A marketing proposal is a crucial tool for any new business, Here is an outline and a basic understanding of what you need to include in it.
Rahul Thadani
An outline of a marketing proposal carries with it great responsibility, since it sketches out a detailed description of how a start-up business is going to carry out its marketing activities.
The life and blood of the business and its future success depends entirely on the way the marketing is carried out, and an outline of these tasks is necessary to ensure that all the members of the business are and stay on the same page.
A sample outline also needs to be submitted to potential investors in order to convince them about how the business is going to function. Though the presentation of such a proposal differs from business to business, and even from company to company, the basic theme stays the same.
The purpose is to establish market trends, define the target market, state the tools that will be necessary, and shed light on the marketing strategies that will be adopted. There is a standard format that must be adhered to, no matter what the nature of the business may be.
This ensures that there is a level of professionalism about the whole thing, and it also structures out the various activities in a satisfactory manner. Here are the sections that should mandatorily be included in the writing.
Executive Summary
The first step is to create an executive summary about the whole concept. This summary highlights the goals, mission, and the vision of the business, and the nature of the marketing strategy that needs to be adopted. You must also include details about the budget, and on what basis the success of the business will be measured.
Situational Analysis
This is a complete analysis of the present market condition, and it provides an overview of the business. You need to explain properly what your product or service is going to be, and how it caters to the needs of the consumer.
You need to give a recent history of the market into which you are entering, and also showcase an understanding and detailed market research about how you are going to generate demand for what you are selling. It is also necessary to include the cost and process of the manufacturer of the product, or the cost of providing the service.
An analysis of competitors is also essential. What this section does is, it basically highlights the entire business plan in a slightly compressed manner, and this paves the way for understanding why the business has a good chance to succeed.
Target Market
Marketing is all about targeting the right segment in the right market. Details of these segments must also be mentioned in a proposal. After all, a business will be useless if there is not enough demand for the product or the service that is on offer.
You need to state why the consumer needs what you are offering, and what kind of strategy you will be utilizing to service various sub-segments in your market.
Goals Targeted
Next, you need to highlight what the marketing plans will be aiming to achieve. Some target increasing sales, whereas others target improving the company's profile and generate goodwill. You need to talk about some realistic goals that can be measured substantially.
Marketing Mix
In this part, you need to delve into the marketing mix of the product/service. The 4 P's of Price, Place, Promotion, and Product, come into play here. Give details on which mediums you are going to use, and in what proportions.
Talk about the distribution channel and how accessible your product is going to be. Various promotional activities come into play here, but the most important thing here is the pricing. It should be able to compete with the pricing offered by your competitors.
Budget
Now, give details about the budget at your disposal, and also talk about how the allocation of this budget is going to take place. It is important to stick to a plan about how much money will go into gathering resources, acquiring manpower, spending on promotional activities, and other related tasks.
Any activity that causes the business to deviate from this budget needs to be assessed and dealt with. This is the most crucial part of a business proposal, because it shows the ambition of the business.
Evaluation
Lastly, you must talk about how the results are going to be measured. Chalk out the annual aims of business and pit out the actual results against this. The success of a business will depend on how proactive it is, and how it reacts when results start going awry. With the use of proper tools and tips, corrective actions can and need to be adopted.
These basic instructions should give you a fair idea while writing a marketing proposal letter. Include as many details and figures as possible, and the purpose of your proposal will be achieved.