More Related Content Similar to Marketing Plans Made Easy (20) Marketing Plans Made Easy1. MARKETING PLANS MADE EASY
A roadmap to boosting your business
Women of Whistler
Dazzle and Deliver 2008 Workshop
May 8, 2008
Prepared by: Betsy Linnell
2. MARKETING PLAN BASICS
Marketing plans help you to define and understand your market, product or service,
customers and competition. A marketing plan outlines the implementation of your
marketing strategy and becomes your road map to achieving your business goals.
Closely related to a business plan, a marketing plan can either stand-alone or be a
significant component of a business plan.
Business Plan vs. Marketing Plan
Business Plan Marketing Plan
Mission / Vision / Core Values √ *
Business Overview √ √
Products and Services Overview √ √
Marketing Plan √ √
Sales Plan √ *
Financial Plan / Budget √ √
Operations Plan √
Human Resource Plan √
Why do a Marketing Plan?
• Fundamental to your business – generate revenue
• ROI
Marketing Plan Outline
1. Situation Analysis
a. Market Analysis
b. Products and Services
c. Competition
d. Target Market
e. SWOT
2. Goals
3. Objectives
4. Key Marketing Strategies
5. Tactics to be used
6. Budget
7. Executive Summary (written last but placed at the start of the document)
Copyright © 2008, Betsy Linnell Marketing Management
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3. STEP 1: ASSEMBLE YOUR RESOURCES
• Industry information
• Market trends and information
• Economic forecasts
• Financials
• Competitive research
• Market research
• Customer research
• Samples and results of previous marketing initiatives
• Past marketing plans
Sources:
• Whistler Chamber of Commerce
• Tourism Whistler
• Province of British Columbia
• Government of Canada
• Local library
• Internet
• Industry associations
• Your customers
NOTES:
Copyright © 2008, Betsy Linnell Marketing Management
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4. STEP 2: DIVING IN - SITUATION ANALYSIS
Take all the information you have gathered, combine with your knowledge and that of your
key staff members and put it to use.
A. Industry Analysis
What is going on in your market and how is it affecting your business now and in
the future.
• Industry trends
• Economic trends
• Size of market
• Factors for success
B. Products and Services
Full review and description of your products and services
• Product lists, descriptions, prices (can include strengths / weaknesses for
each)
• New products planned
• Product comparisons – including the competition
C. Competition
Full review and analysis of EACH of your key competitors
• Products / services
• Pricing
• Key strategies
• Marketing activities
• Market
D. Target Market
Describe who your target customer is. Segment if possible into smaller groupings
that make sense for your business (geographic, demographic, industry,).
• Factual information
• Current perceptions about your product or industry
• Insights and motivations
Note: Segmentation comes in handy later on in the plan. The better you
understand your target market, the more likely you are to communicate to them in a
way that they will understand and act on.
Copyright © 2008, Betsy Linnell Marketing Management
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5. E. SWOT
The compilation of all the key information and insights you have gathered in a
usable format that a helps define marketing strategy
STRENGTHS WEAKNESSES
Internal to your business Internal to your business
Within your control Within your control
OPPORTUNITIES THREATS
External to your business External to your business
Outside of your control Outside of your control
Now what?
• How are you going to maintain and take advantage of your strengths?
• How are you going to minimize the risk associated with your weaknesses
and strengthen them?
• What opportunities should you take advantage of?
• What threats do you need to be aware of and prepared for?
1. Develop an actionable list of strategies to address the issues
2. Prioritize the list (very important!)
Prioritization Matrix
Big Opportunity Big Opportunity
Big Resources Small Resources
Small Opportunity Small Opportunity
Big Resources Small Resources
Copyright © 2008, Betsy Linnell Marketing Management
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6. STEP 3: THE MEAT – GOALS, OBJECTIVES AND STRATEGIES
Definitions (source: http://www.merriam-webster.com):
Goal: The end toward which effort is directed
Objective: A strategic position to be attained
Strategy: A careful plan or method
GOALS
Statement that is unique to your business or brand that describes your desired result. Can
be qualitative and / or anecdotal.
Examples:
• Increase brand awareness
• Improve communication
• Build word of mouth
OBJECTIVES
Quantifiable results that your plan will lead you to achieve
R – Realistic
U – Understandable
M – Measurable
B – Beyond normal
A – Achievable
T – Time bound
Examples:
• Increase sales by 15% by December 31, 2008
• Increase market share by 20% by December 31, 2008
• Increase profitability by 5% by December 31, 2008
• Increase revenue from product or store XYZ by 10% by December 31, 2008
KEY MARKETING STRATEGIES
Broad direction to achieve the objectives stated above. Organize by market. Can address
areas such as product, price, place, and promotion.
Examples:
• Expand into new market
• Increase marketing efforts to key market segments
• Reduce costs
• Implement new pricing
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Copyright © 2008, Betsy Linnell Marketing Management
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7. STEP 4: THE DETAIL – TACTICS AND BUDGET
TACTICS
Actions to achieve the strategies listed.
• Include all planned initiatives that will address your strategies
• Be specific – the more detail you can provide now, the easier it will be to implement
• Organize by strategy, market segment, product, date or type of initiative
• Use a visual chart or table
Includes:
• Initiative
• Media / distribution channel
• Budget
• Timing
BUDGET
Detail of how the “marketing” portion of your budget will be spent. Categorize expenses in
such a way that you can easily evaluate later.
Sample:
Advertising
Print
Radio
TV
Agency Fees
Collateral
Direct Marketing
Mail – Printing
Mail – Postage
E-Mail Distribution Fees
Internet
Web hosting
Website development and updates
Search engine optimization
Online advertising
Promotions
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Copyright © 2008, Betsy Linnell Marketing Management
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8. FINAL THOUGHTS
• Jump in – Don’t let the planning process overwhelm you
• Do a few things really well
• Keep an eye on your budget
• Track your results
• Listen to your customers and staff
• Marketing is a discipline much like accounting – what is your time worth and how is
it best spend?
For more resources, please visit my website: www.betsylinnellmarketing.com
Thank you!
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Copyright © 2008, Betsy Linnell Marketing Management
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