MARKETING PLAN
Having a great product or service that adds value to customers is critical. However, how do you get the customers to enjoy the product or service? How do you expect customers to find out about the product and its value-adding benefits? That’s why marketing is so crucial to the business process.
This document will help you determine your overall marketing approach for your business idea.
Using part of the Business Plan Template from SCORE and Deluxe, here are some things to consider (and write below) about your marketing plan”
1. Positioning/Niche
Now that you’ve assessed your industry, product/service, customers and competition, you should have a clear understanding of your business’s niche (your unique segment of the market) as well as your positioning (how you want to present your company to customers). Explain these in a short paragraph.
2. How you will market your product/service
In this section, explain the marketing and advertising tactics you plan to use.
Advertising may include:
• Online
• Print
• Radio
• Cable television
• Out-of-home
Which media will you advertise in, why and how often?
Marketing may include:
• Business website
• Social media marketing
• Email marketing
• Mobile marketing
• Search engine optimization
• Content marketing
• Print marketing materials (brochures, flyers, business cards)
• Public relations
• Trade shows
• Networking
• Word-of-mouth
• Referrals
What image do you want to project for your business brand?
What design elements will you use to market your business? (This includes your logo, signage and interior design.) Explain how they’ll support your brand.
3. Promotional budget
How much do you plan to spend on the marketing and advertising outreach above:
• Before startup (These numbers will go into your startup budget)
• On an ongoing basis (These numbers will go into your operating plan budget)
Use the Marketing Expenses Strategy Chart on the next page to help figure out the cost of reaching different target markets.
Marketing Expenses Strategy Chart
Target Market 1 Target Market 2 Target Market 3
One-Time
Expenses
Monthly or Annual Expenses
Labor Costs
4. Pricing
You explained pricing briefly in the “Products & Services” section; now it’s time to go into more detail. How do you plan to set prices? Keep in mind that few small businesses can compete on price without hurting their profit margins. Instead of offering the lowest price, it’s better to go with an average price and compete on quality and service.
• Does your pricing strategy reflect your positioning?
• Compare your prices with your competitors’. Are they higher, lower or the same? Why?
• How important is price to your customers? It may not be a deciding factor.
• What will your customer service and credit policies be?
Use the Pricing Strategy Worksheet on the next page to help with your pricing.
Pricing Strategy Worksheet
Business Name
Which of the following pricing strategies will you employ? Circle one.
Cost Plus
The costs of making/obtaining your product or providing your service, plus enough to make a profit
Value Based
Based on your competitive advantage and brand (perceived value)
Other:
Provide an explanation of your pricing model selection.
Include strategy info on your major product lines/service offerings. List industry/market practices and any considerations to be discussed with your mentor.
5. Location or proposed location
If you have a location picked out, explain why you believe this is a good location for your startup.
If you haven’t chosen a location yet, explain what you’ll be looking for in a location and why, including:
• Convenient location for customers
• Adequate parking for employees and customers
• Proximity to public transportation or major roads
• Type of space (industrial, retail, etc.)
• Types of businesses nearby
Focus on the location of your building, not the physical building itself. You’ll discuss that later, in the Operations section.
6. Distribution channels
What methods of distribution will you use to sell your products and/or services? These may include:
• Retail
• Direct sales
• Ecommerce
• Wholesale
• Inside sales force
• Outside sales representatives
• OEMs
If you have any strategic partnerships or key distributor relationships that will be a factor in your success, explain them here.
If you haven’t yet finalized your distribution channels, use the Distribution Channel Assessment Worksheet on the next page to assess the pros and cons of each distribution channel you are considering.
Distribution Channel Assessment Worksheet
Distribution Channel 1
Distribution Channel 2
Distribution Channel 3
Ease of Entry
Geographic Proximity
Costs
Competitors’ Positions
Management Experience
Staffing Capabilities
Marketing Needs