There are several critical components needed for a successful business plan, including a competitive analysis, market share and market penetration assessment that helps establish the Strategic Marketing Plan and collectively provides the support for revenue assumptions in viable financial forecasts. It is also critically important to have an executive and key employee team that includes a commitment, from principals in smaller plans to a depth of talented and experienced marketing professionals in larger plans, to accomplish the goals and efforts expressed in a Strategic Marketing Plan, and, therefore, the business plan.
While Strategic Marketing Plans obviously vary substantially according to the type of business, there are several key areas that usually need to be included:
* As our parents and grandparents told us, “Don’t put all your eggs in one basket” by having only one sole or primary directive. Be sure your marketing plan includes many directives from direct marketing to Web site SEO to advertising.
* Marketing budget – Be sure your plan has a standalone discussion, if not an Excel spreadsheet, in your marketing budget that is integral to a successful Strategic Marketing Plan.
* Be sure that you not only have the right staff undertaking the Strategic Marketing Plan but also define that staff and duties within the Strategic Marketing Plan.
* For business plans that depend on Web traffic, the Strategic Marketing Plan needs discussion of how that traffic will be built, who will be responsible and the various efforts to be made.
* Branding – How will you establish your brand? How important is that to your business model? Again, depending on the type of business, this may need extensive discussion in a Strategic Marketing Plan.
Of course, there are many other components of a successful Strategic Marketing Plan. An analysis of business plans received from entrepreneurs typically does not support their forecasted assumptions. Keep in mind that your Strategic Marketing Plan and your management team drive your business from sales of services to products, and if the Strategic Marketing Plan is insufficient, the forecasts will be deemed to be unrealistic by investors.
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