When you have a marketing business plan the executive summary inevitably has to be included to take the reader through the primary highlights of the marketing plan. It also gives them an idea about the overall business and the rationale of the marketing plan.
Many times, the target reader might find the task of reading the entire plan time consuming and this could also lead them to miss out key details. But the short 1-2 page long executive summary is never a big ask. The target reader can easily get details of the marketing initiatives planned and how it is targeted in sync with the overall business. The summary also gives readers a fair idea about the key points that the reader must give special attention to.
The Importance of Executive Summary for a Marketing Business Plan
The executive summary, as you well understand, is a key element of any great business plan. Often, it is this key document that highlights the primary provisions in the marketing business plan. In general, it is this document that lists out
1) Lists out the various products or the services that the business specializes in.
2) Gives short description of the various product details.
3) Fill in key operational details in terms of the profitability and sales that the business is logging.
4) Growth is a key parameter for any marketing plan, and an executive summary is a great place to mark out the milestone in terms of the rate of growth logged in thus far and the quality of growth expected going forward.
5) While the entire plan gives broad details of the marketing initiatives, this is a great avenue to put in other details like the business partners, the key stakeholders and other growth avenues.
6) If you have plans to create new verticals or expand current ones, yet again the executive summary can help highlight these factors.
7) You can also use the executive summary to help explain the structure of business and give a brief.
In short, the executive summary of your business plan is crucial in terms of giving the peek to stakeholders about the various elements that are difficult to include in the overall marketing plan. In many ways, the executive summary enables the writers to create small nuggets of interest that can hold the reader’s attention without a break.
The Special Focus
Now I am sure you already know what is an executive summary, but the question that might bother you is how should you fashion it differently if you are creating this summary for a business marketing plan. The point is, does it need to be written differently? Is there any decided difference in approach and how is it targeted to the readers.
Well, the executive summary for marketing business plan has some interesting elements. These are created with the core concept that it should act as a vehicle to further the overall marketing initiative and should stand to complement the fundamental purpose of the plan.
So it is needless to mention that the executive summary of a marketing business plan features the primary aspects of the marketing plan. Therefore it is best written when you write this summary at the end. Therefore it acts like the local map at the entrance of a park. While you do know what’s inside the park, it gives you more detailed and pointed information about the same. For example, you can easily get information about a specific cafe or a washroom at the specific corner of the park.
So it won’t be wrong to term this summary as an orientation tool for the entire marketing business plan. Just like in the map, it does not just tell readers about what all’s inside the plan and the key points where you can get particular details. So it would not be wrong to say that this quite acts like an orientation tool that allows a reader to get well acquainted with the entire plan in a matter of paragraphs.
When written especially for a marketing plan, this executive summary often includes the kind of information that you can access in a company’s ‘about us’ page.
1) It gives readers the business overview and lists out the key activities it is engaged in
2) Provide quick details of the key team members who add value to the company
3) Apart from the growth rates and list of accomplishments, this summary also provides an overview of the current marketing situation
4) Readers can assess the overall market environment and the broad size of the market
5) It also provides them with details of potential government regulation that governs the market and may impact sales
6) The summary would also provide details of demographics and behavior of the target audience. This also clarifies the type of pegging and the key elements that you need to incorporate in the marketing initiative.
7) This is also a great place to include any specific product review and identify those that would be rolled out in near future
8) While detailed information about competition would feature in the marketing plan, you can always give your readers a sense of the key competition in the market
9) If needed, the distribution channel’s key details can also be incorporated in the executive summary. But you must ensure that it is not unduly long and tinkers with the readability of the marketing plan as such.
Additionally, a marketing business plan’s executive summary must also include the four pillars of a great plan. This is also known as the SWOT analysis of the marketing plan. SWOT is actually an abbreviation and stands for
These four features more or less cover the internal and external factors that guide the business. Depending on the nature of business, it is ultimately these four factors that go on to define the course of the company’s success. You could also target incorporating the budget provisions and key control techniques that you would have envisioned for your business.