Writing a marketing plan can be a difficult endeavor, especially if it is going to be read by investors who can determine whether a business will thrive or go without funding. The person responsible should write in simple terms, so even a potential investor who is not an expert in the field will understand what is being marketed. To show that the business is focused on both the present and future, writers should bring up both short- and long-term goals. While it may be hard for a business to admit that it has competition or weaknesses, these also should be brought up. To make it easier for the business to follow such a plan, each action step within it should highlight exactly what is being done to address the goal.
Both investors and those within a business read marketing plans. This means products should be written about in accessible language, so everyone understands what is being discussed without feeling as if the language is so simple as to be condescending. Even if only those within the business are reading the marketing plan, employees outside product development may not understand the terminology. For example, writing “short-range infrared signal device” might be inappropriate, but writing “TV remote” would be more clearly understood by all.
When someone is writing a marketing plan, he or she should highlight both short- 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, then this tells investors they will only make money after waiting many years for the investment to mature; if there are no long-term goals, then it seems as if the company is only interested in making quick money now, without thinking of the company’s future. Both short- and long-term money-making strategies need to be discussed.
Some business owners will find it difficult to admit that there is a serious competition or weakness with a product or marketing strategy, but these aspects must be brought up in the marketing plan. Writing these down allows the company to realistically carry forward with the plan, knowing what problems to expect. This also tells investors what they can realistically expect, which will keep them from feeling swindled if a problem arises and they were not informed.
In the marketing plan, the company will detail steps to completing the marketing, but each step should be full of 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 the steps of making the commercial, such as hiring staff, making a script, shooting and editing the film, and talking with TV executives to get a prime advertising spot.
