Why Do I Need A Basic Marketing Plan – And How Do I Prepare It
To maximize your potential for achievement in any new business venture, it’s vital to do the groundwork. You may be thinking of beginning a enterprise or have already jumped into something and find it’s not taking off the best way you hoped.
Unfortunately many individuals start out with only a basic concept of their mind, and some written notes. With no real forethought they search the internet and hope to launch a successful business by figuring-it-out as they go along. The truth is most new companies fail for one motive – lack of planning.
Taking the steps to prepare a Basic Marketing Plan will set you on a path to full consciousness of the “who, what, where, when and how” of your new business.
“I Understand Why – But I Don’t Have Marketing Experience”
It is not necessary to be a marketing professional or perhaps a writer. What you need to accomplish is an easy-to-follow ‘to-do list’ in your business. It’s a plan of action. It’s an understanding of the key components of what you intend to do with your enterprise and how you’re going to get there.
It is a abstract which outlines your goals; your intended actions; and, your step-by-step plan of execution. More importantly it is a guide to measure your progress.
Here are a number of the elements of a Basic Marketing Plan together with key questions it is best to answer when getting ready your plan.
1) The Niche Product – Steps to Decision Process
Do I actually have a product I wish to sell, or do I want to find a product – if so, how and where? What kind of services or products will work for me? Do I have to have expertise in this area so I can become the go-to-authority? Do I have passion for what I wish to sell and is that an important factor in working my business?
2) The Target Customer – Steps to Decision Process
Once I have an thought of my product, who is my target customer? Why does it matter that I know who my customer is? Can I identify this buyer -ie: the client with a need, want or burning need to have this product)?
3) The Market Trends for Your Chosen Product(s)
Is my product seasonal? What is one of the best time to advertise my product? What are the developments for this product – is it all the time going to have a demand or is it something that has a life-span? Where do I go to search out out information on trends within the market?
4) The Method to Market – Web Site, Blog etc
How will I go to market with my product? The web – a Website – a Blog, Web 2.0. Do I need training to completely understand the ebusiness marketplace? What methods work greatest for my product?
5) The Competition
Who is my competitors and what do I want to learn about them? How am I totally different than my competitors? How can I be higher than my competitors? What actions can I take to maintain my customers coming to me instead of my competition?
6) The Timing to Market
Is there a greatest time to launch my business primarily based on the seasonality of my product offering? Why is that necessary to me? What lead time do I need to arrange my product launch to ensure I keep on a target time line?
7) The Time Commitment
What amount of time am I prepared to put into my business? Have I thought of all my present commitments – job, family, actions and hobbies? What can I change to present my business more time? If I cannot change anything do I actually have any spare time to put into this business given that it will probably be a slower start?
8) The Price Point and Promotion Factors
What are my start-up costs? What will my product cost me – wholesale? What am I planning to resell this product for? Should I even have sales or discounts and what am I prepared to scale back my selling price to? What are my opponents pricing for this similar product and the way do I compare? When do I anticipate to make a profit? What do I hope to earn in 3 month, 6 months etc?
9) The Product Supplier(s) – Finding a Good One.
Who will my product provider be? How do I discover them? What is their reputation? What are their insurance policies for returns, transport etc? Do they service international buyers? How will their service have an effect on my buyer satisfaction rating?
10) The Financial Investment
Do I plan to run my business part-time and do I actually have funds to start up this business? Do I plan to run my business full-time and do I even have sufficient funds to maintain my family without a job? How lengthy can I work at my business before needing to make a profit? Do I even have an understanding of the hidden costs of a new business? What if it takes much longer to make a revenue – how long can I go before money becomes a problem? What if I fail – can I afford to lose my investment?
11) The Potential Revenue
Can I make some estimation of what I will earn in a 3-month, 6-month, and 1 12 months timeframe? What is the worth of measuring my potential success? What do I plan to do if my enterprise takes off – will I increase to other products? What are my income goal for these time periods?
12) The Risk and Your Risk Tolerance
Do I fully perceive all the risks – both monetary and personal? Am I ready to handle the continued commitments – both financial and private and how will I make this work?
13) The Steps to Launch
Once I have my product idea, do I actually have a step-by-step launch plan? How do I go about it?
14) The Market Forecast
Will my product sell within the current economic climate? Is this a need-to-have product that will always have buyers?
15) The Steps Required to Build and Develop the Business
Do I actually have short and long term goals for my business? How do I plan to measure my success primarily based on these goals? Do I have a plan for expansion?
Conclusion:
Following a Marketing Plan and persevering with to update your plan as the business is built, will provide a transparent understanding of the areas which are working and what must be fixed.
Without one thing written down, there isn’t a record which you’ll be able to refer back to. This is essential as time goes by and you’ll want to remember the steps you could have taken to measure your success and make resolution about going forward.
Every enterprise has successes and set-backs. Your working version of a Marketing Plan will provide that all-important information to your ebusiness success.
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