Make A Marketing Plan

Marketing takes time, money, and preparation. One of the best ways to stay on schedule and on budget is to make a marketing plan. It describes the actions you’ll take to persuade potential customers to buy your products or services.

Use these sections in your marketing plan. Most marketing plans cover these topics. As always, use what works best for your business.

Target market

Describe your audience in detail. Look at the market’s size, demographics, unique traits, and trends that relate to demand for your business.

Competitive advantage

Describe what gives your product or service an advantage over the competition. It might be a better product, a lower price, or an excellent customer experience. Sometimes, an environmentally friendly certification or “made in the USA” on your label can be an important factor for customers.

Sales plan

Describe how you’ll literally sell your service or product to your customers. List the sales methods you’ll use, like retail, wholesale, or your own online store. Explain each step your customer takes once they decide to buy.

Marketing and sales goals

Describe your marketing and sales goals for the next year. Common marketing and sales goals are to increase email subscribers, grow market share, or increase sales by a certain percent.

Marketing action plan

Describe how you’ll achieve your marketing and sales goals. List marketing channels you’ll use, like online advertising, radio ads, or billboards. Explain your pricing strategy and how you’ll use promotions. Talk about the customer support that happens after the sale. The federal government regulates advertising and labeling for a number of consumer products, so make sure your advertising is legally compliant.

Budget

Include a complete breakdown of the costs of your marketing plan. Try to be as accurate as possible. You’ll want to keep tracking your costs once you put your plan into action.

Vocabulary:

preparation – the act of getting ready for something, “Good preparation before an exam helps you get a higher score.”

on schedule – happening at the correct, planned time; not late, “The train arrived exactly on schedule.”

on budget – costing the exact amount of money that was planned, without overspending, “We finished remodeling the kitchen on budget.”

persuade – to convince someone to do or believe something, “He tried to persuade his parents to buy him a puppy.”

potential – possible; having the ability to develop into something in the future, “Every new student is a potential friend.”

demographics – data or information about a specific group of people, such as their age, gender, or income, “The toy company looks at demographics to see how many children live in the city.”

unique traits – special qualities or characteristics that belong to only one person or thing, “The stripes on a tiger are unique traits that help it hide in the grass.”

demand – the desire or need of customers to buy a particular product or service, “There is a high demand for cold ice cream on a hot summer day.”

competition – other people or businesses that are trying to win or sell the same things as you, “The new bakery faces a lot of competition from the older shops on the street.”

certification – an official document or sign that proves something is true, safe, or high quality, “The mechanic has a special certification to fix electric cars.”

factor – one of the things or reasons that causes a result or helps you make a choice, “Price is an important factor when choosing a new bicycle.”

retail – the sale of goods directly to the public or individual customers in small amounts, “The retail price of the shoes at the mall was fifty dollars.”

wholesale – the sale of goods in large quantities, usually at lower prices, to businesses who will resell them, “The grocery store buys apples wholesale from a local farm.”

market share – the percentage of total sales in an industry that is controlled by a specific company, “The popular smartphone brand owns the largest market share in the country.”

achieve – to successfully reach a goal or finish a task through hard work and effort, “She worked hard all year to achieve top grades in her classes.”

channels – the different methods, pathways, or platforms used to send messages or sell products, “Social media and television are powerful channels for advertising.”

billboards – very large signs next to roads used for advertisements, “Companies put giant advertisements on billboards next to the highway.”

promotions – activities, advertisements, or special deals used to increase the sales of a product, “The store uses holiday promotions, like buy-one-get-one-free, to attract shoppers.”

regulates – controls, manages, or sets official rules for an activity or industry, “The city government regulates how fast cars can drive near schools.”

consumer products – goods bought and used by ordinary people for themselves rather than by manufacturers or businesses, “Soap, clothing, and books are common consumer products.”

legally compliant – following and obeying all official laws and government rules perfectly, “Our business must stay legally compliant by paying taxes on time.”

breakdown – a list that separates a total amount into smaller, individual, and detailed pieces, “The teacher gave us a complete breakdown of our final grades.”

accurate – completely correct, exact, and free from errors, “Make sure your math answers are accurate before turning in your test.”

tracking – keeping a continuous record or checking the progress of something over time, “The app is great for tracking how many steps you walk each day.”

put your plan into action – (idiom) to start doing or executing a plan that you have prepared, “After weeks of thinking, it is finally time to put your plan into action.”