Episode 94 is part of a series called "How to Start a Business" that we have designed for people who are just getting started with the idea of starting their business, as well as for those of you who have one and you need a refresh, revamp, or major overhaul. Episode 94 covers Part 7, which focuses on the Marketing Plan and, specifically, what makes up Marketing Strategy, examples of a Unique Selling Proposition, and we're zooming into these elements of the 4 Ps of the Marketing Mix:
- Distribution Strategy (as part of Place)
- Promotional Tactics (as part of Promotion)
We're also going to explain the steps to create a Marketing Budget. We'll break down Fixed and Variable Costs, and how to Categorize Marketing Expenses. We'll also provide insights on Industry Benchmarks and 12 ways to use them effectively, and how to Review Return on Investment (ROI) expectations. Then we transition over to some of the concepts that we briefly mentioned in Episode 93:
- Customer Acquisition and Retention
- Metrics and Key Performance Indicators (KPIs)
- Risks and Contingencies
- Long-term Growth and Expansion (including some examples for expanding into new markets, launching additional products or services, or scaling your current operations.
Yes, folks, just like Parts 1-6, you also have homework for Part 7. It's not easy, but it's definitely worth it! Listen, learn, and share with friends, family, and associates. Be sure to follow, like, and subscribe to the Don't Call It Small...Business social media profiles and podcast.
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https://youtube.com/user/ForemanAssociates HOST: Natasha L. Foreman, Managing Director, Foreman & Associates, LLCWebsite:
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Business Shout-Out Segment Song: “Pulsar” by Shane Ivers
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