Marketing Plan For New Business

30 May 2017

Ask Freddy: How Do I Create A Marketing Plan For My New Business?

Q: Dear Freddy:

I’m setting up my own business in India where I’ll be teaching meditation and techniques on “mind management.” I’ve gotten a certification from the appropriate agencies and I also teach well, per the feedback I’ve received across different countries. How should I prepare my marketing plan and conduct local research?

— A.S. in India

A: Dear A.S.:

Regardless of the country, these basic steps toward creating a campaign should work:

  • Define both THE PROBLEM your new company will solve (e.g., not enough meditation practices in the market) and YOUR GOAL for each quarter of one year. Be sure to make your goals as specific as possible — not just “awareness” — down to the amount of money you need to make. Note that these may change after you do your research.
  • Research all the STAKEHOLDERS:
    • customers
    • competitors (even those in different industries who serve the same needs)
    • your company employees/investors (including your budget, your skills, and your moral values)
    • and very importantly, your community. That includes all the influential people and organizations who can help (or hurt) your business, and also any potential partners, such as doctors who might refer clients to you.
  • Based on the problem, your goal, and your stakeholders research, start identifying the proper media and messages to reach your customers AND your influencers. Be sure to do something different to stand out from the crowd, but always make sure to protect your brand.

This may all still sound a little vague, but once you start doing the research, the next steps will become clearer.

— Best wishes on the new biz!

Freddy

Do you have a question about marketing you’d like to ask Freddy?
Simply drop him a line.

photo by rawpixel via Unsplash.com

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Freddy is the Founder & Creative Strategist of Atomic Tango. He also teaches at the University of Southern California (go Trojans!), shoots pool somewhat adequately, and herds cats. Freddy received his BA from Harvard and his MBA from USC.

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