Does Your Target Market Know How To Write a Business Plan? Part 4 of 4

February 27, 2009 by Carl Tambeau
Filed under: Internet Business Plan, Online Coaching

As with any business plan, a lot of research is necessary to create an effective, successful business profile. Future projections are in part based on history within your company and/or history within your industry.

After analyzing the history of all events and important transactions, you need to understand the economic changes which are predicted for your industry. Government policy changes can have major impacts on a business, regardless of industry. The current economic slowdown is definitely affecting 2009 projections and at this point into 2010.

For the online presence using historical data of your current business to determine how to write a business plan,will not give you and accurate picture of your internet business plan.

Yesterday we walked you through some steps and helped you to understand the importance of researching your target market. It is at this point you will need to open the spreadsheet you created on the top 30 competing websites within your industry.

Using the demographics data of all the competing sites gives you a clear picture of who your audience is and it is this data that helps you to understand your target market, before you open the doors online. In your offline business it would cost you a lot of time and expense to get this type of information, if you were even fortunate to be able to have such information at all.

Most of you learn who your target market is in a general way, some of you may not care because your business is in a high traffic location.

In a high traffic location you may be more concerned about the buying habits of your customers determined by what merchandise sells best, which is in part related to fads.

Online we get to understand, for the most part, who our target market is before business opens as online it is all about unique traffic and that traffics interests in your subject. As an example if your business is selling ballerina shoes, I believe it is safe to assume this will be more of a female audience, ages 18+. Usually moms browse online for these types of purchases more so than the dads do. (another safe assumption)

So now let us say you are focusing all of your marketing efforts on dance forums and in this industry there are varying audiences here as dance is not just ballerina.

One of the forums you are focusing on has 20,843 unique visitors monthly (Nice!). Now we will assume you have been marketing to this forum for 3+ months and you sold 6 pairs of ballerina shoes – time to close shop? Maybe but wait first!

Before you started marketing to this forum did you check Quantcast so you could understand your audience. NO! Why NOT!?

So over we go to Quantcast and yes you are right there are 20,000+ unique visitors monthly “BUT” the audience is Male 18-30 range, Other for Ethnic Group, No children – Well all we can say is the fact you sold 6 pair makes you a marketing Guru because with this crowd you may not want to know the clients who bought and why.

At this point we have driven the importance of knowing your audience but also with tools such as Quantcast, the base of your Internet Business Plan is solid as you have a really good idea of where your sales will come from.

Next you need to further your knowledge on what your audience is buying online.

Will they buy your product?

Can you convert your product or service into a down loadable info product?

How to write a business plan is not as cut and dry as your offline plan. To learn more fill out the form on the upper right side of this page and we will help you to create your ultimate Info Business Plan. (The IBP Strategy For 2009 and Beyond!)

Sincerely,

Carl Tambeau
Founder of Pro Marketing Resource
Founder of Healing Music Emporium
Co-Founder of The Health Hub System