3 Steps To Creating A Marketing Plan For Your Business
3 Steps To Creating A Marketing Plan For Your Business
Step One: Define your product. The first part of the marketing plan defines your product or service and its features and benefits in detail, then shows how it is different from the competition's. The more clearly and succinctly you describe your product in your marketing plan, the better you will communicate with your target customer.
Markets and products have become extremely fragmented. There are hundreds of special interest magazines, for example, each targeted to a very specific market segment. It's the same with restaurants, cars and retail clothing stores, just to name a few industries. Positioning your product competitively requires an understanding of this fragmented market. Not only must you be able to describe your product, but you must also be able to describe your competitor's product and show why yours is better.
Positioning your product involves two steps. First, analyze your product's features and decide how they differentiate your product from its competitors. Second, decide what type of buyer is most likely to purchase your product.
Pricing and placement are critical to competitive positioning. In today's marketing culture, pricing cannot be separated from the product. Take grocery stores, for example. The full-service supermarket is still the most popular form of grocery distribution. But today, busy families want faster service and more convenience, even if it means higher prices. As a result, convenience stores, home delivery services, personal shoppers and takeout restaurants have proliferated. At the same time, warehouse grocery retailing has also increased. Warehouse stores cater to customers who prefer low prices to convenience.
Service, distribution and price are the essential elements of the product offered by supermarket, convenience and warehouse stores. To develop a successful marketing plan, you need to analyze how these same elements fit into your business. What are you selling - convenience? quality? discount pricing? You can't offer it all. Knowing what your customers want helps you decide what to offer.
Step Two: Describe your target customer. Developing a profile of your target customer is the second step in an effective marketing plan. You can describe customers in terms of demographics - age, sex, family composition, earnings and geographical location - as well as lifestyle. Ask the following: Are my customers conservative or innovative? Leaders or followers? Timid or aggressive? Traditional or modern? Introverted or extroverted? How often do they purchase what I offer? How much of it at a time? Are there peak buying periods or times of the year when people won't buy my product or service?
Step Three: Create a communication strategy. Your target customer must not only know your product exists but also have a favorable impression of its benefits. Communication includes everything from logo design and advertising to public relations and promotions. Find out what your target customers read and listen to. You need to know this to get their attention. In addition to where to place your message, consider how frequently customers need to receive it.
This part of the marketing plan should spell out your promotional objectives. What do you want to achieve? Do you want people to recognize your company name? Know where you're located? How much money can you spend to get your message across? What media are available, and which will work best? Finally, how will you evaluate the results?
Ask yourself the right questions and analyze yow answers, and you'll come up with a marketing plan that will help you achieve your-goals.
3 Steps To Creating A Marketing Plan For Your Business - To learn more about this author, visit Jeff Casmer's Website.
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Every start-up venture needs a business plan, yet many entrepreneurs do not realize a marketing plan is equally vital. Unlike a business plan, the marketing plan focuses on the customers. A marketing plan includes numbers, facts and objectives, but it is not primarily numerical; it is strategic. It is your plan of action - what you will sell, to whom you will sell it and how often, at what price, and how you will get the product to the buyer. Here's a closer look at putting together a marketing plan that works.
Step One: Define your product. The first part of the marketing plan defines your product or service and its features and benefits in detail, then shows how it is different from the competition's. The more clearly and succinctly you describe your product in your marketing plan, the better you will communicate with your target customer.
Markets and products have become extremely fragmented. There are hundreds of special interest magazines, for example, each targeted to a very specific market segment. It's the same with restaurants, cars and retail clothing stores, just to name a few industries. Positioning your product competitively requires an understanding of this fragmented market. Not only must you be able to describe your product, but you must also be able to describe your competitor's product and show why yours is better.
Positioning your product involves two steps. First, analyze your product's features and decide how they differentiate your product from its competitors. Second, decide what type of buyer is most likely to purchase your product.
Pricing and placement are critical to competitive positioning. In today's marketing culture, pricing cannot be separated from the product. Take grocery stores, for example. The full-service supermarket is still the most popular form of grocery distribution. But today, busy families want faster service and more convenience, even if it means higher prices. As a result, convenience stores, home delivery services, personal shoppers and takeout restaurants have proliferated. At the same time, warehouse grocery retailing has also increased. Warehouse stores cater to customers who prefer low prices to convenience.
Service, distribution and price are the essential elements of the product offered by supermarket, convenience and warehouse stores. To develop a successful marketing plan, you need to analyze how these same elements fit into your business. What are you selling - convenience? quality? discount pricing? You can't offer it all. Knowing what your customers want helps you decide what to offer.
Step Two: Describe your target customer. Developing a profile of your target customer is the second step in an effective marketing plan. You can describe customers in terms of demographics - age, sex, family composition, earnings and geographical location - as well as lifestyle. Ask the following: Are my customers conservative or innovative? Leaders or followers? Timid or aggressive? Traditional or modern? Introverted or extroverted? How often do they purchase what I offer? How much of it at a time? Are there peak buying periods or times of the year when people won't buy my product or service?
Step Three: Create a communication strategy. Your target customer must not only know your product exists but also have a favorable impression of its benefits. Communication includes everything from logo design and advertising to public relations and promotions. Find out what your target customers read and listen to. You need to know this to get their attention. In addition to where to place your message, consider how frequently customers need to receive it.
This part of the marketing plan should spell out your promotional objectives. What do you want to achieve? Do you want people to recognize your company name? Know where you're located? How much money can you spend to get your message across? What media are available, and which will work best? Finally, how will you evaluate the results?
Ask yourself the right questions and analyze yow answers, and you'll come up with a marketing plan that will help you achieve your-goals.
3 Steps To Creating A Marketing Plan For Your Business - To learn more about this author, visit Jeff Casmer's Website.
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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