Franchise and
Business Opportunities
Financing Basics
Is Entrepreneurship for
You?
Marketing Basics
Multilevel Marketing Plans
SBA Financing Programs
Work-at-Home Schemes
Applying
for a loan
Breakeven
Analysis
Cash Management
Estimating Costs
Financial
Statements
Financing
Basics
Finding Capital
Personal vs. Business
Startup Costs
Advertising
Competitive Analysis
E-marketing
Marketing Basics
Marketing
Plan
Marketing Research
Trade Shows
Marketing Research Process
|
Marketing Plan
A sound marketing plan is key to the
success of your business. It should include your market research, your
location, the customer group you have targeted, your competition,
positioning, the product or service you are selling, pricing,
advertising, and promotion.
"You're in business to serve a customer need," says Derek Hansen,
founder of American Capital Access. "If you're not sensitive to
customers, don't know who your customers are, how to reach them and,
most of all, what will convince them to buy your product or service, get
help."
Effective marketing, planning and promotion begins with current
information about the marketplace. Visit your local library, talk to
customers, study the advertising of other businesses in your community,
and consult with any relevant industry associations. This interactive
tool will help you assess your marketing strengths and weaknesses.
Once you have all the necessary information, write down your plan:
1: Define your business
- Your product or service
- Your geographic marketing area - neighborhood, regional or
national
- Your competition
- How you differ from the competition - what makes you special
- Your price
- The competition's promotion methods
- Your promotion methods
- Your distribution methods or business location
2:Define your customers
- Your current customer base: age, sex, income, neighborhood
- How your customers learn about your product or service -
advertising, direct mail, word of mouth, Yellow Pages
- Patterns or habits your customers and potential customers share
- where they shop, what they read, watch, listen to
- Qualities your customers value most about your product or
service - selection, convenience, service, reliability,
availability, affordability
- Qualities your customers like least about your product or
service - can they be adjusted to serve your customers better?
- Prospective customers whom you aren't currently reaching
3:Define your plan and budget
- Previous marketing methods you have used to communicate to your
customers
- Methods that have been most effective
- Cost compared to sales
- Cost per customer
- Possible future marketing methods to attract new customers
- Percentage of profits you can allocate to your marketing
campaign
- Marketing tools you can implement within your budget -
newspaper, magazine or Yellow Pages advertising; radio or television
advertising; direct mail; tele-marketing; public relations
activities such as community involvement, sponsorship or press
releases
- Methods of testing your marketing ideas
- Methods for measuring results of your marketing campaign
- The marketing tool you can implement immediately
The final component in your marketing plan should be your overall
promotional objectives: to communicate your message, create an awareness
of your product or service, motivate customers to buy and increase
sales, or other specific targets. Objectives make it easier to design an
effective campaign and help you keep that campaign on the right track.
Once you have defined your objectives, it is easier to choose the method
that will be most effective.
|
|