The business plan boot camp will consist of nine parts in total, each tackling a portion of the plan and the basics of how to handle its successful creation as prospective businesses look to secure funding and backing. Put together, these skills will help create a business plan that will wow potential investors.
Part 6. Marketing Strategy
Remember that your marketing strategy is dynamic and not static. It is going to change over time as your company grows and develops — and that is perfectly fine and acceptable. Your potential investors know that your marketing strategy will change over time. What they want to see in your business plan is that you:
- Have a solid marketing plan at the outsmart.
- Have thought about how your strategy might shift based upon new demands and information.
As your business grows, your marketing plan will become part of the fabric of your business and will be something that you continue to evaluate and make better.
Here are the four key strategies that should be part of your strong marketing plan:
What kind of communications will you deploy to help advertise and spread the word about your products or services? The best communications strategies are layered and incorporate many different public relations tools including:
1) Print, TV and Web Ads
3) Direct Mail
9) Event pop-ups
10) Social media
You don’t have to include all of these elements in your communications strategy, but use several of them to create a layered approach so you find your target audience and get in front of them with your messaging.
Market Penetration Strategy
Your market penetration strategy should address how you plan to make a visible, statistically, verifiable splash in your market. From your market analysis, you’ll already know how the current market is composed and the competitors you stand to face.
- How do you plan to enter the market by selling your products and/or services so that you can gain a higher share of the market?
- What kinds of promotions, discounts, coupons or incentives will you offer so that you can sell your products and increase your market share?
- What kind of short-term or long-term price adjustments do you plan to make?
Outline your distribution channels in this section. You might deploy a layered approach to this strategy as well, such as:
1) Local, national and e-commerce retailers
2) Internal sales team
3) OEMs (Original Equipment Manufacturers)