How to Include a Marketing Plan in Your Business Plan
A good marketing plan will focus on the value proposition of the business, the overall promise to customers. Your value proposition should be clearly stated in the company website and branding materials. It should tell the customer what problem the product solves, what benefits the product provides, and why they should buy from you. The value proposition is the foundation of the marketing plan. Let’s examine the different aspects of this concept. Using the example of a car wash, you should develop a value proposition for your business.
Comparative market analysis
A Comparative Market Analysis (CMA) is an essential part of any business plan. It’s a method of comparing similar properties to determine the value of one. Using the data from comparable properties in the same area, CMAs are a great way to keep communication open with potential clients. There’s no set template for this type of analysis, so the end product may vary a lot. Some CMAs are simple, with a few comparable properties and a final evaluation, while others involve vast data.
The first time you create a CMA, you’ll likely have to research information and gather data. You’ll need to determine how many comparable properties you have in your area. Once you’ve done this, you can compile all of the information into an easily- read document. It’s also helpful to gather comparable property prices for the properties you’ll be marketing. By understanding the factors that influence a property’s value, you’ll be able to set a reasonable price …
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