StrengthInBusiness FAQ Session
The 5 Most Frequently Asked Questions About Business & Marketing Plans
1. Why is a business plan important for entrepreneurs and small businesses?
Most businesses fail due to a lack of a business plan, under-capitalization and other challenges – such as focusing on the wrong target audience.
According to a recent BBC news report, 4 out of every 5 business start-ups (=80%) ends in failure and one of the main reasons comes down to either poor planning or a total lack of it.
2. What is the difference between a business plan and a marketing plan?
A business plan describes and covers the entire business. It encompasses the company’s ultimate business goals and strategies. A marketing plan is an entity within a business plan. Whether you include your marketing plan into the business plan or you design a separate document, both plans must be consistent.
3. Why do I need a marketing plan?
How often have you heard this question from small business owners? Why should you invest your valuable time, energy and resources into creating a marketing plan in the first place?
One of the most important, yet often overlooked areas for the small business owner is the development of a marketing plan. An effective plan will help you clarify your marketing objectives, allocate responsibilities and implement your marketing strategy.
It will also help you focus on your target audience to create products and services your customers really need and want to buy.
Here are the TOP 3 reasons why every small business owner needs a marketing plan:
Reason #1. If you want your business to become a household name, you MUST have a marketing plan. It is a requirement!
Reason #2. As a crucial part of your overall business plan, you will need to have a marketing plan in place (a sound marketing plan often makes 80% of the business plan) if you want to get funding from banks and other financial institutions along with venture capitalists and angel investors. Only the trip F – Family, Friends and Fools, are known for giving money to small business owners with great business ideas.
Reason #3. The heart of your business success lies in its marketing. If your product or service doesn’t sell, don’t start the business!
GOOD MARKETING ==> GOOD SALES ==> GOOD BUSINESS
BAD MARKETING ==> BAD SALES ==> Sooner or Later NO BUSINESS
4. How do you typically get started with a marketing plan?
The three main phases of a marketing plan are:
1. Creation, Development, Design
2. Implementation, Execution
3. Audit, Revision
If you skip one phase or decide to focus extensively on a particular phase, you might encounter tremendous difficulties. This is a living process that needs to be revisited regularly.
The three phases are the lifecycle, the blood circuit of every healthy marketing plan.
5. What are the key ingredients of a successful marketing strategy plan?
If you ask ten marketers about the standard elements of a good marketing plan, you might receive ten different answers. However, some of the key factors are always included in their feedback.
StrengthInBusiness recommends the following 10 key ingredients for designing a marketing plan that will help you achieve the goals you defined in your business plan and drive your company’s growth:
1. Target Market
2. Unique Selling Proposition (USP)
3. SWOT Analysis
5. Customer Value Strategy
6. Online Marketing Strategies
7. Joint Venture Partners
8. Referral System
9. Ongoing Marketing Programs
10. Marketing Budget
Boost your marketing impact by developing and implementing a world-class marketing plan.
“If you fail to plan, you are planning to fail!” – Benjamin Franklin