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Show Summary

Today we’re talking about how to write the Marketing Overview Section of your business plan.

A.    This section will come just after the Business Overview once you have a clear understanding of your business’s . . .
1.    industry
2.    objectives
3.    mission
4.    available opportunities

B.    Now, you can begin documenting some detailed information about your target customer, your competition, how you will penetrate this market and your overall marketing strategy.  Are you ready?  Well, let’s get ready to do some planning!

C.    So, before we get started, I want to know how you are doing with your Business Overview.  I am thrilled to hear from those of you who have emailed us with your excitement and enthusiasm over finally being able to get your business plans written.  If you are having any problems with writing the Business Overview section or have any questions, please email us at comments@microbizcoach.com or you can comment in our blog as well at www.microbizcoachblog.com.

D.    Okay your Marketing Overview will have four components:  Defining Your Market, Research the Competition, Market Penetration, and a Strategic Overview.  In order to keep the podcast short and sweet we will have a part 1 and a part 2 for this section of our creating your business plan lesson.  So we’ll review the first two of these components in today’s show.

1.    Defining Your Market
a)    Who is your market (or your target customer)?  In other words, who do you expect to purchase or use your products or services?  Is your customer an individual, business or both?

b)    What are your target customers’ buying habits?  How do you find your target customers’ buying habits?  
Where to find this information:
            **Household Spending: Who Spends How Much on What
            **SRDS Lifestyle Market Analysis in Library

c)    What are the current and future trends of your products or services?  Is it a growing market?  What area of the country shows the most potential for growth?  Is there an international market for your product or service?  If so, tell why you believe there is an international market and describe who this market would consist of.
Sometimes finding this information is as easy as doing a google search on your industry.  For example, if you are in the travel industry, you can go to google and type in “travel industry outlook.”  This search should net you several resources for forecast of the travel industry.  Once you get these results, however, you’ll want to decipher through them to find those that appear to be from a trustworthy source.

Where to find this information:
US Department of Labor’s website
Thomson Gale Industry Analysis & Statistics (library reference)
Trade association publications

d)    Identify any factors in your business’s industry that may negatively or positively affect your bottom line.  If the effect is negative, explain how your company will be protected from the turmoil.
So for example, you may not have the financial resources to purchase the required amount of inventory needed to get shelf space at the big retail outlets.  Well this could be a negative effect if this is the right time to get your merchandise out.  But you can protect your business by focusing on the smaller outfitters you have already created a relationship with.

2.    Research the Competition
a)    Find your top three competitors and note the following information:  1. What are their products or services?  2. What do they have in common with your products and/or services?  3. What is their company philosophy?  4. How are the products and/or services distributed?
Sometimes a google search is all you need to research your competitors.  You need to know the answer to the other questions to more thoroughly create your marketing strategy.  For example, you need to know what distinguishes your business from others so you can inform your customer of this advantage.

b)    What are the strengths and weaknesses of your competitors?
Knowing your competitors weaknesses has an obvious advantage.  Knowing their strengths can give you an idea of what you can focus on to build your brand.

3.    Well, again, you should take a week or two to complete this second part of your business plan and stay tuned to the Micro Biz Coach podcast for Lesson 2 Part 2 of Creating Your Business Plan when we will continue to talk about how to write the Marketing Section.

 

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