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15 Keys to a Successful Marketing Plan

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The elements of the marketing plan build the course of action for a company.

To help you succeed, we have put together the key components of a successful Marketing Plan.

Published in: Business
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15 Keys to a Successful Marketing Plan

  1. 1. 15 Keys to a Successful Marketing Plan
  2. 2. A marketing strategy shows how you will reach customers and encourage their future loyalty. It focuses on the best opportunities for increasing sales and rising above the competition by focusing on the company’s strengths.
  3. 3. Your marketing plan should be straightforward and provide a clear direction for your marketing efforts. It should outline the following: • The products and services you offer • Your pricing, channel and promotions strategy • Financial projections
  4. 4. Theelements ofthe marketing plan build the course of action for a company. To help yousucceed,we have put togetherthe key components of a successful Marketing Plan.
  5. 5. Want to quickly create your marketing plan? Get the ultimate Marketing Plan Template here! Want to quickly create your marketing plan? Get the Ultimate Marketing Plan Template here!
  6. 6. Executive Summary Your executive summary should sum up your entire marketing plan and includes and overview of the following: • Target customers • Value proposition • Distribution strategy • Promotional methods • Customer conversion strategy • Online marketing strategy • Key financial projections
  7. 7. Target Market Provide a detailed summary of who your target customers are and their needs and wants. Without this understanding, your marketing ROI (return on investment) will suffer. Also note the 80/20 rule-20% of your customers will generate 80% of your revenue.
  8. 8. Unique Selling Proposition A strong Unique Selling Proposition (USP) is one of the most important elements of your marketing plan. It will lower your lead cost and increase your conversion rates. Your USP separates your product or service from your competitors and makes it a “unique, must have” item.
  9. 9. Pricing and Positioning Strategy Your pricing strategy should reflect your branding strategy- How would you like customers to think about your business? These questions will help determine your pricing strategy: • What prices do/will you charge for each of your products and/or services? • How do/will these prices compare to your key competitors?
  10. 10. . Distribution Strategy Your distribution plan details how customers will buy from you. You need to determine both your direct distribution methods (retail location, company website, direct mail, catalog) and your indirect methods (distributors and other retailers & partners).
  11. 11. Offers Craft powerful offers that you promote to customers in order to make your product and/or service offerings more irresistible to them. Good offers will drive more new customers to you, and also drive past customers back to you.
  12. 12. Marketing Materials Every business needs professional marketing materials, including: • Logo • Business Cards • Stationary • Brochures/Flyers • Website/Blog • Newsletter • Catalog • Print Advertisements • Promotional products/giveaways • Signs • Article Reprints • Case Studies • Customer Testimonials • Employee shirts/uniforms
  13. 13. Promotions Strategy Your promotions strategy details how customers will learn about your company and its products and/or services. Consider how your target market acts and/or prefers to receive information. Your goal is to find the promotional strategies that will reach the largest number of target customers at the lowest cost.
  14. 14. Online Marketing Strategy This section of your marketing plan details your online marketing strategy, mainly the ways you will promote your company online. There are four key components to your online marketing strategy: • Keyword strategy • Search engine optimization strategy • Paid online advertising strategy • Social media strategy
  15. 15. Conversion Strategy This strategy will help you increase your conversion rates, or the percentage of prospective customer who you interact with who end up buying from you. Note that increasing your conversion rates can dramatically increase your profits, as your big marketing costs are typically used to get customers in the door.
  16. 16. Joint Ventures and Partnerships Joint ventures and partnerships can be used to both: • Obtain new prospective customers • Increase the revenues you generate from existing customers.
  17. 17. Referral Strategy A referral strategy uses leverage to inexpensively gain new customers. The referral strategy leverages your customers. While referral systems are a great way to inexpensively use your existing contacts to gain new clients, optimizing your referral system is key.
  18. 18. Strategy for Increasing Transaction Prices While your primary goal is typically to close the sale, your secondary goal is to maximize the price of the sale, or the transaction price. You can maximize your transaction price by: • Raising prices • Offering packages • Upselling and cross-selling • Selling continuity programs • Increasing the order size
  19. 19. . Retention Strategy Your retention strategy focuses on maximizing the lifetime value of these customers. The goal is getting customers to buy from you again and again and again.
  20. 20. Cost of developing marketing materials Cost of promotions strategy Lead and revenue results Profit results Annual projections Financial Plan Based on the marketing strategy outlined in your plan, provide the financial results:
  21. 21. BusinessPlanTemplate.com helps entrepreneurs, business owners and executives create plans to grow their organizations. To learn more about our marketing plan template, Click Here

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