Writing a marketing plan requires clear and accessible language, addressing short and long-term goals, competition and pain points, and detailed action steps with sub-steps. It should be written for both investors and employees.
Writing a marketing plan can be a difficult undertaking, especially if it is going to be read by investors who can determine whether a business will thrive or fail. The responsible person should write in simple terms, so even a potential investor who is not an expert in the industry will understand what is being marketed. To demonstrate that the business is focused on both the present and the future, writers should bring up both short-term and long-term goals. While it may be difficult for a company to admit that it has competition or pain points, these should also be addressed. To make it easier for the business to follow such a plan, each action step in it should highlight exactly what is being done to achieve the goal.
Both investors and those within a company read marketing plans. This means that products should be written in accessible language, so everyone understands what is being discussed without feeling like the language is so simple as to be patronizing. Even if only those within the company are reading the marketing plan, employees outside of product development may not understand the terminology. For example, writing “short-range infrared signal device” might be inappropriate, but writing “TV remote controller” would be more clearly understood by all.
When someone is writing a marketing plan, they should highlight both short-term and long-term goals, to show investors that the company is focused on both the present and the future. For example, if no short-term goals are discussed, this indicates to investors that they will only make money after waiting many years for the investment to mature; if there are no long-term goals, then it seems that the company is interested in earning money immediately, without thinking about the future of the company. Both short-term and long-term earning strategies need to be discussed.
Some business owners will find it difficult to admit that there is strong competition or weakness with a product or marketing strategy, but these aspects need to be mentioned in your marketing plan. Writing down this data allows the company to realistically move forward with the plan, knowing what problems to expect. This also tells investors what they can realistically expect, which will keep them from feeling cheated if a problem arises and they haven’t been informed.
In the marketing plan, the company will detail the steps to complete the marketing, but each step should be filled with sub-steps that show the entire process. For example, writing that a TV commercial will be used for marketing would be inappropriate. The writer should highlight all stages of making the commercial, such as hiring staff, crafting a script, shooting and editing the film, and talking to TV executives about landing a prime advertising spot.
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