YourMarketing Plan

On Target Group Coaching

Marketing Marketing is a key component of your

business plan and achieving the results you are aiming for

A Market Analysis shows your understanding of the market, your customers and your competitors.

A Marketing Plan to present the strategies to develop the leads for achieving the sales forecasts you are projecting.

Steps to a marketing plan Define your market Analyze your market and industry Identify your marketing and sales

strategies Describe your advertising and

promotional activities Your marketing plan is a key component

of your business plan

Market Research – Why do it? Obtain data about your geographic

market Obtain data about your customers and

potential customers Obtain data about your competitors Ensure you are on the right track with

your marketing efforts

How to do Market Research Primary – Do your own research

Identify competitors via Yellow Pages or online Conduct surveys Do focus group interviews

Secondary – Use other people’s research Published Information: Industry profiles, trade

journals, newspapers, magazines, census data etc. Sources: Trade Associations, Vendors, Chamber of

Commerce

Document your research Show statistics,

numbers, and sources.

Your marketing plan will become the basis, for your sales projection.

Market Analysis - Economics Facts about your industry Total size of your market and Percentage share you have Current demand in target market Growth history Trends in target market — growth trends, trends in consumer

preferences, and trends in product development Growth potential and opportunity for a business of your size Barriers to entry for new competitors Other factors that can affect your business

Change in technology Government regulations Changing economy Change in your industry

Products and Services Features - Tangible

What does your product/service do? What is special about it?

Benefits - Emotional What does it do for your customer

After sale services Warranty, service contract, support, follow-up

What is your Unique Core Differentiator??? What is really different about you and what does that mean

for your customer Try to think of things that your competitors can’t or don’t say

Who are your Customers? Identify your customers

Characteristics Geographic Location

More than one customer group? Are there intermediaries? Identify most important groups Construct demographic profiles for each

Demographic Profile - Consumers

Age Gender Location Income level Social

class/occupation Education Other

Demographic Profile – Business Customers Industry (or niche) Location Size of firm Quality/technology/price preferences Other

Competitors Who are your competitors?

Products/services Companies

List your major competitors Do they compete in all areas of your

business or just for specific customers or services?

What are key competitive factors? Analyze your strengths and weaknesses

What is your niche?

Your unique corner of the market

Marketing Strategy Promotion

How do you get the word out?

Advertising Media Frequency Effectiveness

Other Marketing Methods Networking Home Shows Website/Online/Social Media

Customer Communication Plan

Marketing and Advertising Budget

Pricing Strategy

Distribution Channels How do you sell your products or services?

Retail Direct (mail order, internet) Wholesale Your own sales force Agents Independent reps

Has your marketing strategy proven effective? Do you need to make any changes or additions

to current strategies?

Location Here in the Marketing Plan section, analyze your

location as it affects your customers. If customers come to your place of business: Is it convenient? Parking? Interior spaces? Not out

of the way? Is it consistent with your image? Is it what customers want and expect? Where is the competition located? Is it better for

you to be near them (like car dealers or fast-food restaurants) or distant (like convenience food stores)?

Sales Forecast Provide a month by month sales

forecast for the next year based on Historical Sales Market Research Seasonal Flow Growth Assumptions

Consider providing two forecasts Best case Worst case

Implementation Steps1. Define Target Market(s)2. Identify Your Niches3. Describe the features of your services

(tangible)4. Describe the benefits your clients receive

from your services (emotional)5. Define your Unique Core Differentiators6. **These exercises help you to craft an

effective message to your target market!!