Marketing Plan Your Business Plan

Purpose Give investors an idea of how you plan to draw in customers. Helps you define your marketing strategy How will you sell your product/service?

What will you develop? Since your business will be new, you will develop two promotional plans 1. A Grand Opening Promotional Plan 2. A Promotional Plan to support operation after you open the business (6 months to 1 year project)

Pre-Opening Plan Objectives prior to opening: Establish a positive image Let potential customers know you are open for business Bring customers in (or contact your business) Interest potential customers in your product/service rather than your competitor’s

How do you do this? Advertising: newspaper, tv, newsletter, direct mail, directory, specialty items, internet) Sales Promotion: coupons, contests, samples, give-aways, traffic builders, etc..) Public Relations (free publicity in news) Personal Selling Social Media Initiatives

Public Relations When you start a business, you start with a clean slate, you can project whatever image you want! PR is designed to create goodwill toward a business Can be directed at customers, employees, suppliers/vendors, or the community

How to use PR Set high standards for your business- Fed Ex promises delivery on time and supports that pledge with a money-back guarantee Know what your customers want: IBM surveys its customers every 90 days. Design your product/service to satisfy customers’ needs: AT&T designs its telephones to withstand virtually any kind of abuse Satisfy your customers even after the sale: During peak travel seasons, Delta Airlines excutives help with baggage handling

How will you achieve your mkt goals? Rule of thumb: begin promotions at least six weeks prior to your business opening. Promotional efforts should increase/intensify as the opening date gets closer

Ongoing Promo Plan To maintain and build sales. Objectives: Explain major features and benefits of your products Communicate information about sales Clear up questions and concerns in customers’ minds Introduce new goods or services

Ongoing promo For a new business, start with quarterly or seasonal plans. Rough out monthly plans to estimate your promotional expenditures (you will need this for your financial statements in you business plan!)

Promotional Plan Format Use the same format for Pre-Opening and Ongoing plans Related activities should have a similar theme

For each activity in your promo plan, you should provide the following info: 1.Brief description 2.Specific media placement 3.Submit dates 4.Schedule date of run or release 5.Number of copies, items, etc.. 6.Costs 7.Rationale and any notes Have a promotional calendar!