marketing plan your business plan. purpose give investors an idea of how you plan to draw in...
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Marketing Plan
Your Business Plan
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Purpose
• Give investors an idea of how you plan to draw in customers.
• Helps you define your marketing strategy
• How will you sell your product/service?
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What will you develop?
Since your business will be new, you will develop two promotional plans
1. A Grand Opening Promotional Plan
2. A Promotional Plan to support operation after you open the business (6 months to 1 year project)
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Pre-Opening Plan
Objectives prior to opening:• Establish a positive image• Let potential customers know you are open for
business• Bring customers in (or contact your business)• Interest potential customers in your
product/service rather than your competitor’s
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How do you do this?• Advertising: newspaper, tv, newsletter,
direct mail, directory, specialty items, internet)
• Sales Promotion: coupons, contests, samples, give-aways, traffic builders, etc..)
• Public Relations (free publicity in news)
• Personal Selling
• Social Media Initiatives
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Public Relations
When you start a business, you start with a clean slate, you can project whatever image you want!
PR is designed to create goodwill toward a business
Can be directed at customers, employees, suppliers/vendors, or the community
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How to use PR• Set high standards for your business- Fed Ex promises
delivery on time and supports that pledge with a money-back guarantee
• Know what your customers want: IBM surveys its customers every 90 days.
• Design your product/service to satisfy customers’ needs: AT&T designs its telephones to withstand virtually any kind of abuse
• Satisfy your customers even after the sale: During peak travel seasons, Delta Airlines excutives help with baggage handling
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How will you achieve your mkt goals?
Rule of thumb: begin promotions at least six weeks prior to your business opening. Promotional efforts should increase/intensify as the opening date gets closer
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Ongoing Promo Plan
To maintain and build sales.Objectives:• Explain major features and benefits of your
products• Communicate information about sales• Clear up questions and concerns in
customers’ minds• Introduce new goods or services
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Ongoing promo
For a new business, start with quarterly or seasonal plans.
Rough out monthly plans to estimate your promotional expenditures (you will need this for your financial statements in you business plan!)
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Promotional Plan Format
Use the same format for Pre-Opening and Ongoing plans
Related activities should have a similar theme
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For each activity in your promo plan, you should provide the following info:
1. Brief description2. Specific media placement3. Submit dates4. Schedule date of run or release5. Number of copies, items, etc..6. Costs7. Rationale and any notesHave a promotional calendar!