Write a marketing plan

Posted July 21st, 2017 by Damian Bogut. Comments Off on Write a marketing plan.

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When you ask entrepreneurs and small business owners in this competitive market environment, it is rare to find one that has no marketing plan. Well, you probably have heard about some businesses that started with no marketing plan. In fact, according to a certain study, about 50% of small business owners start their business without having a business plan. However, only a very few of them went busted or failed within a year.

New entrepreneurs are determined and have strong desire to be successful. However, keep in mind that all successful companies have a well planned and executed marketing plan. Many components comprise their marketing plans and they may vary depending upon the type of business you are running.

The first component for your marketing plan is marketing research. You need to obtain and capture all data about your business along with your products and services to help you properly facilitate any potential marketing problems. You may also be able to get some marketing data from an industry trade association or from other businesses within your specific industry.

A comprehensive marketing strategy will ensure your success because it will tell you how to obtain and keep customers. This will also teach you how to compete in your marketplace, and what resources you will use to achieve your goals and objectives.

Read more at: http://www.business.vic.gov.au/marketing-sales-and-online/increasing-sales-through-marketing/marketing-plan-template