Five Essentials of a Small Business Marketing Plan

If you are considering opening your own small business, the first step is to develop a business plan. The next step is to develop a marketing plan, because all business plans must be associated with a strategy for marketing your products or services. Marketing strategies vary in their format, but they all have the common goal of attracting and building relationships with customers. The style is up to you, but it should include the following.

1. Marketing goals and objectives

You will need to develop realistic and measurable marketing goals covering a full calendar year and aligned with your business plan. Common goals of a marketing strategy include a targeted increase in products sold and growth in the number of customers. Your strategy will help you achieve your goals. As you develop it, you need to consider the type of products or services you sell, how and where you sell them, and the level of consumer awareness around your business.

2. Define your target audience

Describe in detail the characteristics of your potential customers, as well as their media listening habits. For example, some restaurants target foodies with an average income of over $100,000, while others focus on providing affordable meals to people on fixed incomes. Take the time to define your audience and customers for your products or services, as well as their unique demographics, such as age range, marital status, gender, race, income level, or education . It will also help you establish your plan to distinguish yourself from your competition.

3. Search Marketing Tactics

There are more marketing tactics today than ever before and trying to figure out which one is right for your business can be overwhelming. Take the time to research all marketing vehicles, which range from traditional (billboard, TV, radio, newspapers and magazines) to digital (pay-per-click ads with Google, social media efforts with Facebook and Twitter, etc.). ). A complete understanding of these tactics will make you more comfortable choosing which ones are best for your business.

4. Plan your marketing tactics

Once you’ve completed the research, select the tactics and channels you’ll use to achieve your goals and reach your target audience. This could be determined by customer habits and should align with your sales strategy. Also, be sure to monitor your competition and keep up to date with new tactics and channels used by your target audience.

5. Work out your schedule and budget

Set a timeline and budget for your marketing strategy that reaches your audience throughout the year. It should include all promotions planned for the whole year and a full breakdown of their cost. Examples of items in a marketing calendar include increased advertising during the holiday season and a month-long promotion to drive sales.

It is also important to remember that a marketing strategy is not set in stone. As your business grows and evolves, your marketing strategy will evolve too. Be on the lookout for courses, webinars and articles to keep up to date with current trends.