Does Your Target Market Know How To Write a Business Plan? Part 4 of 4
Filed under: Internet Business Plan, Online Coaching
Image via WikipediaAs 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 Read more
Do You Have The Skills On How To Write a Business Plan? Part 3 of 4
Filed under: Internet Business Plan, Online Coaching
Lets take a look at the heart beat of your business. In your business you need to understand what action steps you
need to put in place in order for your business to be successful.
Naturally, business planning for an existing entity will be different from that of a new entity. The structure of the
business plan will be the same, however, when it is a new business you have to be careful not to have unrealistic goals.
If your expectations are above average for your industry, then make sure you have sufficient data and really understand
how to write a business plan to support your expectations. So remember not just any business plan but a realistic
business plan.
Now is the time to take a good look at who your competition is in your industry of choice. Take the top 30 websites and
inquire on each website using a tool called Quantcast. As you will see, this f.r.e.e online tool will give you all the
statistics as to the demographics of your audience. (Your target market)
On an excel spreadsheet or open office spreadsheet, create a format to record all the data necessary on each
website’s audience. This data will Read more
Have You Completed Your Internet Business Plan?
Filed under: 30 Day Challenge, Internet Business Plan, Online Coaching, Social media
If you haven’t completed or even started your Internet Business Plan we can help you here. Throughout the next week we will be reviewing the key components to Internet Marketing which are directly related to your business plan.
During the first few days we will be paying particular attention to “The Plan”.
The Plan starts with one thought. The thought starts with you. You started the thought because there is something in your life you want or need:
- Financial Freedom
- Time with Your Family
- Special Trips
- To be an independent professional
- A New Truck, Car or Van
- Everyday to be like a day at the Spa
- A New Wardrobe or maybe New Shoes (perhaps both)
- Basically whatever your heart desires which is morale and legal
The magic question is how can you get whatever your heart desires?
Even though this is a great question, the answer is far from being a one liner, there are so many variables to consider:
The first one is you:
- What are Your Passions and Interests?
- What Knowledge do you have in Your Subject?
- How Committed are you to learning and building your online business?
- What Time Sacrifices are you willing to make?
- How Deep is Your Desire to Learning and Building Your Internet Business?
- Where Do You See Yourself by the End Of 2009? 2010? 2011?
If you are new to the Internet Community then you will soon realize an online presence has nothing to do with location. It has everything to do with your content:
- The Niche You Choose
- The Content You Write
- How You Speak To Your Audience
- What Words Are Your Prospective Customers using to find information in your niche? (Keywords or Keyword phrases)
- Who is Your Target Market?
- What are they buying?
Before you go any further you need to answer all of the questions presented here. Yes there are a lot of questions to consider so lets start with the questions about you and then we will move into the questions related to content.
Before creating your Internet Business Plan you need to search your heart to understand what has moved you to your current desire to create an online presence. No amount of teaching or instructions will help you to be successful unless you are passionate about the product or service you are building you business on.
For today we will stop here and tomorrow lets review the questions on content.
Regards,
Carl Tambeau
Founder of Pro Marketing Resource
Founder of Healing Music Emporium
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Profitable Social Media – Is that Web 2.0 Marketing?
Here we are just a few days before Christmas and trying to tie up last minute tasks. 2008 is coming to an end and a New Year will be opening up bringing new challenges and opportunities, some business will survive while others will not be so lucky.
At the beginning of every year comes New Years Resolutions, where people talk about changing their lives around for better and want more for themselves and their families. The Internet has been the focus of many New Years Resolutions – you want to make more money, work from your home, you dream of a better life for your family. Online you can get started with less capital than offline and see cash flow much faster than offline.
Can this be true for everyone?
Have you heard of social media – what about Web 2.0 Marketing?
Social media is very commonly used by Internet Marketers to promote not only your website but also to market yourself as a trusted source to do business with. Let’s face it, there are thousands of web sites being created everyday on the World Wide Web.
How do you know who to trust, who is reputable? Read more
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