04 May WHAT WILL BE YOUR MOST EFFECTIVE MARKETING AND PROMOTIONAL STRATEGIES?
The Business Proposal Must answer/address these key questions:
1) What is the need that your business exists to satisfy?
Every business exists because of some noticeable opportunity that you have discovered within the market. So you must clearly define the need and/or problem you are solving with this business.
2) How will your business satisfy the need?
Introduce and describe the business itself. Consider including a mission or vision statement with objectives detailing how the business satisfies the need in the market.
3) How does your company differentiate itself?
Describe your business model and competitive advantage. This will help you to outline how the business will sustain its position within the market.
4) Who will be the key players in the business?
Name the management team, board and advisers to the business. Highlight their expertise and experiences.
5) How big is the market you are entering?
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Only after understanding the industry you are entering – its size, attractiveness and profit potential – can you truly justify the opportunity.
6) Who will you be targeting as customers?
Narrowing down your target customer will help enhance and define your
marketing strategy.
7) What will be your most effective marketing and promotional strategies?
Once youve identified your target client, youll need to develop and implement a strategy on how best to reach them (e.g. PPC, television, radio, social, etc). And this in large part will be influenced by where your target client consumes information.
8) What are the economics of your business?
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