Great business owners are brilliant at what they do, providing a service or having products that users love. Unfortunately, that doesn’t mean that you’re going to be a successful business owner. In order to be a successful business owner, you have to provide a great service or product, plus market and manage your company accordingly. Below you will find some of the essential things to do when it comes to creating your marketing plan.
Review your marketplace
Looking at the market for your product/service. You should note down any different sectors within the marketplace, providing a description about each section. Furthermore looking at market trends and sales fluctuations can be a great way to position yourself in the right place for when it is the right time.
Research customer’s priorities
You should get as much customer feedback as possible, after all they are always right. When it comes to getting information from customers, you should concentrate on what their main focus/priority is when purchasing a product or using a service. This way you can then spot what the market looks for and what you should advertise as a selling point when it comes to marketing.
You should review companies who you’re business is competing with for sales. This will give you an insight into market pricing, marketing techniques and USP’s of other companies in comparison to yours.
Compile a SWOT analysis on your business
A SWOT analysis is breaking your business down into 4 categories (Strengths, Weaknesses, Opportunities and Threats). From here you can make decisions with a bit more insight into the overall picture of your company and marketing campaign.
Review previous marketing campaigns
Looking back at which marketing campaigns worked and which didn’t is a great way of judging the performance of an upcoming campaign. Take into account things such as the time of year, product, channels used to advertise and the results.
Work out pricing and profits
You should work out how much each product sold will generate in profit for the business. Furthermore you can look into market segments or geographical locations. Once you’ve worked out how much you can make per product or sale, you can look into advertising costs.
Finding your target market
You need to decide who it is you’re marketing to with your campaign. Is it existing customers, new customers, a location or a specific characteristic audience?
Promoting to the right people
Once you’ve found your target market you must appeal to these also, within your marketing plan you must take your customer research and incorporate it into your advertising campaign.
You should set clear measurable objectives for the marketing campaign. These should include topics such as: sales, customer satisfaction, retention, order value etc.
Knock on effects
You should look at what effect your marketing campaign will have on your business down the line. Plan for both positive and negative outcomes before going ahead with a marketing campaign so you can assess the risk. Furthermore there are other implications to consider such as production, staff requirements, customer service etc. To conclude when creating a marketing plan, insure you plan for everything! The more information you have to hand when creating a marketing campaign the fewer problems that will arise during the campaign (If you use the information smarty).