By developing a small business marketing plan you will gain a better understanding of your potential customers and brainstorm effective strategies to market to those customers. This knowledge will help you greatly with your marketing efforts. A good marketing strategy can make the difference between a successful small business and a business failure. Lenders and investors know the importance of a well thought out marketing plan so it will be highly evaluated. When developing your marketing plan be sure to conduct market research and provide facts and statistics that support your ideas.
Your Small Business Marketing Plan should include:
Business Evaluation– Perform a SWOT analysis. What are your business’ strengths and weaknesses? What are the business’ opportunities and threats?
Market Analysis– How will competition affect your business? Is there a growing demand for your product or service? What are the past trends for your product or service? What are the anticipated future trends? Market Research will help you find answers to these questions.
Marketing Strategy– How will you be marketing your small business? In what ways will you be promoting your business? How do you plan on reaching your target market?
Sales– Perform a Break-even Analysis to determine your break-even point. Your break-even point is how much you have to make in order to cover your business expenses and break even. What is the projected number of sales for the upcoming year? If you are making a marketing plan for a current business, you should include sales information for past years as well.