by Victor J. McCoy
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.
Writing your marketing statement is a task that requires research and the knowledge gained from that research. From that we begin to realistically formulate our plan.
Your market statement should cover at least one full year of your business' operations. During that year it would be wise and prudent to record you activity to analyze the results monthly. During that year also seek new and creative ways to market your business. By the end of that year you will be able to see what is most effective and what you need to avoid. New technologies and market conditions may allow you to accomplish more with less in the coming year. But always be thinking forward as you observe, research and inquire.
The following information will guide you through the process of developing your statement. You do not need to purchase any special business software templates. Just begin preparing it in a Word document.
List quantifiable goals. Start right by listing your goals. Make sure they 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.
Section 1 of your statement
"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.
Section 2 of your statement
"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.
Once your product/ services have been described, explain what marketing tactics you intend to use to launch your marketing campaign. Marketing strategies include web, direct marketing (such as sending coupons or letters to targeted people or groups), print and television advertising, and participating in trade shows.
Section 3 of your statement
The budget. Finally, end your marketing statement with a discussion of how you intend to fund the marketing plan and what your budget will be. Your budget should include and itemization of your expenses including business cards and fuel needed if travel is necessary.
This is just a short summary of the basics of how to write a marketing statement or plan. If you would like a free copy of the entire makeup (what it includes and table of contents) email me and I will send you a copy.
