‘Marketing Plans Essential to Small Business Success’ by Michael Newman

Michael Newman’s latest é-Wealth Daily’ article is titled “Marketing Plans Essential to Small Business Success”. [‘e-Wealth Daily’Article]

Michael Newman’s latest ‘e-Wealth Daily’ article:

Marketing Plans Essential to Small Business Success

As a small business owner, your main goal is to sell product —  you don’t need me to tell you that. It is important, however, that you be reminded that, in order to sell, you need a plan. The best way to do this is to come up with a marketing plan that will guide the moves you make to generate interest about your product.

To give your small business the best chance to make big sales, you want to come up with a marketing plan that outlines who your customers are and what you’re going to do take them from the competition. Here are the key elements your marketing plan should contain:

Customer Demographics: This should outline who your customers are; meaning, their age, income, and family situation, and where they spend their time and money.

Description of Competitors: This should outline who your competitors are, their marketing strategy, market share, demand, their strength and weaknesses, and how you differentiate and fill the void.

Description of Your Product or Service: Talk about what your product is, any special features, what makes it unique, how it is works, etc.

Marketing Budget: Includes your promotional plan, advertising costs and any other costs that will arise in marketing the product.

Location Description: Explanation of where your business is located and what marketing advantages or disadvantages are associated with the location.

Pricing Strategy: How you choose to price your products and why.

Market Segmentation: How different subgroups in your market are expected to react to your product and how you expect to turn them into customers.

Aside from outlining your marketing strategies, your marketing plan should also provide some intangibles to your operation. First off, it should get everyone involved in the project excited.
It should serve as a common point of interest to keep people focused and upbeat about achieving the featured goals as a team.

Next, your marketing plan can serve as a frequent point of reference to track your company’s progress. By looking over it on a regular basis, you can see where you’ve been and, more importantly, where you’re going. It can help keep you on track plus provide positive reinforcement by showing that you are constantly making positive progress.

A marketing plan will also work to keep your business intact and consistent. After all, people will always come and go in your business. Partners may leave, employees come and go, and other components and players may turn over rather regularly. Your marketing plan, however, will keep your goals and practices consistent, helping to reinforce the foundation of your business.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.