5 Things You Must Include in Your Marketing Plan Executive Summary
A solid marketing plan is essential for business.
Indeed, a documented marketing strategy increases the likelihood of success by 313%!
It makes sense. After all, it’s a blueprint that outlines how businesses will showcase their product/service to would-be customers. It plays a pivotal role in attracting investment.
The executive summary is a key component. Potential investors may not have time to read the entire plan. The summary provides a brief rundown of the central points. It’s a synopsis that can influence an investor’s decision. But what should you include in it?
Keep reading to learn 5 essential parts of a marketing plan executive summary.
1. Product Description
The summary needs to explain the key components of the project you’re proposing.
The marketer must describe the product/service itself, and the idea behind it. It’s important to indicate its purpose and what it’s intended for. What’s the gap in the market? What statistics back up the need for it? And so on.
Now, remember, the marketing plan will go into more detail on this in ensuing sections. However, you need an effective description, in brief, for the summary.
There are two forms of analysis the marketing plan will discuss in detail:
Market analysis and competitor analysis.
Be sure to give a brief rundown of both. Explain the current state of the market and the opportunity that exists. Summarize its size in terms of volume, value, and economy. Then, explain the state of competition. How saturated is the market?
3. Differentiating Features
Another potential item for your summary is how your product or service is different.
Explain the current alternatives in the market and their deficiencies. Describe how yours plugs the gap and offers something novel. Be able to explain your unique selling point in a few lines.
4. Goals and Strategies
All businesses need to set SMART goals for themselves. Share what they are in the summary.
Secondly, it’s important to explain how this company plans on achieving those goals. Give a quick explanation of the strategies your business will leverage to make headway.
5. Financial Projections and Returns
Let’s face it, investors want to know if your product or service is financially viable.
It’s the only way they’ll consider giving you their money.
It’s your job in the summary to convince them that there’s money to be made. Give them the stats, figures, and projections for how you expect to progress. When can they expect to see their money again, and what will be the return on it?
Time to Write Your Marketing Plan Executive Summary
There you have it: 5 essential things to include in your marketing plan executive summary.
The marketing plan is vital. As we’ve seen, marketers with a plan have a much higher chance of being successful. The executive summary has to chance to capture the attention of potential investors. It amounts to a pitch. Like it, they’ll read on. Don’t, and they won’t. And you wave goodbye to their money.
Hopefully, this piece has helped you know exactly what to incorporate into yours. Good luck!
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