Competitors can slash their prices to meet or beat yours, so be very careful if you decide to compete on cost.
This section describes how you intend to get your product to customers and how you’ll measure the effectiveness of those methods.
After you document the marketing plan activities, calculate the costs that you expect to incur.
For example, if referrals are part of the strategy, then calculate how much you’re willing to pay a referral partner for each new customer they bring your way. Let’s say, for example, you expect a referral partner to refer 100 clients to you, and each of those referred clients spends $10, giving you a total of $1,000.
You’re going to need customers to buy your product. There are many free or low-cost strategies such as referrals, word-of-mouth, public relations, and marketing partners to help cross-promote or sell your product, so I would avoid any expensive print, TV or radio advertising campaigns at these early stages. Before you start actually executing on your marketing strategy, however, think about “branding.” This is the look and feel of your business, what customers experience when interacting with it, from the fonts, colors and text of the website and your business cards to the overall image you portray in the product itself.
This branding will be reflected in the execution of your marketing strategy.You’ll need to know this number, especially when you draft your financial plan. You need to make sure that you keep existing customers happy.Your marketing plan should be the reference document you use as a basis to execute your marketing strategy.It sets out clear objectives and explains how you will achieve them.Ultimately, you’ll want to sell your product or service in as many ways that make sense for your company: online, at a retail outlet, via house parties or mail order, or through other companies.Initially, however, focus on selling through just one of these channels so you can build your business before comfortably extending to others.Describe how you want customers to experience your product or service.Take a look at products or companies that you really like, and think about why you like them. Do these characteristics permeate all aspects of the product, from website to packaging to letterhead?The actual implementation of your sales and marketing initiatives actually occurs before you launch, when you’ve set your go-to-market date so strategize the components of your sales and marketing plan early on.This section should contain the following elements and should be no more than four pages.