Marketing Plan for a New Business

Advertising planning and creating a marketing plan means an important plan component for a new company. Typically the marketing plan will describe the new company’s products, services and solutions. In addition it will identify its clients and develop a strategic foundation for how the business will market and promote. In most cases marketing plans will take care of the next 12 months in more details.
However keep in mind that your marketing plan is ongoing management tool and reporting application that adjusts and develops as you start growing your business and get insight from the marketplace. Many of your initial assumptions will change over time as you learn more from your customers and competitors. Make sure you create a marketing budgetbudget is simply a financial plan for your marketing. How much you can spend and how and where you will invest your budget should be outlined in details.

You will use your marketing budget to track your marketing performance and identify where your business and marketing can improve and increase the return on marketing investment.
Evaluating your market reality and major forces should be included in your market case or market situation component. Make sure you cover your key rivals as well. Identifying your competitors – at least 2-3 major competitors is crucial.
They are going to be used over time as your benchmark. There are definitely many things you can learn from them. Focus on summarizing all these information into a typical SWOT analysis where you will present all the pros and cons and focus on how to take advantage of new opportunities while minimizing the risks for your company.
Crucial component of your strategic plan will be to define your target market. This is the basis for each of the successful marketing companies out there. Numerous companies don’t clearly define their target markets that means too general, such as almost all residents inside a 25 mile radius around your business. Remember that the devil is in the detail. You need to break down the market into segments and learn and adjust for the critical market segments for your business.
Get into defining the benefits of your products and services. Use this as a starting point in developing each of your promotional and advertising messages. The more you can describe, outline and quantify your benefits the easier will br for you to market and the higher ROI you will be able to achieve.
Finally – this is last but not least it’s your price list. The pricing structure is one of the major decisions that can make or brake your business. Too high and you will miss many customers. Too low and you are leaving money on the table. Take both an inside-out and outside in perspective in your pricing considerations. Take into account your variable costs, fixed costs and your competitors’ prices and find the optimal point for you so your business can grow and develop.