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.

Marketing to a growing Hispanic population

By 2010, gross revenue advertising targeted to the Hispanic community will reach $5.5 billion, according to Kagan Research. While marketing to a primarily Hispanic audience is a lot like marketing to other audiences, there are some fundamental differences in how to successfully market to them. Below are four ways to market authentically without being offensive.

• Know your market. Marketing to first-generation Hispanics is very different than marketing to second (and beyond) generations. These second, third, and fourth generations live a mostly Hispanic lifestyle, but also speak English.

• Be aware of cultural nuances. Learn that Mexicans, Cubans, Puerto Ricans, and other Latin American cultures are all very different and do not all share the same customs or beliefs.

• Be sincere. If you are trying to market to the Hispanic community to make a quick buck, you are in the wrong industry. Show your audience that you sincerely care about their needs. Believe me, they will notice.

• Follow up. Take time to develop your product. Successful marketing takes time and patience, don’t expect to receive instant results.

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