What is a Marketing Proposal?
A proposal is a document that contains a proposed plan of action, cost, timeframe, and other relevant information. They are usually printed on printed but electronic versions are not unheard of.
Proposals may be further subcategorized according to the type and purpose of its content. To illustrate, in this article, we are focusing on marketing proposals. This kind of business marketing document mostly includes information on how to market or advertise a product, service, or other sellable entities.
How to Make A Marketing Proposal
To help you create marketing proposals that attract clients and investors alike, we have outlined a step by step guide on how to do this below. Study these tips well.
1. Know What You Are Selling
If you are the founder or if you are the proponent of a business plan or idea, this first step is easy for you. However, if you are a marketing consultant, you must first study about that product, client, or service you intend to work with.
Remember, marketing is selling. You need to have a good understanding of what your product is before you can sell it to another person.
2. Find Your Market
Dig deeper into your product or service by conducting a research proposal. This allows you to better identify who should be the target market for a product or service that you intend to market. And if you are pitching a sample marketing strategy to a client, make sure that your market research does not only inform the client what he or she already knows.
Add value to your marketing plans by adding something extra. Things like how certain demographics (i.e. millennials) respond better to coupon and catalog marketing. If you want to win a marketing contract, you will do what it takes to make your proposals as informative as possible.
3. Decide on a Plan of Action
The bread and butter of a marketing proposal is its recommended action plan. In this case, it will most usually be a list of marketing strategies that correlate to a bigger advertising plan. It is in this section of your proposal where you need to decide if you want a client or your business to try out guerilla marketing, digital marketing, social media marketing, affiliate marketing, direct marketing, email marketing or whatever kind of marketing mix that will best benefit the business.
4. Pick a Timeframe
Don’t forget to set a specific timeframe for any action plan or project plan set forth in your proposal. You do not have to follow the same timeframes for all action items in your proposal. Feel free to change it up according to the effort needed to execute a particular strategy.
5. Determine The Costs
Another essential component of any brand marketing proposal is a cost estimate. Remember, most startups do not have money-making wells. And if you are submitting a marketing proposal to them, they need to know how much everything will set them back. Or, if you are a business owner, you will need to weigh if the proposed marketing budget will give you the results that you want or not.
6. Set Up Evaluation Measures
Any kind of business proposal plan is not complete without an evaluation plan. It is in this section where you need to specify the different ways to measure a marketing strategy’s effectiveness. For example, you may measure your new product sales and compare this with the sales figures before your new marketing strategy was put into place. Evaluation measures are set up in the event that you want to replicate the said strategies or if you want to stop or modify them because they are not working.