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Not only is it important for business owners to have marketing plans as a virtual CFO. But they needs to include those Target markets that they are going to be marketing too. So that’s their marketing plan can be complete.
It is important that business owners are putting this marketing plan into their business plan. So that they can I know exactly what they are doing in their business to succeed. Since the target market is going to impact not just the marketing plan. But virtual CFO says that it’s going to impact the rest of the business plan as well. Including cash flow projections, pricing, and budget.
However, many business owners are not even taking the time to create a business plan at all. This would be a huge mistake because business plans can help entrepreneurs succeed. In fact, Palo Alto did a survey and discovered that entrepreneurs with business plans or 50% more likely to grow their business. Then entrepreneurs that did not have any business plans at all.
Therefore, if entrepreneurs wants to increase their chances of succeeding in their business. They should ensure that they create a business plan with their virtual CFO. When they do this, not only will they know exactly the activities that they need to be doing in their business and when in order to succeed.
But they’re also going to understand who their target market is, and what’s they’re going to do when they open the doors to their business To generate Revenue. If business owners don’t specify their target market. They often make the mistake of trying to Market to an extremely large area. And that is an inefficient strategy. Or, they are not consistent enough in the area that the Market’s too, causing the results to be underwhelming.
In order for an entrepreneur to get as much return on investment from their marketing as possible. And to get as many customers as they possibly can. Virtual CFO says it’s important that entrepreneurs Market to one area several times. The reason why, is because consumers need to hear from a business an average of 4.3 times before they will take action and purchase from that business.
Therefore, the strategy cannot be trying to get as many people to hear about the business as possible just one time. Instead, the strategy must be reaching small section of people very consistently so that they will start purchasing from the business.
When entrepreneurs are successful at this strategy says virtual CFO. They will starts to increase the revenue of their business. And when they increase the revenue of that’s enough. They’re going to be successful and can start going after a larger target market.
By implementing the strategy in their business. Entrepreneurs can significantly impact the success of their business. By ensuring that they are finding customers, and inspiring them to purchase from their business. The sooner an entrepreneur can do this. The sooner they’re going to be able to overcome the high failure rates that entrepreneurs in Canada face.
One of the most important things that an entrepreneur should be doing according to Virtual CFO. Is 2 specify who their customers are in their marketing plan. This doesn’t just mean who their ideal unlikely customers are. But they also need to figure out where they are going to find these customers. This is called their target market. And it’s very important for entrepreneurs to figure out in their business.
In fact, the reason why this is so important. Is because 42% of entrepreneurs who have failed in Canada identify not being able to find enough customers in their business as the reason for their business failure. Therefore, when entrepreneurs can identify who their ideal unlikely buyers are. And come up with a strategy on how to reach them. They can aim to be more successful than most of the entrepreneurs who failed in Canada.
However, many business owners don’t know the best way to choose what target market they should be going after. However, virtual CFO recommends that for entrepreneurs that are just starting out. That’s the ideal target market is the specific geographical location around their business.
The reason why this is the best Target markets to start with. Is because it can be expensive for entrepreneurs to Market to this area. Because they spend most of their time in that area. And so that’s customers that starts to see the marketing can have it increased in Effectiveness. By seeing the signs on the entrepreneurs building.
Weather in entrepreneur has no marketing budget at all. And must deliver door hangers door-to-door themselves. Or if they are calling on all of their ideal and likely customers and introducing themselves. These are free marketing strategies. That are going to be more effective when entrepreneur markets in the geographical location of their business.
By doing this consistently, business owners can start to see the return on their efforts, and start to generate some sales in their business. Virtual CFO says that as they increased their sales. They can start to increase their advertising budget. Whether they decide to do a flyer drop next, or purchase Google AdWords or some other form of advertising.
Once business owners have been marketing to the area buy one method. Adding additional marketing strategies to the same area can start to generate even more results. Therefore Business owners can understand that adding more marketing efforts to the same area can increase the effectiveness of their marketing.
But as the business owner starts to increase the revenue, and grow their business. They’re going to be able to increase their target market, expanding outwards from their business. And getting more of a market share than they had before.
When business owners are able to do this, by following their business plan and their marketing plan. They’re going to be able to have a method to increase the revenue and overcome the odds of failing, that’s has impacted so many other entrepreneurs before them.
