Monday, 23 February 2009

Marketing Plan

I have been doing some researching on how to run a business and found that I am missing some very important documents. These documents when put together form a Business Plan. I do have a Business Plan that I created when I took a course on starting a small business in 1999. Oddly enough, even though this is 10 years old, quite a bit of that plan is still applicable with some minor adjustments.

The part of my Business Plan that needs a total overhaul is the Marketing Plan. When I first wrote it I imagined that I would be teaching painting combined with selling my paintings to the public via gallery sales. I did not envision myself selling on the internet in a shop type store.

Some questions needing answers are:
Who is my target market? How do I plan to reach that market? Do I know who my competition is? What types of customers are best for what I offer? What is my marketing budget? I don’t think the answer “I don’t know” is going to be much help.

So for the month of March my goal is to write out my Goals and Objectives for my Etsy store and to write my Marketing Plan for my store.

There are many good books and websites out there to help develop these documents. The book I am using is called The Market Planning Guide – Creating a Plan to Successfully Market your Business, Product, or Service; 6th Edition by David H. Bangs, Jr. This book explains the different aspects that make up a Marketing Plan, a sample of a Marketing Plan and blank forms to use to create your own plan.

Some websites are:

1 comment:

Dan Felstead said...

Thanks for the information and reminder of the importance of a marketing plan. Ironic as it is...for years I was in the Pharmaceutical business and each year like clockwork we would update our marketing/business plan and use it as both a roadmap for the year and as a progress check to look back periodically to see if our goals were being met...if not...make adjustment needed to accomplish the goals. The ironic part is now that I am on my own outside of the corporate world, I have failed to make the marketing plan and business plan for myself. I need to revisit this worked well for me for almost 30 years...