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6-Step Marketing Plan for New Businesses

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.

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.

5. Budgeting

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.

Your New Business Marketing Strategists

Everyone could use a little help when getting a marketing campaign off the ground. At CMG, we work with you to bring great ideas to life in a way that is manageable and marketable.

We’ve generated more than $1 billion by working with some of the world’s fastest-growing companies to meet the demanding challenges of an ever-expanding marketplace. Let’s talk and get your business moving up and to the right where potential is realized.

 

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Sources:

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/

 

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