Every Business Needs A Pinpoint Marketing Plan
To develop an effective and exceptional business strategy, it takes careful planning as well as a comprehensive understanding of the market. Also, if you want to achieve success, make sure to get started with a marketing plan.
Marketing plays a vital function in every business. Business owners should be familiar with the customer base of the business and the weaknesses and strengths of their competitors. Such factors and others must be identified in the best and well-prepared marketing plan.
A great marketing plan will help you outline how your business can retain and attract customers and how this will help you beat your competitors. Your needed budget will be also included in this plan to get positive results. This must also include, business location, market research, competition, target customer group, service or product being sold, promotion, advertising, and budget.
A successful marketing plan starts with conducting a market research. It will give you relevant information that will allow you to solve any possible marketing concerns. More often than not, the 3 most pragmatic ways in conducting market research are utilizing a telephone survey, direct mail survey or through conducting a focus team.
If you consider using a direct mail survey, ensure to keep your questions short with a length no more than 2 pages. The consumer probably will not voluntarily participate with your survey without providing any incentives. Therefore, you must include postage-paid envelopes so that your respondents won’t have to pay for the privilege of assisting you. If you have sufficient budget, sending a reminder about 2 weeks after initial mailing can be a good idea. Take note that direct mail can be expensive as you will need printing of direct mail, postage, envelopes, and other incentives used.
Phone surveys are also another option you may consider. This is the most cost-effective technique in which you can conduct a survey without the need of worrying about mailing or printing costs. The major costs in phone surveys are the fee of the interviewer, questionnaire preparation, and phone charges.
Focus Groups are also another good way of gathering specific information of your targeted audience. Your main costs could include the expenses in assembling and recruiting the groups, fee of the interviewer, research time, renting rooms if possible, incentives, and recording cost of the interviews.
Secondary data is imperative to develop a successful marketing plan. Studies and reports done by the government agencies, some businesses or trade associations within your industry can offer you essential statistics on the research area.
Regardless of what kind of market research you do, you should concentrate on gathering enough information when determining who your potential customers are and other things that would help youmake your business grow in no time.
The Marketing Plan Components
Once you are done with your market research, the next thing that you should do is to start developing your marketing plan, which has some basic components and these are:
- Executive Summary
At the start of your marketing plan, you should always include a brief summary that would summarize its contents.
In this part, you will need to define vital characteristics regarding your business.
Discussing your marketing objectives will help you create a good marketing plan. These must be clear, attainable within a particular period of time, and realistic. If you many goals, see to it that they complement each other and ensure that your plan’s components support all your marketing goals.
Evaluate your customers based on their gender, profession, age, educational level, neighborhood, and income. Know where some of your customers shop and what qualities of your products or service that your customers value.
- Service or Product
Describing in detail your service or product and emphasizing its exceptional selling points, features, and many more is also an important component of a marketing plan.
Knowing your competitors can also play a huge role in achieving results with your marketing plan. So, know your competitors first and find out how you can beat them.
Include the location of your business and the pros and cons of your location.
Including your budget will allow you to know the cost that will be allocated for promotions and advertising including material distribution and printing.
- Pricing Strategy
List the best pricing methods and provide a brief description of every technique. With this component of marketing plan, you will know how to price your service or product properly.
A comprehensive and well-written marketing plan is important in every business venture as it describes how you plan to retain and attract customers, what resources you will have, and how you will stay ahead of the competition to achieve all your business goals.
The Perks of Marketing Plan for Your Business
There are numerous benefits you would get if you will make a marketing plan for your business. Some of them are:
- Marketing Plan Allows Clear Decision Making
Knowing which factors could affect your business and auditing which resources you have within your business to deal with, you can guarantee that you will make great decisions that will lead you to success.
- Marketing Plan Can Help You Prevent Panic Decisions
Marketing plan will provide you a clear view of what’s going on in today’s market and will provide you a framework that would help you make decisions no matter how tough the situation is.
- Marketing Plan Also Offers Direction
Marketing plan also provides you a direction. Since it includes all of the things you need to know for your business, you will be able to stay on the right path, regardless of what issues may arise in the long run.
There are other benefits that you could get from developing a marketing plan. So, if you are planning to establish a business, ensure that you start with a marketing plan first because this can make a huge difference and can help you reach all you goals in a hassle-free manner. The Adrian Agency team can help you craft a marketing plan for your business today and discover how our Market Optics Program can turn your business into a success.
For more information about developing a marketing plan feel free to call us directly at 916-905-0551