currently use, what do they need above and beyond current use?

4. Competition

Describe your competition. Develop your "unique selling proposition." What makes you stand apart from your competition? What is your competition doing about branding?

5. Mission Statement

Write a few sentences that state:

  • Key market - who you're selling to.
  • Contribution - what you're selling.
  • Distinction - your unique selling proposition.

6. Market Strategies

Write down the marketing and promotion strategies that you want to use or at least consider using.

Strategies to consider:

  • Networking - go where your market is.
  • Direct marketing - sales letters, brochures, flyers.
  • Advertising - print media, directories.
  • Training programs - to increase awareness.
  • Write articles, give advice, become known as an expert.
  • Direct/personal Selling
  • Publicity/press Releases
  • Web Site

7. Pricing, Positioning and Branding

From the information you've collected, establish strategies for determining the price of your product, where your product will be positioned in the market and how you will achieve brand awareness.

8. Budget

Budget your dollars. What strategies can you afford?

What can you do in house, what do you need to outsource.

9. Marketing Goals

Establish quantifiable marketing goals. This means goals that you can turn into numbers.

For instance, your goals might be to gain at least 30 new clients or to sell 10 products per week, or to increase your income by 30% this year. Your goals might include sales, profits, or customer's satisfaction.

10. Monitor Your Results

  • Test and analyze. Identify the strategies that are working.
  • Survey Customers
  • Track sales, leads, visitors to your web site, percent of sales to impressions.

By researching your markets, your competition, and determining your unique positioning, you are in a much better position to promote and sell your product or service.

By establishing goals for your marketing campaign, you can better understand whether or not your efforts are generating results through ongoing review and evaluation of results.

Be sure to use your plan as a living document.

Successful marketers continually review the status of their campaigns against their set objectives.

This ensures ongoing improvements to your marketing initiatives and helps with future planning.

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