A marketing business plan is the first step to starting a new, expanding your current, or purchasing an existing marketing business. At DTC, our developments are used to create a vision for businesses, secure funding, secure non-repayable business grants, attract team members and/or in managing the business.
The Marketing sector is a positioned in a tough economy coupled with rising interest rates have created uncertainty for many South African companies. However, it is crucial that businesses which aim to grow continue to promote themselves through marketing activities.
Businesses need to promote themselves during difficult times. Marketing and advertising are key for a business to position themselves for growth once the market picks up.
The Importance of Marketing for Businesses
The importance of marketing for your business is that it makes the customers aware of your products or services, engages them, and helps them make the buying decision. Furthermore, a marketing plan, a part of your business plan helps in creating and maintaining demand, relevance, reputation, competition.
Marketing covers a whole gamut of activities aiming to make people aware of your products and services and persuade them to buy the same. While advertising is the most common way of marketing, it also involves consumer research, product design, as well as other aspects. Sales are an outcome of marketing. This is why it becomes important to thoroughly understand the importance of marketing for businesses and B2B marketing strategies that businesses adopt.
Essential elements of a well-structured Marketing Business Plan include:
•Executive summary: This section lists the products and/or services, and vision statement of the business. Includes key information on your business and the top management, funding requesting and the need thereof.
•Market analysis: Includes an analysis on market trends and characteristics, SWOT analysis, the target market, and competitive advantage.
•Sales and marketing strategy: This section lists your plan for reaching, engaging, and converting target prospects into profitable customers. It includes the pricing strategy.
•Publicity and advertising strategy: List the platforms you intend promoting your products and services on. It includes a plan for sustainability and expansion, as well as milestones.
•Financial plan: Consists of budgets and information that detail the minimum requirements for your business, the investments you will need to make and how you plan to finance them. This allows you to determine whether your business idea is feasible.
•Financial projections: Eight documents comprising of the management account, income statement, balance sheet, cash flow, cash forecast, break even analysis, loan amortisation schedule, and fixed asset schedule with ratios, charts, and calculations.
•Annexures: Contain statutory information required by funders in an application (contact us for the complete list).
At DTC…
We understand the requirements and criterion for a well-developed business plan. Whether you are using the plan to raise funding and/or non-repayable business grants, we guide you forward through the entire process. We will provide access to our vast network of funders across South Africa.
For more information and assistance – Contact us today!