Smart small
business owners know the importance of a business plan, which outlines your
company's course for success. One critical portion of that plan is your
marketing strategy.
Because this
strategy is buried in the larger business plan, you may not give marketing the
attention it deserves. However, an in-depth layout of your marketing strategy
can reveal opportunities from a new audience or potential product line,
pitfalls in pricing, competition reaction, and potential reach. After all, you
don't want to miss out on the profits you could be making with an effective
marketing plan.
A marketing
plan describes who your customers are, where they get information and how you
expect to reach them. Here are a few important things to keep in mind as you
create your plan.
1. Know
your niche.
Before you
can write a marketing plan, you need to find and understand your niche – the
specific demographic you're targeting, said online business and marketing
strategist Amber Dee. For example, if your business sells 30-minute meals,
then those who work traditional 9-to-5 jobs are likely in your market. Study
that group of individuals to understand their struggles and learn how your
business can solve the problem, Dee said. Research your target market by asking
those within it.
2.
Develop clear insight into why a potential customer would use your business.
Figure out
the core need that your product or service will meet, said Robert J. Thomas, a
marketing professor at the McDonough School of Business at Georgetown
University. Is it to help your customers get through the day more easily? Do
their job more efficiently? Be respected and admired by friends? Your offering
should be designed to solve client problems or meet customer needs better than
the competition can.
Read more
on... Tips
for Creating a Great Business Marketing Plan
Author:
Danielle Corcione
