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Entrepreneurship Marketing Plan

Entrepreneurship Marketing Plan. Marketing Your Small Business. Purpose . Give investors an idea of how you plan to draw in customers. Helps you define your marketing strategy How will you sell your product/service? How will you get traffic to your business?. What will you develop?.

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Entrepreneurship Marketing Plan

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  1. Entrepreneurship Marketing Plan Marketing Your Small Business

  2. Purpose • Give investors an idea of how you plan to draw in customers. • Helps you define your marketing strategy • How will you sell your product/service? • How will you get traffic to your business?

  3. What will you develop? Since your business will be new, you will develop two promotional plans 1. A Grand Opening Promotional Plan 2. A Promotional Plan to support operation after you open the business (6 months to 1 year projection)

  4. Pre-Opening Plan Objectives prior to opening: • Establish a positive image • Let potential customers know you are open for business • Bring customers in (or contact your business) • Interest potential customers in your product/service rather than your competitor’s

  5. How do you do this? • Advertising: newspaper, tv, newsletter, direct mail, directory, specialty items, internet) • Sales Promotion: coupons, contests, samples, give-aways, traffic builders, etc..) • Public Relations (free publicity in news) • Personal Selling • Social Media Initiatives & Brand Presence • Community Involvement

  6. Public Relations • When you start a business, you start with a clean slate, you can project whatever image you want! • PR is designed to create goodwill toward a business. It is “free” publicity. • Can be directed at customers, employees, suppliers/vendors, or the community • What do you do that is newsworthy or unique?

  7. How to use establish an image • Set high standards for your business & follow them- Fed Ex promises delivery on time and supports that pledge with a money-back guarantee • Know what your customers want: IBM surveys its customers every 90 days. • Design your product/service to satisfy customers’ need. Survey them. • Satisfy your customers even after the sale: Zappos is famous for upgrading shipping to overnight at no charge for their customers.

  8. How will you achieve your market goals? Rule of thumb: begin promotions at least six weeks prior to your business opening. Promotional efforts should increase/intensify as the opening date gets closer. Create buzz and excitement about your grand opening.

  9. Ongoing Promo Plan To maintain and build sales after 1st few weeks of grand opening. Objectives: • Explain major features and benefits of your products • Communicate information about sales • Clear up questions and concerns in customers’ minds • Introduce new goods or services

  10. Ongoing promo For a new business, start with quarterly or seasonal plans. Rough out monthly plans to estimate your promotional expenditures (you will need this for your financial statements in you business plan!) Make a calendar to show these monthly plans.

  11. Promotional Plan Format Use the same format for Pre-Opening and Ongoing plans Related activities should have a similar theme

  12. For each activity in your promo plan, you will need to provide the following info: • Brief description of idea • Specific media placement (i.e. Fox News commercial, I-75 billboard at Ford Road, etc) • Submit and run dates (when do you have to turn it in to media and when will it run to the public) • Schedule date of run or release (repeatition) • Number of copies, items, etc.. • Costs (Need detail!!) • Rationale and any notes for chosing type • Visual Samples of marketing promotions. 9. Have a promotional calendar outlining all plans!

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