A Marketing Strategy-Does Your Business Need One?

It takes more than a great product and excellent workers to make your business successful. It takes strategic planning and a killer marketing plan. In order to market effectively, you must know your customer base and what they are looking for. You should also take a look at your competitors and their strengths and weaknesses. All these factors will help you make a well-thought out and effective marketing plan. A marketing plan will state how you are going to attract customers and then how you are going to keep them. It will spell out how you intend to compete with rival businesses and make your business shine. Here are the components that are great marketing plan should have.

  • Goals. Take the time to write out your objectives. They should be goals that are attainable within a certain time frame.
  • Description of your business. Define your business and what it is about. If you can’t state what your business does, how are you going to tell anyone else about it?
  • Analysis of your customers. Take a good, hard look at your customers. Pay close attention to their ages, sex, income level, professions, education level and where they live. Look at where they like to shop and what they like the most about your products or services. This will give you a good idea of who you are targeting and how to go about doing so.
  • Check out your competition. Look at the way they promote their businesses and what types of customers they are marketing to. Look at the similarities and differences between their businesses and yours. Figure out how you can differentiate yourself from them and set yourself apart from the crowd.
  • Describe what you are selling. Whether it is a product or a service, write down everything you can about it. Pay attention to detail and emphasize the key features and selling points of your items.
  • Dissect your budget. Write down all the costs associated with your marketing and advertising. This included materials that will be printed and distributed. Will you be utilizing magazines and newspapers for advertising? What about television and radio? Direct mailers? Yellow pages? Make sure there is room in your marketing budget for what you have planned.
  • Determine your pricing. Have a set pricing for your product or service. Determine if you want it to be more than or less than what your competitors are offering. Factor in any internal costs like labor and material so you won’t be losing money.

A well-thought out marketing strategy can help make or break your business. It is imperative to helping your business thrive and grow into the best it can be. Be sure to include these components in your marketing plan to help you achieve your goals.

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