A marketing plan helps you identify your target customer and the channels you will employ to reach them, persuade them to purchase your product, and deliver your value proposition.
Some of the elements of a marketing plan are:
- Market Analysis
- How large is the market?
- What are the historic or future growth rates?
- What are the market trends and how is the market changing?
- Addressable market
- Entry point
- Industry Analysis
- How is the industry organized?
- Competitive environment
- Barriers to entry
- What is your entry point and why?
- Is a real problem being solved? Compelling need
- Can you successfully compete in the industry?
- Marketing Plan
- Market research
- Target Customer strategy – profile/buying decision
- Revenue model
In summary, a marketing plan is a strategic document where you make the business opportunity case for your product or services.