How to Address Marketing in a Catering Company Business Plan
In starting any business, finding new customers is essential. While most catering companies naturally grow with word of mouth referrals, your business plan should include marketing for the first three years of the plan. You can address marketing without overspending by careful analysis of potential customers.
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Instructions
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Conduct marketing research to understand the total market: your competition and the buying needs of potential customers. Understand how many potential customers you have, who serves them now and the weaknesses in their catering which allows your company to find its niche. While you do not need to spend thousands on market analysis, you should know your potential market.
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Decide on a basic marketing strategy that targets the needs or wants of potential customers. Consider both the person who arranges for catering and the one who signs the checks; both have needs and satisfying both will bring satisfied repeat customers.
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Develop marketing objectives or outcomes that measure an increase in customers or calls. If you currently fulfill 25 orders a week, aim for 10 queries per week or 5 new customers a month. A marketing objective you can measure has a time frame in which you gain new customers, increase profit margin or fill repeat orders.
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Specify the financial objectives you will achieve from these marketing objectives. If you develop 5 new customers a month, you will have 60 more orders per month in a year. Profit margin is unlikely to develop exponentially, but monthly budget reports will show if your profit is increasing. Even though you love to cater, you are in business to make money and marketing should lead directly to more business.
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Enumerate the marketing strategies you will employ to achieve your marketing and financial objectives. These need not be costly or elaborate: providing samples, printing business cards and advertising in local markets are proven winners. Feeding volunteers at an event gets the word out quickly. Apply creativity in your strategies for big rewards from small efforts.
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