Develop a Marketing Strategy
Maryellen Malack

You're excited. You have a great idea for a profitable online
business. Maybe it is an original idea that has not been marketed
online before. Maybe you have come up with a new spin on the
ordinary. Whatever it is that has influenced you to start your
online business, be sure that you have a plan before you begin.
This is not the time to "pick it up as you go". These are some
basic things that should be included in your business plan.

The business summary should give a brief description of the
entire business and is an integral part of the overall business
plan. After you have completed the business summary you should
begin to list the objectives or the goals that you want to
accomplish through the business. Next and perhaps most
importantly, you should develop your marketing plan. The
marketing plan will address all the specifics of the business.
When developing the marketing strategy you should consider the
following:

The target market. The target market is the customer's that you
expect to see visiting your site. For example will your product
be more appealing to college students or those who are in
retirement?

Consider the competition for your product when determining the
marketing strategy. Choose a product that will be seen as unique
and useful. Visit sites that are offering the same or similar
products. Find out the cost, and how they are marketing their
product. Finds out the pros and cons of their business and try to
improve your product based on their flaws.

Research the various methods for advertising online. You should
become educated about search engines and how they work since each
one is different. Also be sure that you know how to submit your
site to search engines. You should be prepared to spend a small
amount of money on advertising, but the profits that you will
gain from the advertisements will prove to be money well spent.

Think about pricing. Again, look at the competition and see what
similar products are selling for. Pricing can play a big role in
the success of your product since selling a product well below
the average price may lead customer to think that there is a
problem with the product or that it is not of the best quality.
However, pricing items too high could also detour customers.

Determine the shipping method. Be sure that you know how products
will be shipped so that you can have shipping details clearly
posted on your site. If you are shipping things of great value,
you should consider providing shipping insurance. Also think
about shipping outside the country that you live in.

Think about the different methods of payment that you will
accept. If your business does not accept credit cards, you should
be ready to give up half if not more of your sales. If you decide
to accept credit cards will you use a merchant account or will
you use a third party credit card processing center? Both will
help you get started and the third party processing center will
handle all of the business so you don't have to. You should
decide which you will use and also if you will accept checks or
money orders. It is essential to have a secure server when taking
credit cards.

These few things will help your online business to become a great
success and also provide you with peace of mind knowing that you
have thoroughly thought about and planned for the opening of your
online business.




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Maryellen Malack owns Red Rose Marketing, Inc.
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