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Business plan
Part 6: marketing strategy

by Lynne Franks seed logo

continued from page 1

Marketing strategy

There are many ways of communicating a businesss message to its market. You may have some very original ideas for doing so. But there are certain marketing basics to keep in mind when developing your plan.

DIRECT MAIL using promotional material or a personal letter, is one approach that is most common in business-to-business communication.

LOCATION and SHOP WINDOWS are often the most effective marketing tools you have if you are in retail, although good publicity and advertising will help, if you have the budget or contacts.

TRADE EXHIBITIONS are important, if youre manufacturing or wholesale, as part of developing a brand awareness campaign.

NETWORKING in both your community and industry is important to establish your companys reputation.

PUBLICITY and ADVERTISING, whether youre selling a product or service to the consumer or to the business sector, are always important. You can oversee these efforts yourself or use a consultant.

WEBSITE telling your companys story and linking into as many other relevant websites as you can get to is more important than ever. Include an aspect of e-commerce in your business plan, explaining where you will sell your product or service on the Internet, if not for right now, certainly for the future. Websites are expensive to design unless you or a close friend is a cyber wizard. You can get quoted anything from a few thousand pounds up to half a million to design one. Find yourself a wizard, who can help you create a dynamite site for a reasonable price.

As with any aspect of business, there is no mystery to marketing. Having studied, analysed, and thought about your potential customer, you should be clear about who you are trying to sell to by now. Just think about what would encourage someone to come to you for your product or service. What might they read or see that would motivate or impress them?

And what is the most that you can afford to budget for your marketing costs? Ask your accountant or financial adviser for some help in determining this. Youll need an approximate figure for the final section of your business plan the financial strategy.

Business plan part 7

Business plan Part 6: marketing strategy

Business plan
Part 6: marketing strategy