What’s an essential part of any business plan, it’s the marketing section of your business plan; how to write small business marketing plans? What information do I need?
In this article, we will show you what marketing information to include in your business plan.
First what is the purpose of a Market Plan; A Market Plan demonstrates that you know who your target market is and that you understand how to make your target market or customers know to find you.
A Market Plan defines what you’re selling, the price, who you’re selling to and where, and how are you going to get the message across, i.e., what form or forms of promotion you will be using.
What are you Selling:
A Product or Service, first what are the features and benefits of what you are selling. What are you actually selling many products or services have many facets, you will have the core product or service, but you may have many addon’s. These all need to be identified and demonstrate how they are related and structured.
Describe how your product or service came about, is it new and unique, is it something existing, have you improved it and if so how.
Do you have a branding strategy, how will your product or service be identified. You need to be unique and stand out, be remembered.
Who are you selling to:
Identify and define your target market describe your customer demonstrate you know your market. What is their demographic, age gender, marital status, employment status, etc? Does your market consist of individuals, families, groups, businesses, clearly identify these.
Does your product have a limited life cycle? Is it a consumable with a short life span or something that has a long product life. This is a very important factor to consider when marketing as your markets buying habits can be easily swayed by the life cycle of your product compared to say your competitors. Knowing your Market intimately understanding their wants and needs will give you the competitive edge to be ahead.
Quantify your market’s size, is it in the local area, a larger region, national or even global.
You are in business to make money, no other reason, and to turn a profit, you need to know what price to charge for what you’re selling.
Your price is determined by many things, your profit and quantity of sales. Pricing can seem overwhelming; if you follow the simple steps of estimating sales quantity, include your operating costs, determine what levels of service you provide and how much you will spend on advertising. Also looking at existing pricing in the market, you will get a good ballpark indication of what pricing structure to use.
How will people buy your product how will you service your clients?
Are you a retailer with a store or online, a wholesaler/manufacturer who distributes products to retail stores, a service company where customers or a service company where you go to the customer?
Whatever type of operation you have your location should be considered in your market plan, and include the following:
- Local Traffic data
- Local Demographics
- Identification (Branding)
Your layout, how will you present your business, if you have a store or office, etc.; what will make your business appealing to the eye, a trendy upmarket boutique or an office space that shouts professionalism
Online businesses have different factors to consider; How do you get traffic, how does the site take orders, how do you ship them and what form of customer contact do you have. Also, customer complaints, product returns, delivery fees, lost items, etc. Always remember your customers cannot walk in and see you face to face. So the way you interact with your customers needs to be highlighted as you want them to keep coming back.
Any business needs advertising; everything you do to highlight your brand and bring your product or service to the attention of consumers needs to be considered and written down.
Every product or service requires a different approach; your plan should demonstrate the methods you have selected and explain why these were chosen, and how they are going to be used. Advertising is about informing, persuasion, and getting customers to buy from you.
How are you going to advertise and promote your brand, product or service? Personal sales, billboards, trade shows, telemarketing handouts. Whatever method or methods you decide is best clearly explain them and include the how, why and cost in your plan.
A marketing plan is a key component to any business plan.
Without marketing you have no customers, no customers means no business
Take action now.
- How to Write a Market Plan
- Increase Customers To Your Business
- Five Tips To Driving Sales With Mobile Marketing
- Build a Market Plan
Why not start a conversation in the comments section below and give your views on marketing
If you are starting out why not download a copy of my free book Your First Business a Beginners Guide
About Darren Wilkins
Darren is a semi-retired senior executive and serial entrepreneur who runs a number, of successful businesses both online and offline.
With 30+ years experience in management and as a management consultant Darren has a can-do attitude and offers real practical advice that can be used for any business no matter the size, Darren is using his time focusing on online opportunities and building better businesses.
With global experience managing and directing multimillion-dollar mega construction projects and businesses. Darren has a wealth of practical experience to share and wants to help you and your business.