How to use your marketing plan to gain financing for your business

Many business owners think that they only need a marketing plan to help guide their business. However, you may be surprised to learn that you often need to be able to show a potential lender or investor your marketing plan as part of your business plan. This makes it crucial that you learn how to write and put together a business plan in order to attract the financing that your business may need. You want to be able to show anyone who is going to lend or invest money into your business that you have the knowledge and the skills to reach your target market and successfully market to them. Here is what you need to know about how to use your marketing plan to gain financing for your business-

- Know the purpose of your marketing plan-It is important to grasp the significance of why you even have a marketing plan for your business. Your potential lender or investor is going to want to know why you have written one. The best way to understand the purpose of the marketing plan is to know what the basic characteristics are. The characteristics of a marketing plan are-
1. To establish market trends-This helps to show your lender or investor that you understand your market and the place your business will have in it.
2. To show your target market-Savvy business owners understand that they can't be everything to everyone. Find the segment of the population who is more likely to buy your product or service and market to them.
3. To demonstrate the market tools that you will use-You want to have your marketing plan show how you will market to your customers. This will be based on finding the right target market and knowing the best way to reach them.
- Do the research-Your lender or investor will want to see that you have taken the time to research what marketing plans look like and what they contain. This is not the time to simply make up a form. It can be helpful to take the time to research sample marketing plans online and then take tips from them. However, it should be stressed that your business will have its own unique needs when it comes to a marketing plan. You should never simply copy someone else's marketing plan or use a generic template that you find on the web. Addressing your business' unique needs is the key to a successful marketing plan.
- Have all of the parts of a marketing plan-You should make sure that when you write your marketing plan that it is complete and thorough. Your lender or investor will want to see a complete marketing plan without gaps and vague information. There are suggested parts that should accompany your marketing plan. These marketing plan sections are-
1. Executive Summary-This part of your marketing plan will be the summary of the entire plan. This should help anyone who is reading to be able to see what the marketing plan is that will help to make your business a success. They should also see what your budget will be, what your goals are, and what you will use to measure marketing success.
2. Market definition-This section of your marketing plan should be a detailed analysis of your market and how your business will be positioned.
3. Target market demographics-This section of your marketing plan should include all information that has been determined about your target market.
4. Marketing message-This is the section where you detail your marketing message.
5. Budget-This is the financial section of your marketing budget.
6. Conclusion-This allows you to add anything that you feel has not been covered enough in the previous sections.