Business Plan Marketing

For example, you might combine outdoor billboards, print advertising and online local searches to reach cold prospects but use email to contact your warm prospects.To identify your ideal marketing mix, find out which media your target audience turns to for information on the type of product or service you sell.

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Warm prospects -- those who've previously been exposed to your marketing message and perhaps even met you personally -- will respond best to permission-based email, loyalty programs and customer appreciation events, among others.

Your hottest prospects are individuals who’ve been exposed to your sales and marketing messages and are ready to close a sale.

Make your situation analysis a succinct overview of your company’s strengths, weaknesses, opportunities and threats.

Strengths and weaknesses refer to characteristics that exist within your business, while opportunities and threats refer to outside factors. If you’re a business-to-business marketer, you may define your target audience based on their type of business, job title, size of business, geographic location or any other characteristics that make them possible prospects.

Most of these businesses were created by entrepreneurs who envisioned an opportunity to develop a new product or service, and pursued that vision in search of independence and financial reward.

While these visionaries started with solid ideas to form the foundation of their new ventures, most do not have many of the skills necessary to transform their ideas into reality.

Generally, interpersonal sales contact (whether in person, by phone, or email) combined with marketing adds the final heat necessary to close sales.

To complete your tactics section, outline your primary marketing strategies, then include a variety of tactics you’ll use to reach prospects at any point in your sales cycle.

Related: 5 Branding Tips If You're an Entrepreneur on a Budget This first section defines your company and its products or services then shows how the benefits you provide set you apart from your competition.

It's called a “situation analysis.” Target audiences have become extremely specialized and segmented.


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