subject: Planning Your Business And Internet Marketing Strategy [print this page] The Product
The first step in successful business planning is identifying the product. You should offer something worthwhile to your customers. Before launching any internet marketing approach, it is crucial to determine the several aspects of the services and products you offer. You must determine the physical attributes, purpose, relevance, uniqueness that separates you from your competitors, and the benefits of your products and services.
The Cost
The next step is to determine the cost of the products and services you offer. You must contrive the right pricing, which will help you attain your targeted profit margin. It is important to remain competitive without scaring your customers away with the price. The two integral factors when calculating the best price range for your product are the variable and fixed expenses. Remember that the price you come up with must allow you to reach a breakeven point to lessen losses.
The Distribution
A part of your internet marketing strategy and business planning is the method of distributing your products and services. You should have a place where youre going to sell the products and services you offer. In addition, you must also know how they are going to reach your customers. Delivery costs and terms are just some of the considerations when planning for the right distribution method. You shouldnt also forget shipping requirements and policies regarding the transaction.
The Promotion
Once you managed to determine all those above, its now time to figure out the right way to promote your business. Choosing the right advertising channels is important to gain visibility. You must make sure that your promotion is geared towards your target audience. You should also know how to tackle the expenses of advertising either offline or online.
The Employees
If youre planning to offer specialized services, it is important to hire people who are knowledgeable the specific field you are offering. Part of your internet marketing strategy and business planning is the determining the right people for the job. If training is required, be sure that you identify all the factors involved, including training costs, time and type of training.
