The marketing plan. It is one of the most talked about assets when it comes to advertising that 90% of the time is never put into play. The fact is that developing a marketing plan for your business is not really that hard. It simply takes a little time and direction. Here we are going to give you the tools to get started.
A Successful Marketing Plan Outlines How A Business Can Attract and Retain Customers
It also defines your position in the market, where your business is versus your competitors, and what your advertising budget should be. It should include market research, business location, the target customer group, competition, the product or service being sold, budget, and advertising and promotion. We are going to cover the first three ingredients below, and if you want to read all ten successful ingredients of a marketing plan, you can download our free eBook at any time.
1. Be Honest And Unbiased
The biggest mistake companies make is not developing their plan from the perspective of their buyers. Instead they develop the plan based on their emotions of their business. Take yourself out of your shoes and put on your buyers’ shoes. How do they view your products, services, industry, competition, and you? If you can be brave and look at
everything from your buyers’ perspective, you will develop a much more effective plan.
2. Clearly Define Your Buyer’s Personas
The temptation will be to generalize your target. Ask more questions about who they really are. This will help you determine better ways to reach them. Here are some questions to ask.
• What is their demographic information?
• What job do they have and what level of seniority are they?
• What does a day in their life look like?
• What pain points do they have?
• What do they value most? What are their goals?
• Where do they go for information?
• What experience are they looking for when shopping for your products
• What are their most common objections to your product or service?
3. Clearly identify your competition
• Who are your direct competitors?
• Who are your indirect competitors?
• What are their strengths?
• What are their weaknesses?
• What is the definition of their products and services?
• What are the benefits of their products and services?
• What is the lifespan of their products and services?
• How does their pricing compare to yours?
• What is the quality of their product and services?
• Are there any restrictions to their products and services?
• Where are their products and services purchased?
• Where are they used?
• When are their products and services purchased?
• How frequently are they purchased?
• What is your their area by geography and population?
• Are there any technological threats that pose a threat to their
• Why do people currently buy from your competition?
• Why do people not buy from your competition?
• What do you like and dislike about their marketing?
• What are their peak selling times of the year?
You can get all ten successful ingredients of a marketing plan by downloading our eBook here, or check back next week for more.