How To Create A Good Marketing Plan For Your New Business
If you don’t have a customer base, then you don’t have anyone to buy your products. Here's how to create your marketing plan for attracting clients.
Some people believe that their product is so good that people are just going to buy it without them having to do much at all. But they aren’t taking into account the fact that if people never find the product – no matter how good it is – they aren’t going to use it.
❝ Marketing is about creating and expanding your market.
How to create a good marketing plan.
A big part of your strategy is positioning your product and service as the natural choice—the most obvious and best possible option out there, better than all of your competitors.
When you have the right positioning, people chase after you and what you're selling.
You can command premium prices and set the terms of your interactions. You decide when you work with a client and determine how to sell—and who you sell to.
Once you’ve accomplished that, you can begin moving away from traditional prospecting and towards a fully automated customer acquisition process.
When you create your marketing plan, you have to work out the following:
Identify appropriate markets and customers.
Will you be selling business-to-business or directly to customers? Who will be doing the selling? In store, online, direct email? Where will you get your mailing list?
Know the competitors.
At a minimum, you'll want to know the names and locations of major competitors, products or services offered, pricing structure, methods of distribution, strengths, weaknesses, profitability and market share. Keep an eye on the competition at all times. Learn from their mistakes and their success.
Sort out a plan for distribution that is efficient and effective.
Give an overview of your distribution strategy, including any and all channels available to you. Write down what will this cost you and what agreements do you have with distributors.
Identify actions for establishing relationships with distributors, sales staff, advertisers and customers.
Identify and implement appropriate advertsing.
Where do your competitors advertise? How and how often? Do their campaigns work? If yes, why? If not, why?
Identify and implement who will be handling your marketing campaigns. How much will it cost? How the return will be?
Ask as many questions as you can think of. Think in terms of age, sex, family size, income, occupation, region, needs, interests, lifestyles, education level, income level. Once you have identified the similarities, you have your target market.
If you are writing your marketing plan for an existing business,
discuss who are your existing customers, review how you have attracted those customers, how you will retain them and how you will promote your product to new customers.
A good marketing plan will include industry and market trends awareness as well as a bold strategy for pricing and positioning.
You have also to make use of the size of the market, the needs of the customer and the competition.
Include a projection of future revenue and plans for uniform brand distribution and building an identity that will be instantly recognizable to customers.
Marketing relates to every aspect of your business, from identifying appropriate markets to positioning. And this includes getting the word out. Advertising, public relations, promotions, they are all about the same thing: getting your product and service in front of your potential customers.