The Secrets to Writing A Successful Business Plan: A Pro Shares A Step-By-Step Guide To Creating A Plan That Gets Results by Shelton Hal

Author:Shelton, Hal [Shelton, Hal]
Language: eng
Format: epub, pdf
Publisher: Summit Valley Press
Published: 2014-01-30T22:00:00+00:00

Key Lessons

Effective marketing plans are developed through research and analysis and will change as business conditions change. Taking shortcuts to describe the market does not help you.

Every business has competition. After all, all customers who might want your product or service today bought it or something like it from a competitor yesterday.

Most customers do not progress directly from awareness of your company to buying your product. It is therefore critical to have a “funnel” of prospects and customers at each stage of the buy cycle. One common mistake many new businesses make is that they get busy with their first few clients and then neglect marketing and sales. Then they find themselves with an empty prospect list and many months of no income. A complete marketing plan ensures that each stage of the buy cycle has tactics to attract prospective clients and guides them to the next stage toward purchase.

Determine the metrics—how will you measure the success of each marketing tactic?

Determining your product or service price is as much art as it is science. Price should be consistent with your brand strategy, market factors, and your cost structure. A price is not forever; you can change it until you find what works best. This especially applies to internet businesses, which commonly use dynamic pricing.

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