Business Plan Marketing

Business Plan Marketing-24
You’ll need to devote a percentage of projected gross sales to your annual marketing budget.Of course, when starting a business, this may mean using newly acquired funding, borrowing or self-financing.Just bear this in mind -- marketing is absolutely essential to the success of your business.

You’ll need to devote a percentage of projected gross sales to your annual marketing budget.Of course, when starting a business, this may mean using newly acquired funding, borrowing or self-financing.Just bear this in mind -- marketing is absolutely essential to the success of your business.

Warm prospects -- those who've previously been exposed to your marketing message and perhaps even met you personally -- will respond best to permission-based email, loyalty programs and customer appreciation events, among others.

Your hottest prospects are individuals who’ve been exposed to your sales and marketing messages and are ready to close a sale.

Weaknesses, on the other hand, can be anything from operating in a highly-saturated market to lack of experienced staff members. Developing a simple, one-paragraph profile of your prospective customer is your next step. For example, are you hoping for a 20 percent increase in sales of your product per quarter?

Next, describe any external opportunities you can capitalize on, such as an expanding market for your product. You can describe prospects in terms of demographics -- age, sex, family composition, earnings and geographic location -- as well as lifestyle. Write down a short list of goals -- and make them measurable so that you’ll know when you’ve achieved them.

For example, you might combine outdoor billboards, print advertising and online local searches to reach cold prospects but use email to contact your warm prospects.

To identify your ideal marketing mix, find out which media your target audience turns to for information on the type of product or service you sell.Unlike a business plan, a marketing plan focuses on winning and keeping customers; it's strategic and includes numbers, facts and objectives.A good marketing plan spells out all the tools and tactics you’ll use to achieve your sales goals.Related: 5 Branding Tips If You're an Entrepreneur on a Budget This first section defines your company and its products or services then shows how the benefits you provide set you apart from your competition.It's called a “situation analysis.” Target audiences have become extremely specialized and segmented.Avoid broad-based media -- even if it attracts your target audience -- if the content isn't relevant.The marketing tactics you choose must reach your prospects when they’ll be most receptive to your message.As you begin to gather costs for the marketing tactics you outlined in the previous step, you may find you’ve exceeded your budget.Simply go back and adjust your tactics until you have a mix that’s affordable.Most of these businesses were created by entrepreneurs who envisioned an opportunity to develop a new product or service, and pursued that vision in search of independence and financial reward.While these visionaries started with solid ideas to form the foundation of their new ventures, most do not have many of the skills necessary to transform their ideas into reality.

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