Develop a Marketing Plan
A solid marketing plan is essential in creating a strong business plan. The SIUE Small Business Development Center has multiple resources to assist in the development of your marketing plan.
Developing a Marketing Plan
A marketing plan is a very instrumental tool for any business. It is critical for any business to identify their target market and to plan how they are going to reach that targeted market. In order to help you develop a sound marketing plan the following outline is recommended:
- Describe your product or service
- What will you be selling?
- Clearly describe your product/service.
- Explain your pricing strategy.
- Identify your target market.
- Who are your customers?
- Determine your geographic area.
- Describe your customers demographically.
- Describe your customers psycho-graphically.
- Develop your marketing strategy.
- How are you going to reach your customers?
- Determine different methods of advertising.
- Newspaper ads
- Facebook page
- Direct mailings
- Having a budget for your initial and ongoing marketing strategies will help you predict your expenses.
- Identify your competition.
- Who else is trying to reach your customers?
- List three similar sized competitors within your service area.
- Identify their business operations and products so you know how to differentiate your business.
- Determine your competitive advantage.
- Why will your customers favor you?
- Briefly describe how your business is better suited than your competitors.
Detailed outlines are available at both SIUE and East St. Louis SBDC's.
East St. Louis: 618-482-8330