VI. Marketing Plan
You can download our Business Plan Template (including a full, customizable financial model) to your computer here.
The [Company Name] Brand
[Company name] seeks to position itself as a respectable, upper-middle-market competitor in the wine bar industry. Customers can expect the finest wine and dining experience at the company’s upscale establishment.
The [Company Name] brand will focus on the company’s unique value proposition:
- Convenient location
- Offering personalized, curated wine and craft beer selections in an intimate environment.
- Rotating products to offer the latest selections
- Comfortable, customer-focused environment
- Providing excellent customer service
[Company Name] expects its target market to be residents living within a 10-mile radius of the location, aged 21 and above. The Company’s promotions strategy to reach the audience includes:
Before opening the wine bar, [Company Name] will organize pre-opening events designed for prospective customers, local merchants, and press contacts. These events will create buzz and awareness for [Company Name] in the area.
Advertisements in print publications like newspapers, magazines, etc., are an excellent way for businesses to connect with their audience. The Company will advertise its bar and bar offerings in popular magazines and news dailies. Obtaining relevant placements in industry magazines and journals will also help in increasing brand visibility.
[Company Name] will hire an experienced PR agency/professional(s) to formulate a compelling PR campaign to boost its brand visibility among the target audience. It will look to garner stories about the company and its offerings in various media outlets like podcasts, television stations, radio shows, etc.
Social Media Marketing
Social media is one of the most cost-effective and practical marketing methods for improving brand visibility. The Company will use social media to develop engaging content in terms of different wine types and post customer reviews that will increase audience awareness and loyalty.
Word of Mouth Marketing
[Company name] will encourage word-of-mouth marketing from loyal and satisfied clients. The Company will use recommendations and word-of-mouth marketing to grow the customer base through the network of its existing customers. The Company will be incentivizing its existing customer base to encourage their friends to come and try their products for the first time.
Offers and incentives are an excellent approach to assisting businesses in replenishing the churn in their customer base that they lose each year. The Company will introduce special offers and happy hours scheme to attract new consumers and encourage repeat purchases, which will be quite advantageous in the long run.
Pricing strategy is one of the most important functions that any business can plan for attracting customers. Prices are a foundational element of a company’s revenues—if managed carefully, they can generate high profits.
[Company Name]’s pricing will be appropriate for the high quality and level of service associated with the bar, so customers feel they receive great value. The customer can expect to receive quality wine and dine service at a more affordable price than what they pay at an ultra-premium wine bar.