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that make the most sense for your brand and audience. Make sure you plan your promotion
well in advance to ensure everything runs smoothly once you’re ready to launch;

− Analysis – A marketing strategy needs to be just that – strategic. You need to be tracking
its results to learn from them. Once you’ve implemented your promotion plan and your

product has gone to market, you need to watch and listen to find out how successful you
are. Focus on several key metrics to track, such as email clicks, website form submissions,
reach and most importantly, conversions. Look at both what did well and where you went
wrong. If possible, adjust your strategy as you go along, using the lessons you learn to
guide your product marketing strategies in the future.

2.3. Development of a business plan and its implementation

For a business to be successful there must be clarity of direction and focus on results. Strategic
Plans are developed by business owners who want absolute clarity on what the business is to
achieve and how it is to be achieved. One of the best indicators for future success in any business
is the extent to which there is a long-term vision and an underlying plan to achieve that vision.

Failing to Plan is planning to fail, so here are 7 steps you can take to develop and implement a
business plan.

− Write an outline for your plan. Start with broad sections, such as a company mission
statement, product or service description, customer profile, competitor analysis, marketing,

financial, staffing and legal concerns. Create sub-headings. For example, under marketing,
you will include branding, advertising, public relations and promotions. Under advertising,
you can list print, broadcast, outdoor, direct mail and other methods. Under financial,
include startup funding, cash flow projections and your budget;

− Research each section to find expert advice on each. Include information such as how you
will conduct market research or develop customer demographics. When creating your
market research section, discuss what information you will need, what questions you will
ask, how you will ask those questions or administer surveys and what your costs will be;

− Meet with an accountant to review your income and expense numbers, budget, record
keeping and taxes. Meet with an attorney to make sure you address all permits and licenses
you will need, and any health, safety or labor laws you will need to follow;

Project 2019-1-BG01-KA204_062299
The content of this material does not necessary reflect the official position of the European Union.