Your marketing plan is the most important section within your business plan. After all, it will describe how you to plan to generate revenue. Your marketing plan doesn’t have to be complicated, but it must clear, well-researched and supported by a reasonable budget.
Your marketing plan is the most important section within your business plan. After all, it will describe how you to plan to generate revenue. Your marketing plan doesn’t have to be complicated, but it must clear, well-researched and supported by a reasonable budget.
Here’s how to create your marketing plan:
Set your objectives. A good objective is measurable, precise and time-based; for instance, your objective might be “To generate sales of $150,000 by Dec. 31, 2007.”
Design your strategy. Next, think of a way to achieve your objective. Your strategy should outline how you will get your business noticed in the marketplace to get customers to buy from you; for example, your strategy may be to emphasize your low prices or exceptional customer service.
Choose tactics. Finally, select a mix of tactics to carry out your strategy. Tactics may include news releases, hiring a salesperson, buying advertising, forming alliances or offering a money-back guarantee to entice prospective customers to give your business a try.
Remember, it’s not enough to have a great product or service. You must find ways to clearly communicate the benefits of buying from you. Try building your marketing plan around your strongest competitive advantage.