Create a Marketing Plan For Success

We all know that a business plan is necessary to receive a small business loan. But did you know that it is also advantageous to create a marketing plan as well? Marketing plans specify key marketing objectives that you will use to market your product, service, and/or brand. Typically marketing plans are used for one year. However, you can create a five-year marketing plan for long-term goals. Marketing plans can stand alone or included in your business plan. As a small business owner some key statistics will be needed in order for your marketing campaign to succeed. Some ideas to think about are: Demographics, Pricing Strategy, Competition, Marketing Budget, Description of your product or service, and Market Segmentation.

For assistance in creating a marketing plan, check out the SBA.gov website for more information.