Business and Marketing Strategies
In the business planning process, many business owners want to begin with this next stage, and do not take the time to complete any industry or customer research. This next stage is worthless without preparing properly by doing this research.
By now, you should have defined:
- Business goals
- A full understanding of your industry
- A fuller understanding of your business (or proposed business)
- A detailed profile of your customer and their buyer behavior
Now we begin developing the part of your plan that you will get to know the most - the marketing strategies.
This whole segment deals with those activities that you will do on a daily/weekly/monthly basis that will result in making a sale and generating revenue. It is those activities that involve creativity and salesmanship, and are often the most rewarding and most frustrating part of any business. For this part of the business planning process, allow your brain and imagination to expand. You just don’t know what Million-dollar idea is in your head that could launch your new or current business to a new level.
The following sections cover aspects of promoting and growing your business - Product, Pricing, Distribution and Promotional strategies. Start thinking about HOW you are going to grow your business – in every little detail.