Copyright © By Dee Power
If a business plan is the battle plan to get you investors, then the marketing section is a minefield for most entrepreneurs.
Marketing matters and its importance can’t be overstated. Entrepreneurs have a tendency to fall in love with their product/service and just assume that everyone else will feel that same attraction.
"Build it and they will come" works in the movies not in the business world. Investors cite the marketing section, or really lack of marketing, as a critical error and a very common error of entrepreneurs.
The Marketing Strategies Section of your business plan consists of:
When customers think of your company and its products/services what will come to mind? Will your image emphasize high quality and exclusiveness, or perhaps friendly, and value oriented. Fast response, high tech, or customer service oriented. Young and on the edge or traditional and well established? The image you define for your company is then carried through in your marketing materials.
Distribution or how will you get your product to market?
What channels of distribution will you use? Will you sell directly to the end user or wholesale the product? Will you use outside sales representatives or an in-house sales force? Commissioned or non-commissioned? Will you license the product and have someone else market the product for you?
Promotion or how will you tell your customers your
product is available?
You should develop a month by month advertising program which includes what advertising media you will use and the costs.
Develop your strategy and include your costs for brochures, coupons, newsletters, again by month and by type of promotion would be preferred.
Will you be hiring a public relations agency or have in-house staff. Develop a press release calendar, press kit, and media events by month for the entire first year.
Developing a strong marketing strategy is hard and sometimes tedious work but it??s critical to your company??s success.
Dee Power is Co-Author of "Business Plan Kit". Packed with over 70 pages of critical information, examples for Dot.Com companies, an Excel spreadsheet to forecast 3 years of expenses and revenues, Business Plan Worksheets and lots more.
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