How To Create A Marketing Plan For A Small Business
Also take some time to analyze how they might react to your business.
Are they prone to discounting, aggressive advertising or special offers?
Take a look at all of they large companies you know today.
Is using your product or service related to social status, everyday living, convenience or something else?When you look at what all large companies have in common you will see that all large successful companies have been able to successfully use the power of marketing.Marketing is a powerful tool that, if done well, it can propel any business' success to heights beyond your wildest dreams.In the world of marketing, determining who these people are normally comes down to a combination of demographics and psychographics. This includes age, gender, household income, marital status, home ownership and more. The Small Business Administration’s website also offers links to a handful of online resources for demographic information.Your best, free resource for demographic information is the U. Psychographic information is a little harder to come by without a membership to an analytics organization such as Nielsen @Plan or Kantar Media. This could include any number of factors including a person’s lifestyle (e.g.You should know and understand why a customer would choose you over a competitor. Identify Your Target Customers Target customers are different than your target market, and you should really know both.Your target market refers to the area (geographic or otherwise) that you will serve, while your target customers are the people who are most likely to purchase your product.Determine Your Positioning (click to see definition) - determine your points of difference (what you do hands down better than the competition) - list what your competitors do better than you - list what you are you do a relatively similar job at when compared to your competitors (this is called your points of parity) - summarize the essence of your product 3.Create Your Product Plan - analyzye your competitor's products and services to see what is working and what is not - survey your customers and prospects to better understand what they are looking for and what they value - create your product offering based on what customers want and are willing to pay for, not what you want to provide 4.Create Your Pricing Plan - review the pricing strategies of your competitors to see what is working and what is not - set your price based on value, not your cost - analyze your price elasticity 5.Create Your Distribution (Place) Plan - review the distribution strategies of your competitors and determine - brainstorm ways to increase the distribution of your product/service 6.