Now that we’ve looked at the importance of a marketing plan and some of the things that give it strength, you need to start putting your first plan together. Here are a few tips to get you started:

• Start by completely describing the product or service you want to sell. This description should be relatively simple (only a few lines) but should include what you have to offer and why it should be important to your clients or customers.

• Describe your target audience thoroughly. We’ve discussed the importance of having a target audience, but you need to take the time to write out the answers to those questions. Be as detailed as possible and make sure you include information as to how your organisation can reach those markets.

• Don’t forget to list your own goals and objectives. Simply selling to a particular market isn’t good enough. What are your short term goals and long term goals? Do you want to increase your client base, sell to the clients you already have, and continue to develop new products? Write it all out.

• Include information about your competition in your marketing plan. There is a saying that goes, “keep your friends close and your enemies closer.” You should know your competition as well as you know yourself. How else will you be able to compete against what they are offering?

• Determine your marketing budget and put the numbers in writing. Having your budget in writing will enable you to keep track of your expenses so that you don’t overspend and cut into your profit margin. You’ll also be able to determine where you need to make changes and what other marketing methods might be more cost effective.

This certainly isn’t an all-inclusive list of things to include in your marketing plan but it should definitely get you started. We’ll add to the list later on and before you know it you’ll have a well-mapped and fully functional plan on your hands.

Sean

Sales Expert - Marketing Consultant – Motivational Speaker

Not long ago we discussed the importance of havinga strong marekting plan. There’s really no point in wasting your time or money trying to reach a market to sell a product or service if you know nothing about the people you’re trying to reach. Today I want to outline a few things you need to be sure to include as you develop your marketing plan.

Who is your target market?

Knowing your target market is essential. Your plan should not be to simply reach as many people as possible and hope that some are interested in your product. You should actually attempt to reach a targeted market – whether that market is comprised of people from a certain age group, profession, level of education, hobby, or some other interest. Don’t waste your time and money taking stabs in the dark.

Who are your competitors?

A strong marketing plan has detailed information about the competitors offering similar products or services to yours. You need to know where they’re located, what their strengths and weaknesses are, and what markets they’ve successfully reached. You’ll also find that knowing your competitor’s product inside and out is important as well. This information will make it easier for you to understand the similarities and differences between your product and theirs – in what areas each product excels and in which areas your product can be improved.

What is your marketing budget?

Never start a marketing campaign without setting a budget. Setting a budget will give you guidelines and will encourage you to make the most of your money. Having a set budget will make you accountable for every penny you spend on advertisements and promotional efforts. Make a list of advertising outlets you know are successful and estimate the costs associated with each. Include a small amount of money to be used if you need to alter your marketing plan, and make sure you’ve set a cap on your budget. If your marketing plan isn’t working you will need to STOP spending and instead spend some time reevaluating your goals.

How is your product priced?

Contrary to popular belief, you can’t simply create a product, attach a price, and hope it sells. You need to first review your markets and competitors to determine the price points for similar products in the area in which you hope to sell. A $100 product may not sell as well in a low-income neighborhood as it would in a middle or higher-income neighborhood. If your target market is in one of the former, a price adjustment may be required. If your overhead costs don’t allow for a price adjustment, you may need to reconsider your target markets.

Detailed information, data, and statistics answering all of these questions should be included in your marketing plan. Having these answers will enable you to make smart business decisions that will enhance the success of your product.

Sean

Sales Expert - Marketing Consultant – Motivational Speaker

To be completely honest, you have absolutely no business attempting to sell or market your products or services if you haven’t taken the time to sit down and form a marketing plan.

Without one, you’re simply wasting your time and money. Most businesses without a formal marketing plan are simply grasping for straws and some happen to get lucky enough to formulate a campaign that actually works.

A marketing plan is important because it allows you to do a number of things:

• Research and identify your target market,
• Identify your marketing budget,
• Determine what promotional strategies will work best,
• Discuss the cost effectiveness of each marketing strategy,
• Identify your competition,
• And much more.

We’ll take some time in the future to discuss the different elements of a strong marketing plan, but for now let’s focus on whether or not you know what your target market is.

You’ve been told that the most effective marketing strategy is one in which you know your customers. Which do you think is the most effective approach for a video game company? Sending out 1,000 postcards to random people or sending out 1,000 postcards to those who have subscriptions to gaming magazines or customer cards at gaming stores? Do you know what your customers like, what they expect to see in the future, and what they hope to see from you?

A marketing strategy is your plan for finding, attracting, and ultimately retaining a strong customer base. Knowing your customers well will give you the tools necessary to anticipate any changes in the market or what they’re looking for.

The most successful businesses have strong marketing plans. Putting a plan in writing doesn’t set it in stone. We all recognize the need for change. It does, however, prove to your employees, investors, and potential business partners that you do know what you are doing and what you expect to achieve.

Do you have a written marketing plan right now? If not, why?

Get ready to take your marketing skills to the next level,

Sean

Sean McPheat

Telephone 0800 849 6732