Updating Your Business Plan for 2023 Part 5 - Marketing Plan

Updating Your Business Plan for 2023 Part 1 - Getting Started

Updating Your Business Plan for 2023 Part 2 - Executive Summary

Updating Your Business Plan for 2023 Part 3 - Company Description

Updating Your Business Plan for 2023 Part 4 - Products and Services

The Marketing Plan section of your Business Plan provides details about the industry, your competition, your target niche’ market and how you will market to your niche’.

Include the following sections:

• Market Research – Include both primary (data you gather yourself) and secondary (information from sources such as trade journals, periodicals, census and demographic data, etc.) market research.
  • Market Analysis – Describes the overview of your business industry, target market and competition. Be sure to support your claims with data and evidence.
  • Marketing Strategy – Building upon the Market Analysis, this section outlines the strategic and tactical measures to be implemented as your marketing plan. Include details such as pricing, promotion and how you will go about selling your products and services.
  • This sub-section should explain the following:
    • The total size of your industry
    • Trends in the industry – is it growing or shrinking?
    • The total size of your target market and your current share of the market
    • Trends in the target market – is it growing or shrinking? How are customer needs or preferences changing?
    • The growth potential of your business. What market share is realistic for you to obtain in the future?
• Barriers to entry – What are the barriers to entry that discourage new competitors from entering your industry? Are these barriers enough to prevent others from entering your industry? Examples of barriers include:
  • High startup costs
  • High production costs
  • High marketing costs
  • Brand recognition challenges
  • Need for qualified employees
  • Need for specialized technology or patents
  • Tariffs and quotas
  • Unionization in the industry
• Threats and Opportunities – Being aware of the threats your business faces, as well as potential opportunities is very important. Conduct a SWOT analysis to identify your company weaknesses, threats, strengths and opportunities. Threats and opportunities could occur when changes occur:
  • Changes in government regulations
  • Changes in technology
  • Changes in the economy
  • Changes in your industry
• Products / Services Features and Benefits – Describe all products and services from your customer’s point of view. For each product and service:
  • Describe the most important features. What is special about it?
  • Describe the most important benefits. What does it do for the customer?
  • Also include all after sale services your company provides:
    • Product delivery
    • Warranty/guarantee
    • Service contracts
    • Ongoing support
    • Training
    • Refund policy
• Target Niche’ Customer – Describe each of your target niche’ customers or customer groups. Explain your target customer groups, and create a demographic profile for each group that includes:
  • Consumer Target Niche’
    • Age
    • Gender
    • Location
    • Income
    • Occupation
    • Education level
  • o Business Target Niche’
    • Industry
    • Location
    • Size
    • Stage in business (startup, growing, mature)
    • Annual sales
• Key Competitors – Demonstrate how you differentiate your business from your competitors. Be realistic about all competitors and include the following sub-sections:
  • Direct Competitors – companies that compete with your company:
    • Company name & location
    • Competing products and/or services
    • Form of competition
      • Across the board
      • Just specific products
      • Overlap geographically
  • o Indirect Competitors – Competitors who may not offer exactly what you offer, but provide products or services that are a different choice.
  • o Analysis of Competition – How does your company compare with the competition in regards to specific factors such as:
    • Price
    • Quality
    • Service
    • Selection choice
• How You Plan to Market Your Products and Services – Describe your marketing and advertising tactics your business will use, such as:
  • Online
  • Print
  • Radio
  • Cable television
  • Out-of-home
• Also include details such as:
  • Why you chose the medium
  • How often you will advertise/market in each medium
  • How will you measure your success?

• Other marketing strategies and tactics may include:
  • 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
    • Marketing Promotional Budget – Describe how much you are currently spending on marketing and advertising. Include your marketing and promotional budgets for the operating budget moving forward.

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