Eps 002: How to Build Your Marketing Plan & J Lo's Cosmetic Line

Driving the Business: Beauty Brands & Entrepreneurship with Anthony Standifer

If you have ever wondered what goes into a marketing plan that allows you move quickly and efficiently in the market with your idea then this episode is for you! I outline why its a must that you have a plan followed by the basic elements that need to be included. If you are an existing brand owner who's been out there a while or just starting there is some value here for you. I start off ranting about J Lo's new cosmetic line and why most celebrity branded lines fail.

SHOW NOTES:

5:35 - This is a clear need for a marketing plan 6:25 - 1. You need a documented road map 6:42 - 2. No one can help you without a documented plan 7:28 - 3. No one will ever invest in your brand without a business/marketing plan 8:18 - 4. The plan makes you accountable to the process 9:12 - What does the marketing plan look like? 9:55 - The 4 Ps to a marketing plan - product, price, placement and promotion 10:20 - The question product section should answer - What problem do you solve? 11:48 - The question price section should answer - How is your product priced against your most immediate competition? 14:22 - The question placement section should answer - Where do you ideally see your brand sold in the market place? 17:49 - The question promotion section should answer - How do you intend to drive consumer demand? 27:14 - Whatever promotional activities you are thinking about should be document and budgeted for as an expense 27:40 - At the most basic level make part of your marketing plan activity summary simple by creation two grids. one for January - June with then a list of activities and the cost of those activates. The second grid is July - December with a list of activities and the cost to execute those activities. 28:46 - You have to forecast or guess-timate your sales by month based on executing your activities. 30:54 - A quick recap of the marketing plan 32:10 - Once a draft plan is complete share it with one or two people to answer the question is my vision and path forward clear. Website - www.anthonystandifer.com Send questions or comments or feedback to me at [email protected] Follow me on socual media - Facebook, Instagram & Twitter @mSEEDAnthony. LinkedIn @Anthony Standifer