If you have ever wondered what goes into a marketing plan that allows you move quickly and efficiently in the market with your idea then this episode is for you! I outline why its a must that you have a plan followed by the basic elements that need to be included. If you are an existing brand owner who's been out there a while or just starting there is some value here for you. I start off ranting about J Lo's new cosmetic line and why most celebrity branded lines fail.
SHOW NOTES:
5:35 - This is a clear need for a marketing plan
6:25 - 1. You need a documented road map
6:42 - 2. No one can help you without a documented plan
7:28 - 3. No one will ever invest in your brand without a business/marketing plan
8:18 - 4. The plan makes you accountable to the process
9:12 - What does the marketing plan look like?
9:55 - The 4 Ps to a marketing plan - product, price, placement and promotion
10:20 - The question product section should answer - What problem do you solve?
11:48 - The question price section should answer - How is your product priced against your most immediate competition?
14:22 - The question placement section should answer - Where do you ideally see your brand sold in the market place?
17:49 - The question promotion section should answer - How do you intend to drive consumer demand?
27:14 - Whatever promotional activities you are thinking about should be document and budgeted for as an expense
27:40 - At the most basic level make part of your marketing plan activity summary simple by creation two grids. one for January - June with then a list of activities and the cost of those activates. The second grid is July - December with a list of activities and the cost to execute those activities.
28:46 - You have to forecast or guess-timate your sales by month based on executing your activities.
30:54 - A quick recap of the marketing plan
32:10 - Once a draft plan is complete share it with one or two people to answer the question is my vision and path forward clear.
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