A Product Marketing Plan for Dummies
By Jay Younger, Vice President
Originally Published in ASAE Marketing Fast Facts, February 2001
While the oft-cited four Ps of marketing--product, price, placement, and promotion--are pivotal to the success of a marketing plan, they don't help much in getting things off the ground. These practical suggestions will help you outline the steps associated with each element. To keep it simple, let's call them the seven Ds of a product marketing plan.
1. Define your product. Ideally, you should be able to clearly define your product in a document of one page or less. This road map should include your original idea, time frame, competition, and desired outcome. You'll thank yourself when you're knee-deep in the sixth revision of your copy and design if you can refer back to your original concept for guidance.
2. Deconstruct your concept. Ask yourself why your product is necessary in the lives of your audience and how it is markedly different or better than what the competition is offering. If you can't easily answer those questions, go back to the drawing board. Consider soliciting input from potential customers and colleagues. Time spent planning with key members of your audience and staff can lead to a clearly defined vision of objectives while uncovering potential hurdles up front.
3. Develop a realistic forecast and measuring system. Consider past trends, market forces, and competition when building your forecast. Identify your real audience. Is the product available to your entire membership? Certain segments? Nonmembers? Accurate forecasting depends on accurate figures. Be sure--prior to launch--that you have systems in place to track response and success for each marketing initiative. One goal of your marketing plan should be to determine what works and what doesn't.
4. Draft your plan. Ensure that your marketing plan considers all promotional channels: personal selling, direct marketing, sales promotion, advertising, and public relations. Lay out your action steps and who is responsible for each item in an easy-to-change format with costs and deadlines so that you'll know what needs to happen when. Remember that your initial draft should be used as a living document that can adapt to decisions you make along the way.
5. Design your collateral. It is critical, especially in today's cluttered marketplace, to infuse the emotion of your product into your materials. Thinking of your product as a "bundle of satisfactions" will help you hone in on this concept. What satisfaction will your members derive from using your product? Visualize them opening your letter or seeing your promotion, and then picture their responses. What will they be feeling? Tap into that, and be sure that your call to action is in line with the desired reaction. Keep that thought in your head when you're developing copy. Consider getting professional copy writing help if you get stuck on the wording.
6. Delve into the results. Once you've launched your campaign, look at the data and tweak your product concept and marketing plan as necessary. Are you getting a higher-than-anticipated return from a promotional channel? Consider directing more resources to what works and suspending nonproductive activities.
7. Document your findings. This will help you form future decisions and strategies. For example:
- Was there any negative reaction to your marketing efforts?
- What was the overall impact of the promotion?
- How many people did you touch?
Consider talking to people who bought as well as those who did not to get an idea of what motivated them to action or kept them from it. Use the conclusions to improve your initial prototype and include new and/or enhanced features as necessary.