For example, a retail shoe store needs to know about individuals living in a local area; a graphic design firm needs to know about local businesses; a national catalog needs to know about households and companies in an entire nation.As you think about your potential customers, make sure you’re clear on the differences between the entire market, (total potential market), your reachable market, and your share of the market, or the number of customers you’ll actually land. I would define a movie theater’s SAM as the number of theater tickets sold per month or year in its geographic area.
I still remember one that started with a graveyard and a claim on the percentage of deaths that could be reduced by a new device. Some people lose track of what’s important for planning the marketing—targeting, messaging, etc.—while thinking this part of a business plan is all about getting detailed numbers for your whole market, target market, market segments, and so forth.
Way too often I see people struggling to find information to fit their preconceived notions of what’s needed, instead of accommodating what’s available.
Sales reps control their own fate, the effort and skill put in is a direct result to their output.
With that in mind, you can understand the challenges a sales rep might face as they transition to management.
The one for a worldwide crafts market starts with a picture of an African woman who would be able to sell her crafts worldwide using just her mobile phone.
When you can’t illustrate an abstract problem, highlight a person or people who have a need and will benefit from the solution.
Planning is to guide your decisions and make your business better—not to just find research numbers.
For example, I dealt with a person who was going crazy trying to divide businesses into categories of annual revenue, which is impossible, instead of just defining categories by numbers of employees, which is easy to find.
I don’t like acronyms and buzzwords that confuse real meaning.
The details depend on the industry and the specific nature of the business plan event, or why you need your plan.