When creating a product, it is important to write a marketing plan. This helps sell the product and organize its overall presentation to the public. Here is a list of five things to do when writing a marketing plan.
Set the Objectives
This is the very beginning of the planning stage. Setting the objectives is important because it defines the market and demographic for the product. If you want your product to create profit, you need to determine how that goal is to be met. Setting up objectives in this way will ultimately provide the early foundation for a solid product run. It will help you create a list of potential buyers or investors, and it will give you a plan for meeting the goals you have made.
Research in market planning is absolutely imperative to success. Nearly all market plans without research actually end up wasting money. However, research, while sometimes costing money, yields greater rewards. Knowing who and where a product’s consumers are is key to its success. If the key demographic is adolescent males in urban areas, orienting advertising and other marketing strategies toward their needs or views will result in higher sales from that demographic, thus increasing sales and profits overall.
Outline the Strategy
Once a list of objectives has been laid out for the product, it is time to start planning what to do first. This is essential because planning the first actions can greatly affect the precision of the rest of the plan. While the first actions may not be dynamic, as they may be as simple as putting together a presentation, they are imperative to how smooth a plan runs. Plan carefully here, and attempt to develop methods that will help achieve the objectives set. If profit is the main objective, think of things that will result in maximum profits. For example, a great presentation of how “important” it is to own or invest in a particular product will likely result in a large number of customers or investors.
Weigh the Options
Once all the initial planning and outlining have been done, it is time to weigh the options. For example, going with tactic A of the strategy may yield high short-term profits, but may result in a riskier long-term effect. Tactic B may nearly guarantee good long-term results but may run the risk of taking much longer than anticipated. Weighing the options will be important in deciding which tactics are used when, if at all. This also helps in the presentation of an idea to potential investors or even customers, depending on the tactics and how they relate to the targeted audience.
Execute the Plan
Planning the execution can be crucial in how the plan is presented or carried out. For example, pitching an idea to a group of potential investors will generally run better when prepared in advance. Be ready to answer any questions someone might ask, and practice until you can execute the presentation flawlessly. This makes for much more interested investors. Failing to plan execution can result in careless actions and easily prevented accidents. There is nothing less professional than appearing unprepared.
Successful marketing is usually the result of a marketing plan. It is made to organize the strategy, using key points to give a basic idea of business direction. Knowing how to create a marketing plan and making one can mean the difference between a product that just sells and a product that profits.
Writing a Marketing Plan: 5 Key Points