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Is entrepreneurs want to increase the effectiveness of their marketing plans as virtual CFO. All they need to do is include the target market of their business. The reason why this is so important to have. It said that entrepreneurs will know exactly what’s their marketing plan is, and who they are targeting as soon as they open the doors to their business.
Entrepreneurs need to understand how important this is. Because 42% of failed entrepreneurs are not able to find the customers they need. And is the reason why they failed. It’s important for business owners to figure this out early as possible. Ideally, before they even start their business. Because 15% of entrepreneurs fail in the first year alone.
But many business owners struggle with who their target market is says virtual CFO. They want to send out as much advertising is possible to as many people as they can. Their reasoning is, they want as many people to know about their business as possible.
What entrepreneurs are not taking into consideration with this approach, is how often consumers need to see advertisements. Before they will buy a product for my company. On average, virtual CFO says that consumers need to see an ad 4.3 * from a business owner before they will purchase.
However, business owners need to also understand that however they reach out to a customer, is going to count towards one of that 4.3 X. Therefore, if business owners introduce themselves two customers. And then they have a flyer campaign, and then they put a great big sign on there building. and then they have a Google AdWords campaign. those can all count Towards the 4.3 * they needs to reach out to a customer before they will buy.
The larger the target market is, the harder it’s going to give that level of consistency in marketing efforts. Seeing as how many entrepreneurs have an extremely small marketing budget when they start. By marketing to a smaller group of people. But doing it consistently can help business owners see a return on their marketing. Which will allow them to start to grow the revenue of their business.
Once a business owner is convinced that they should go with a small target market. Virtual CFO says the next thing that they need to figure out is where this target market is going to be located. The recommendation is for people to choose the geographical location in and around their business.
The reason why the geographical location is important because they will be able to Market to people who are driving past their building, by seeing the sign on their business. But there’s also other reasons why it’s important to choose the geographical location around the business.
If entrepreneurs ever needs to make how such as if they are a plumber, or any kind of contractor for example. Or if they will ever needs to do deliveries of their products. By having the geographical location close to the business. Entrepreneurs can avoid wasting a lot of time and therefore a lot of money doing calls and deliveries.
Many business owners understand how important it is to have business plans as a virtual CFO. And in fact several studies have been done in order to prove how effective business plans are. For example, Palo Alto, who is a software company. did a survey in order to find out how effective business plans were. What they discovered, was that businesses that had a plan were 50% more likely to succeed in their business and grow their revenue then business is it with no plan at all.
Therefore, if entrepreneurs are serious about wanting to succeed and grow their revenue. They should be looking at creating not only an effective business plan. But an effective marketing plan that includes the target market of their business.
The target market is incredibly important to include. Because, as virtual CFO says it can actually influence several aspects of an entrepreneur business plan, and not just the marketing plan. For example, who the target market is is going to influence the advertising budget, as well as the cash flow projections and even pricing of the products and services that they sell.
When’s a business owner has figured out what’s their target market is, and how they are planning on marketing to them as soon as they open the doors to their business. This is something they should be putting in the executive summary of their business plan.
The executive summary is actually the most important section of a business plan. Because it is a summary of everything that is included in the business plan. Business plans can very easily be 30 or 40 pages says virtual CFO. And Minnie Financial companies do not have the time to read that in order to make their financial decisions, therefore, many executive summaries are the only parts of the business plan to get red. By including the target market, that influences all other aspects of an entrepreneur’s business plan. They can show the financial companies that they are trying to get loans from. How detailed are, and how they are planning on increasing their revenues.
By focussing on marketing to their target markets consistently. Business owners can significantly increase the revenue of their business. As they increase the revenue, they will be able to grow their business, and eventually, start to grow their target market.
Therefore, business owners should also know who their next target market is going to be so as virtual CFO. That way, when they are ready to grow, they will be able to very easily understand who their new target market is going to be. And how they are going to consistently Market to them.
By creating these plans ahead of time can help entrepreneurs I know exactly what they’re going to do in their business and when in order to succeed. The sooner an entrepreneur will be able to identify this in their business, the sooner they’re going to be able to succeed. Virtual CFO recommends that they understand this even before they open the doors to their business, so that’s they will be able to hit the ground running
