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Marketing Plan for the Independent Inventor

Continue... What Is In A Market Plan?

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Develop A Marketing Budget

  • For your advertising and promotional plan
  • For costs allocated for advertising and promotions
  • For advertising and promotional materials
  • For a list of advertising media to be used
Operating an effective marketing plan requires money, so you will have to allocate funds from your operating budget to cover advertising, promotional and all other costs associated with marketing. Develop a marketing budget based on the cost for the media you will use, and the cost for collecting research data and monitoring shifts in the marketplace.

Describe Location (Place)

  • description of the location
  • advantages and disadvantages of location
Again, try to describe the location of your business from your customer's perspective. Describe its assets -- i.e., the convenience, whether or not public transportation is accessible, the safety aspects - street lighting, well lit parking lot or facility, decor, etc. Your location should be built around your customers, it should be accessible and should provide a sense of security.

Develop Pricing Strategy

  • pricing techniques and brief description of these techniques
  • retail costing and pricing
  • competitive position
  • pricing below competition
  • pricing above competition
  • price lining
  • multiple pricing
  • material costs
  • labor costs
  • overhead costs
Although your pricing strategy may be based on the strategy devised by others, you should study this plan and the strategies used by competitors. That way you will acquire a thorough understanding of how to price your product, and you can determine if your prices are in line with competitors, if they are in line with industry averages and what adjustments you can make to bring them in line.

The key to success is to have an well-planned strategy, to establish your policies and to constantly monitor prices and operating costs to ensure profits. Keep abreast of changes in the marketplace because these changes can affect your bottom line.

Develop an Effective Promotional Strategy

  • advertising media
  • print media (newspaper, magazine, classified ads, Yellow Pages advertising, brochure)
  • radio
  • television
  • networking
  • business cards
  • tee shirts, hats, buttons, pens
Develop a promotional strategy that uses various media for promoting your business. Monitor the different media identifying those that most effectively promote your business. Concentrate on developing material for these formats that clearly identifies your services, its location and price.

Since financial institutions weigh the soundness of your marketing plan when deciding whether your business is a good risk for their money, it is important that you prepare and present credible market data that shows there is a need in the community for your business and that demonstrates your ability to compete.

Next: The Advantages and Disadvantages of a Marketing Plan

Related Video
Brian Price, executive director of marketing
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