When I was in business school, we were required to write a full business plan, including a marketing plan. Traditional marketing plans include the Five P’s of the Marketing Mix:
- People: target market
- Product: features, benefits and the problems they solve
- Position: competition and placement in the market
- Price: retail or wholesale price points, unit economics
- Promotion: how to reach market, channels and offers
The Five P’s are easy to remember and are still relevant today when you’re planning a product launch or campaign.
However, as a social enterprise your marketing plan must include some other elements that help ensure you serve your dual purpose (mission and margin).
So, how are marketing plans different for a social enterprise?
They are unique because social enterprises:
- Serve multiple customer types which often require different value propositions
- Create social impact that must be measured and reported to impact investors
- Need to use human centered design during their validation phase and stay mission-aligned as they grow.
The missing elements that a social enterprise marketing plan should include are:
- Theory of Change
- Impact Metrics
- Pilot Validation
Why? Because typically the person reading your Marketing Plan is someone you’re trying to convince to invest in or partner with you. They may even include impact investors at foundations, mission lenders, and even government agencies who outsource public services.
You see, it’s always important to have a well thought out marketing plan, but a social enterprise must also show how their business model creates positive social impact.
What other unique elements do you think need to be added to the list?
I’m putting together a free guide and would value your input and insight. Please reply back with your recommendations and I will be sure to send you a first draft of the list before it is available to the general public.
*Photo by Campaign Creators on Unsplash