The promotional mix for business plans is a topic generally addressed in the marketing strategy portion of the document, after you've looked at the market for your company and right before you delve into the management team and personnel plan. This portion of the business plan should explain your competitive edge, list out the advertising methods that are most likely to generate business for your firm, and give an overview of your implementation plan. This could include partnerships, acquisition targets, or more general ideas like branding and product positioning. The promotional mix should take into account all of the following items:
• How does the area in which you sell influence your success?
• What is it about your product or services that is unique?
• What promotional strategies make the most sense for you?
• Which advertising channels will pay the highest dividends?
• How does your positioning (vis-Ã -vis competitors) influence your likely success?
The promotional mix will carry the most weight if you have given serious thought to the amount of your overall budget you will allocate to marketing expenses, and have looked into which methods will give your brand the best exposure (newspaper vs. radio, print magazines vs. Internet CPC, etc). This section of the plan should also tie back to the market analysis, which needs to prove that you know who you are competing against, what the industry has been like in recent years, who your client base is (and where), and what your customers need. Want assistance with the promotional mix for your business plan? Call the experts at MasterPlans. Since 2002 we have been helping entrepreneurs get their plans ready and we can deliver for you: (877) 453-2011.
