Any potential lender or investor will want to see a marketing plan for your new product before making a commitment. Developing a marketing plan also gives you the opportunity to organize your thoughts and discover any trouble spots in your strategy.

1. Describe your product in detail. What are its most significant features? Is the product still in development, or is it ready to roll?
2. Identify your target market. Who will this product appeal to most? Include all market research, including historical figures for sales of your type of product.
3. Size up the competition. Who are your major competitors? How does your product compare to theirs? How strong of a foothold do they have in the market? Look at the methods they use to market their products.
4. Detail your marketing strategy. How will you advertise and market your product? Which features of the product will you focus on? What will be the product’s price and why?
5. Describe your operations. Include your plan for customer service, proposed credit and sales terms, qualifications and achievements of your management team, and the physical location of your business.
6. Prepare financial statements based on projections of sales, operating costs and expenses. Include cash flow projections, profit and loss reports and income statements for at least three years.