Marketing Plan Template: designed for entrepreneurs

Niche

Describe the specific "market niche" in which you plan to compete.  Identify the gap in the niche (or demand that is not being adequately filled) and include a definition of your positioning and unique selling point.

Barriers to Entry

How difficult will it be to break in to the niche?  Describe the barriers your business will have to overcome.

Target Market

Create a detailed description of the target market.  Include information on the following items and any other that apply:

• Geographic: location and concentration of your customers

• Demographic: age, sex, marital status, children, education, income, occupation etc.

• Psychographic: lifestyles, values and purchase decision variables (i.e. price, quality, location, image, distribution).

Competition in Niche

Locate and identify the direct and indirect (substitute) competitors in the niche which you will target.  Be specific to your niche; for example, if your company provides consulting services to small businesses then your direct competitors and most likely NOT big consulting firms.  Although big consulting firms compete in the same industry as your company they most likely do not compete directly with your company if your are providing services to small businesses who would not be able to afford the services of bigger firms.  

• Perceptual map (quality/price):  include a visual representation of your niche market and pinpoint where you business will be located relative to your competition.

Marketing Strategy

• Price: your pricing strategy should be market driven.
  
  Tip: Avoid the "lowest price on the block strategy".  Most small businesses can not compete on price because they do not have the same economies of scale as larger companies.  Many successful small businesses are highly differentiated and charge a higher price for their unique service.

• Promotion: identify "where" the market is and how you will communicate with them.  Depending on your strategy promotion tactics include advertising, personal selling, sales promotion, publicity, word of mouth etc.
  
  Promotion tips for small business:
  
  - Network with others and push the "word of mouth" phenomena
  - Be proactive: personal selling can provide a strong edge (people buy from sales people)
  - Use your business card as a mini brochure, give it to everyone you know and ask for referrals
  - Become a resource for your prospects and send articles and success stories related to your business
  - Establish partnerships with other companies to share client lists
  - Handle complaints and problems well; it will improve customer loyalty
  - Use loyalty programs to encourage repeat purchases (it costs 5 times more to get a new customer than to get repeat business from a current customer)
  - 2 for 1 deals are more powerful than 50% off deals
  - Follow up on every sale and encourage customer feedback

• Product/Service: clearly define the features and benefits the product or service you will offer to customers

• Place/Distribution: describe how you will get your product/service to the customer (i.e. through channel, direct).  If your business is a retail operation describe the layout, design and atmosphere.

Note: Marketing planning software can make the task of completing a template like this one much easier. For more info on marketing planning software tools click here.