Developing A SuccessfulDeveloping A SuccessfulMarketing PlanMarketing Plan

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A successful marketing plan integrates A successful marketing plan integrates all marketing activities with all other all marketing activities with all other company departments to surround the company departments to surround the consumer without them ever knowing consumer without them ever knowing they are being inundated with your they are being inundated with your message.message.

A successful plan is a MarCom PlanA successful plan is a MarCom Plan

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MarCom is an Integrated Marketing and MarCom is an Integrated Marketing and Communications Plan.Communications Plan.

MarCom elements serve as the foundation of a MarCom elements serve as the foundation of a company’s business plan.company’s business plan.

MarCom ensures that all company departments MarCom ensures that all company departments and personnel communicate the same message to and personnel communicate the same message to the same targeted audience.the same targeted audience.

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What Is MarCom?What Is MarCom?

Goals of MarComGoals of MarCom

1.1. Define MarketDefine Market2.2. Create A Clear & Concise MessageCreate A Clear & Concise Message3.3. Ensure the Message is Consistent & AccurateEnsure the Message is Consistent & Accurate4.4. Position/Brand the Company/ProductPosition/Brand the Company/Product5.5. Track Responses Track Responses 6.6. ForecastForecast

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How To BeginHow To Begin

In creating a product, you must first ask In creating a product, you must first ask ““What can be sold?”What can be sold?”

If production / engineering / development state If production / engineering / development state “I can do this – it’s really neat!”. “I can do this – it’s really neat!”.

The marketer must ask “Is there a market and The marketer must ask “Is there a market and can it be sold?” If not, as interesting as the can it be sold?” If not, as interesting as the product would be, it’s a waste of company product would be, it’s a waste of company resources.resources.

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Developing A Full Developing A Full MarCom PlanMarCom Plan

1.1. Define your goals:Define your goals: What do you want your end result to be? What do you want your end result to be? (This should be more than just “King of the World”)(This should be more than just “King of the World”)

2.2. Define your market:Define your market: To whom can you sell to achieve your To whom can you sell to achieve your end goals? (Research, Research, Research)end goals? (Research, Research, Research)

3.3. Define your strategy:Define your strategy: How will you sell your product? (Do How will you sell your product? (Do you want to be known for quality – selling at a higher price – or as a you want to be known for quality – selling at a higher price – or as a mass marketer – selling at a lower price?)mass marketer – selling at a lower price?)

4.4. Define your tactics:Define your tactics: What are the specifics in selling your What are the specifics in selling your product? (What avenues / channels will you take to sell your product?)product? (What avenues / channels will you take to sell your product?)

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Define Your GoalsDefine Your Goals

What is it you want out of your work?What is it you want out of your work?

Sample:Sample:““I want my software to be known as the best I want my software to be known as the best CAD product for landscapers in the industry – CAD product for landscapers in the industry – complete, easy to use and affordable for complete, easy to use and affordable for independents as well as firms.”independents as well as firms.”

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Define Your MarketDefine Your Market

Situation AnalysisSituation Analysis

1.1. Market Analysis: Determine market size, Market Analysis: Determine market size, market segmentation, and market growth.market segmentation, and market growth.

2. 2. SWOT: Conducted on the company and SWOT: Conducted on the company and product. (Strength, Weakness, Opportunity, product. (Strength, Weakness, Opportunity, and Threat)and Threat)

3. 3. Competitor Analysis: Conducted on all Competitor Analysis: Conducted on all competitors and competitive products.competitors and competitive products.

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Market AnalysisMarket Analysis

Market Size: What is the best case potential?Market Size: What is the best case potential?– SurveysSurveys– Magazine ReadershipMagazine Readership– Census Bureau – age, education, business, income, spending, geographyCensus Bureau – age, education, business, income, spending, geography– List Houses, SchoolsList Houses, Schools– Competitor Web SitesCompetitor Web Sites

Market Segmentation: What is your niche?Market Segmentation: What is your niche?– Parse Market Size numbers into targeted populations for your niche Parse Market Size numbers into targeted populations for your niche

market. Where is the best chance of a sale?market. Where is the best chance of a sale?– Behavior AnalysisBehavior Analysis

Market Growth: What will the future hold?Market Growth: What will the future hold?– What are the projections in the field you are selling to?What are the projections in the field you are selling to?

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SWOTSWOT

Strength:Strength: What are your and your product’s attributes?What are your and your product’s attributes?What can you or your product do better than others?What can you or your product do better than others?

Weakness:Weakness: Where are your and your product’s short comingsWhere are your and your product’s short comings

Opportunity:Opportunity: What are the market trends? What are the market trends? Where can you surpass your competition?Where can you surpass your competition?

Threat:Threat: What is it the competitors can do better than you? What is it the competitors can do better than you?

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SWOTSWOT

Analysis must include the company’s Analysis must include the company’s history (where it was, where it is and how history (where it was, where it is and how did it get there).did it get there).

Company growth Company growth Product offeringsProduct offerings Sales VolumeSales Volume Markets ServedMarkets Served

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Competitor AnalysisCompetitor Analysis Who are the competitors?Who are the competitors? What niche markets do they serve?What niche markets do they serve? Where do they sell?Where do they sell? How do they price their products?How do they price their products? What is their financial status?What is their financial status?

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Define Your StrategyDefine Your Strategy

Who is your market?Who is your market? Why did you choose this market?Why did you choose this market? What behavior of your market can you target?What behavior of your market can you target? Decide:Decide:

– How will you compare to competitors?How will you compare to competitors?– What is the pricing structure?What is the pricing structure?– What is your positioning? What is your positioning? – What are your benefits / value?What are your benefits / value?

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Define Your TacticsDefine Your Tactics

Define your productDefine your product Define your priceDefine your price Define your channels of distributionDefine your channels of distribution Define your MarCom PlanDefine your MarCom Plan

AdvertisingAdvertising Direct ResponseDirect ResponsePress ReleasesPress Releases PromotionsPromotionsPublic Relations Public Relations TelemarketingTelemarketingWeb SiteWeb Site

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What’s Next?What’s Next? Develop response measurementsDevelop response measurements

Assess resources Assess resources (personnel – monies)(personnel – monies)

Develop budgetDevelop budget

Develop time line for implementationDevelop time line for implementation

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Next StepsNext Steps For more information or to For more information or to

contact the author:contact the author:

Andy Forbesa.forbes@earlystage.com