It is essential for new businesses to develop a marketing plan designed to take them through the first year of business. This plan will differentiate you from your competitors, identify your products and target customers, and form your budget to meet the needs of your marketing strategy. With so many changes in the marketing landscape, a great first plan will lead to long-term growth.
Every new business deserves a chance. With an ever-changing marketing landscape, developing a first-year marketing plan for your business can be daunting. Simply writing down your goals, products, advertising strategy opportunities, responsibilities, and budget can help you. Your marketing strategy depends on being organized, detailed, and staying true to your vision.
CMOs or marketing directors of new businesses who develop marketing plans for their launches know how their products differ, have a firm grasp on their budget, know their products and target area inside and out, and are organized. Development of your marketing plan doesn’t have to be difficult. This guide will show you the steps needed to create a successful marketing campaign for a start-up business.
1. Identify Your Competitors
What incentives, values, and advantages does your business stand by? New businesses should be able to clearly set themselves apart from competitors.
2. Identify Your Products and Services
The success of your new marketing plan depends on your products and services—but if your customers don’t know what you’re selling, then why should they choose to do business with you? Here are four easy ways for customers to know what you’re selling.
- Describe your products and services in simple terms.
- Determine your market price.
- Settle on your distribution method.
- Decide on a launch date for your business or services.
3. Customer Targeting
Market segmentation helps you define your customer base so your marketing strategy will be personalized and more efficient. Who will your products and services best serve based on lifestyle, social class, activities, geographic region, hobbies, values, attitudes or personality?
4. Develop a Market Strategy
Connect with your customers. Customer touch points from customer service, phone calls, print advertisement, commercials, and radio are all important—but today’s customers value convenience, reliability, and choice. In the current marketplace, it’s a good idea to understand digital marketing, multi-channel marketing, and cross-channel marketing, which can yield as much as 70% more ROI than traditional channels.
- Digital marketing includes advertising through emails campaigns, websites, social media, SMS messaging, apps, SEO content, and more.
- Multi-channel marketing includes using both inbound and outbound marketing for better results.
- Cross-channel marketing combines multiple channels (for example Twitter hashtags in a television commercial) to give customers multiple options to engage your business.
Your marketing plan should detail your goals and projected growth to potential investors. Use your marketing strategy as a guide for success. The more connections you have for marketing, the better. Talk with other industry leaders to find out their weekly, monthly, and yearly budgets.
6. Analyzing Data
Upon your first successful campaign, your marketing plan will yield plenty of data to grow your next strategy launch. Building a customer base takes time. A/B testing, charting growth, fine-tuning customer service, and refining your work culture will help your business move forward.
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Marketing plan: http://smallbusiness.chron.com/marketing-plan-new-small-business-3205.html
Market segmentation: http://smallbusiness.chron.com/define-market-segmentation-targeting-3253.html
70% more ROI: http://www.business2community.com/social-media/104-fascinating-social-media-marketing-statistics-2014-2015-01084935#zIQ8a8zUHcTpxY3u.97
Inbound marketing: http://www.marketing-schools.org/types-of-marketing/inbound-marketing.html
Outbound marketing: http://www.marketing-schools.org/types-of-marketing/outbound-marketing.html
A/B testing: https://www.smashingmagazine.com/2010/06/the-ultimate-guide-to-a-b-testing/