A successful venture is one that has been thoroughly thought-out and planned. Whether you are writing the market analysis portion of a business plan or simply developing a separate document specifically aimed at setting forth your marketing plans, you need to approach the task armed with research and knowledge. You will use your marketing statement as a tool to secure funding, attract investors, and, perhaps most importantly, to make money for your business. Plan the document through and write it carefully.
Instructions
1. Plan on writing your market statement so that it covers one full year of your business' operations. According to entrepreneur.com, writing the marketing statment (or plan) should cover a year of operations because of the ever-changing nature of business. Things change; markets ebb and flow. A plan that is too long in scope is not useful; a plan that is too short may not prepare you for the road ahead.
2. Open a word document and title it "Marketing Statement" or "Marketing Plan." Underneath the title, craft a mission statement. Your mission statement should be a short (no longer than a few sentences) statement about your vision of the business and your goal for your market plan.
3. List quantifiable goals. Under your mission statement, start right off by listing your goals. Ensure that the goals are realistic and measurable. For instance, your goal could be to attract one hundred new customers. Or, your goal could be to increase profits by 10 percent. Spell the goals out; use bullet points for readability.
4. Next, title a section called "Market Analysis." In this section, describe (in great detail) your business' market. List the target groups (youths, adults, doctors, etc) that your business aims towards. Discuss your competition. Include analysis about the market's potential for growth (or shrinkage). Use this section to provide a snapshot of your market.
5. Start a third section called "Product Lines" or "Services." In the third section, explain what your business offers. Use the data in the market analysis section and discuss what you intend to introduce into the market.
6. Explain your marketing strategies. Once your product line has been described, explain what marketing tactics you intend to use to launch a successful marketing campaign. Marketing strategies include direct marketing (such as sending coupons or letters to targeted people or groups), print and television advertising, and participating in trade shows.
7. Discuss costs and budget. Finally, end your marketing statement with a discussion of how you intend to fund the marketing plan and what your budget will be.
