How do I formulate an effective marketing plan?

Marketing & Advertising mentor Lisa H. Buksbaum responds:
An effective marketing plan consists of a strong and distinctive brand identity (what is the product or service, its reason for being, core benefits) and a well-crafted plan of how to reach its intended audiences.

The plan should start with an Executive Summary, followed by the Launch Objectives. A Market Analysis is useful to demonstrate the need for the product or service and show what is currently available.

Revenue Projections are usually pulled from the sky (don't let anyone tell you that they are scientific, because they aren't) but a needed part of the plan. My recommendation is to be conservative in your projections to add credibility. Besides, it is always better to beat the projections, rather than have to explain why you didn't meet the numbers. The plan should include a specific explanation of the Marketing Communications Tools (ie., advertising, public relations, direct mail, Internet initiatives) to show how the launch will evolve.

A section on Strategic Partners is useful if you'll be creating strategic alliances. Launch Time Tables and Budgets are invaluable to give the plan a context and to transform the plan into a reality. Again, with your budgets, err on the conservative side and get written estimates from vendors of all of the marketing inputs prior to finalizing your budget.

The difference between mediocre plans and great plans are built on three things:
You need to start with a breakthrough concept;
have a well-thought out plan of action;
and then the necessary people and resources in place to execute the plan.

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Related resources on inc.com:
How do I create my first marketing plan?
Give Your Marketing Plan a Sure Shot at Success
Write a Dazzling Marketing Analysis
Reviewing Your Marketing Efforts

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