Small Business Marketing Plan

Every small business owner needs a marketing plan in order to grow his or her business. It is important to select a marketing plan that suits your needs. A marketing plan forms the first part of your overall business. Marketing plan can benefits from the sections outlined below.

Outline your Marketing Strategy
Before getting in to the detail of your marketing plan, it is important for you to create a marketing strategy that outlines your business essentials, your target market, tactics on how you intend to reach that market, and your competitive position in that market. Often, the marketing strategy can be captured in a simple mission statement that provides answer to questions like “What are you doing?” and “Why are you doing it?”

Identify your Target Audience
Determine who constitutes the target market for the purchase of your product. It is important to have a good understanding of the products you are selling so as to understand the nature of the customers.

Determine and define what makes your company unique
You may want to prepare a Unique Selling Proposition (USP) that describe how your service differ from those of your competitors, make an analysis of your competitors. Evaluate other business that engage in the same kind of product and service. A SWOT (Strength, Weakness, Opportunities and Threats) analysis can be an effective tool for analysing competition.

Create a Pricing Strategy
A slightly lower price as compared to that of competitors can be employed to promote market penetration.

Create a Marketing Budget
The overall marketing budget should cover the strategies that will work best for your industry.

Establish a Break-even point and Performance Metrics
How many products you need to sell before you start realising a profit & measuring what has been achieved so far will help you understand areas that you need to improve on.

As a small business owner, identifying and focusing on the potential ideal customer can help you generate a small business marketing plan that can be extremely beneficial in expanding your reach and revenue base.

Tags: , ,

Leave a Reply