Sales & Marketing Authority, Bestselling Author & Business 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