Usually, banks and venture capital firms make the existence of a viable business plan a prerequisite to the investment of funds in a business.
Which geographic area does your business serve? What are the demographics of the customers you intend to reach? What are the psychographics of your target customers? Psychographic characteristics include purchasing motivations, lifestyles and values.
As in so many other sections of your business plan, you must be very specific. A potential lender or investor will not take you seriously if you define the target market for your grocery store as "All people, because everyone needs to eat.
They seek healthy, organic, locally grown food and are willing to pay a significant premium to feel good about their purchase and obtain higher quality items.
How many consumers are in this market? Then, what percentage of that market will you attempt to gain as customers — how large is your segmented available market? Finally, what share of that market will you realistically reach? Demonstrate a thorough understanding of your target market as gained from both primary and secondary sources.
Primary sources include any market research your business conducts, such as interviews, surveys, focus groups and market testing. Secondary sources include data and publications produced by trade and industry groups, government agencies, chambers of commerce, merchants associations and so on.
To understand the qualities that make for a great company, investors must dig deep into "soft" metrics. What Makes A Company Great? Investors will be curious about your long-term plans. Do you just want to have just one very successful store, or do you hope to expand — and if so, how broadly and how quickly, and under what circumstances?
To refresh the world Inspire moments of optimism and happiness Create value and make a difference. Coca-Cola then elaborates on this simple mission statement by explaining its vision, goals, priorities and metrics. Your business plan should do the same. In fact, the "about us" and "company profile" sections of corporate websites can be great sources of inspiration when writing your business plan.
What slogan will you use to convey the primary benefits of your product or service? Walmart encapsulates the advantages its customers gain with a simple phrase: Your slogan should be concise, memorable, positive and differentiate your brand. Think about the kind of image you want to project and how this image will help you connect with your target audience.
Are you a luxury brand or a value brand? How do you fit into the community?
How do you decide which products to source? What are your quality standards? Whole Foodsfor example, brands itself in part with its eight core values, which include selling the highest quality natural and organic products available, supporting team member excellence and happiness, and practicing and advancing environmental stewardship.
Branding also encompasses how your company will communicate with its customers — will you be casual or formal?
Friendly or strictly business? Marketing What methods of marketing will you use to reach your target customers? For example, how and where will you advertise? What promotions or giveaways will you offer?
What makes these marketing methods the best ones for conveying the unique features and benefits of your product or service and for reaching your target market? How much will it cost?Think of your marketing plan as kind of a “business plan” for your marketing.
In fact, if you are a startup, a marketing plan should be part of your overall business plan. If you’re beyond the startup stage, you still need a marketing plan to set the stage for your efforts throughout the year.
business - The Basics of Branding - timberdesignmag.com But what exactly does "branding" mean?
How does it affect a small business like yours? when and to whom you plan on communicating and. Each of these will be explained in full detail later but first I want to get you thinking about the different elements that go into creating a fitness marketing plan. A business plan lays out a written plan from a marketing, financial and operational viewpoint.
Sometimes, a business plan is prepared for an established business that is moving in a new direction. A marketing plan may be developed as a standalone document or as part of a business plan. Either way, it is a blueprint for communicating the value of your products and/or services to your customers.
Either way, it is a blueprint for communicating the value of your products and/or services to your customers. Create an investment-worthy business plan with our template builder. Download into Word or PDF for free. We ask the questions, you fill in the answers.