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| Many people include their marketing plan as a section in their business plan for small business. Really, though, marketing is important enough that it deserves a plan of its own, separate from the technical details of the business. Heres what your homebased marketing plan should include.Your Marketing Strategy.It might sound silly, but its good to get the online core of your small business marketing plan written down, just so people can see what the rest of your plan is aiming at. Keeping your strategy in mind can also be good when you receive offers to place ads online, offline, and everywhere you can ask yourself whether it really fits in with your overall strategy.Your Competitors.You should have a list of everyone in your area who could be considered to be a competitor, followed by how you plan to differentiate yourself from them.Advertising.Your homebased marketing plan should contain a comprehensive list of all the advertising you plan to undertake. This includes a website, advertising in newspapers, leaflets, and so on. For each method of advertising you should list an estimated cost, and the number of customers you expect the advertising to bring in. This allows you to work out your cost of acquisition, which is how much you need to spend on advertising to bring in a customer. The market works out so that this will be more for higher-end customers, and less for lower-end ones.Pricing.Your marketing plan should also list all of the pricing policies you plan to have, as well as any special offers that you think will be good. That doesnt mean that you cant make up new offers later, but its still good to have some on the plan for the long-term.An Example.The Catering & Cake Co.: Marketing Plan.Strategy: Our marketing strategy will be to advertise sufficiently that we will be the first company coming to mind when catering is needed in the Anytown/Othertown area. Marketing will be especially targeted towards people arranging weddings and people planning corporate events, so we will always be looking out for new ways to reach these customers. We will not repeat any marketing effort where the COA proves to be more than 20% of the profit those customers provide.Competitors: In the Anytown area, the established catering companies are Cathys Catering and Funfoods. Cathys Catering mainly cater for low-end corporate events, while Funfoods specialise in food for childrens parties. Our position in the middle-market means that we would be unlikely to provide childrens birthday cakes, and could provide a higher-quality alternative to Cathys Catering for corporate customers.The company that we believe would be our main competitor is Luxury Food and Cakes, based in the Othertown area. They serve the same kinds of food we plan to, and to similar events. However, we differentiate ourselves from them by offering our food at far lower prices. While they use more expensive ingredients, our taste tests have shown that most consumers are unable to tell in blind taste tests which food cost more. Offering mostly indistinguishable quality at a lower price gives us a powerful way to move in on Luxurys customers.Advertising (in order of decreasing cost-effectiveness):Leafleting. $0.01 printing per leaflet, 10,000 leaflets, plus delivery at $100 = $200. Projected 50 customers. COA $4.Local newspaper. $500 per half page, run once monthly. Projected 100 customers, COA $5.Corporate mailshots. $0.10 printing per mail, 100 mails, plus delivery at $20 = $30. Projected 3 customers, COA $10 (however, customers are high-value).Weddings magazine. $200 quarter page, quarterly. Projected 20 customers, COA $10.Pricing:Basic catering: cost + 50%.Deluxe catering: cost + 70%.Cake: cost + 100%.Large cake: cost + 80%.Personalised cake (large only): cost + 120%.Special Offers: Business is slower in winter than in summer, so there are special winter deals. For example, we plan to offer every third person free on basic catering to give extra value for corporate functions in the winter months (November, December, January, February). There will also be a free champagne offer with the deluxe catering in these months.Reprint Permission: You have permission to publish this article electronically, in print, in your ebook or on your website, as long as the author biography is included, unaltered, and with live hyperlinks intact.ABOUT THE AUTHOR:Thomas Choo is the self-styled Internet Entrepreneur specializing in Internet Home Based Business Opportunity. He owns several popular websites in various niche markets. His flagship web site http://www.officialhomebusiness.biz also features quick steps to building niche web sites, as well as a special article series on work from home businesses.For more information about starting home-based businesses, home business ideas, and work from home businesses in general, check the other articles at the work from home businesses index page. |
| Author: Thomas Choo |
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Author Bio:
Thomas Choo
Thomas Choo is a self-styled internet Entrepreneur, specializing in Internet Home Based Business.
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