Writing a Business Plan Series-Step 8: The Marketing Plan

Writing a business plan can be daunting, but it doesn’t have to be. So far in this series of articles, we have covered step 1: determining audience; step 2: defining mission, vision, & core values; step 3: company description; step 4: market analysis; step 5: SWOT analysis; step 6: the products & services section; and step 7: the industry background section. Step 8 is the marketing plan.

After you have completed the market & SWOT analyses, you should use them to inform your marketing plan. The market analysis identified your target patients, their buying habits, & your competitors. The SWOT analysis examined your strengths & weaknesses. The marketing plan uses the insights from these analyses to describe how you will motivate patients to choose your services.

The first thing to do is define your marketing goals. You can specify this as revenue generated, return on investment, or converted leads. It is essential to measure your progress against these objectives. Once you have identified your goals, you develop a plan to reach them. Consider addressing the classic “four Ps” of marketing in your marketing plan.

Consider your messaging. What are you offering? What makes your service unique? Why should a new patient choose you over a competitor?

Is your target market sensitive to price? What is your value proposition to potential patients? How will you handle PPO vs. FFS? What are your overhead & supply costs? What is your desired profit margin?

Where are you located & how do people find you? Place also refers to the placement of marketing efforts. Where do you need to advertise to reach your target market? The old adage remains true, location, location, location.

How will you communicate your value proposition to the right people at the right time? How will you approach traditional methods? Will you use t.v commercials, mailers, billboards, etc.? How will you handle modern online methods? Will you outsource to a social media & SEO specialist or do online marketing in-house? What is your budget for both?

References

https://hbr.org/product/creating-business-plans-hbr-20-minute-manager-series/16998?sku=16998-PBK-ENG

https://www.investopedia.com/terms/f/four-ps.asp