Create Your Marketing Strategy
In the Marketing Strategy of your plan document, you outline the strategies you'll use to achieve your marketing objectives. A good place to start is by defining your marketing mix, which includes "four Ps":
- Product. The product or service you're selling
- Price. Your pricing strategy, that is, how much you'll charge for your products or services
- Place. Where your business is located and where you’ll be selling your product or service
- Promotion. The marketing channels you'll use to market your product or service, such as direct mail, advertising, public speaking engagements, etc.
Your marketing strategy will also identify your target markets, both current and potential. Target marketing—that is, concentrating on one or a few key market segments—is a smart way for a small business to focus its marketing efforts on a limited budget. There are generally two ways to segment your market. First, by geography, through serving the needs of customers in a particular geographical area or areas. Second, by customer segment, which involves identifying and focusing on the type or types of customers who are most likely to buy your product or service.