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Start your own file on marketplace trends, and compile your own data. Periodically review your data, looking for shifts in market. If changes are occurring, you should modify marketing plan to coincide with these changes. In franchise operations, it is typical for franchisor to update marketing plan periodically to reflect changes in marketplace and to keep marketing program current.
An effective marketing plan should answer these questions:
* Is this product or service in constant demand? * How many competitors provide same product or service? * Can you create a demand for your service or product? * Can you effectively compete in price, quality, service and delivery? * If a franchise, will franchisor price product or service to give you projected profit?
Review your marketing plan carefully to ensure that it answers these questions. If your plan doesn't answer questions, it will need to be modified, so that it does answer questions.
Even if you adopt a marketing plan that has been developed elsewhere, it is your responsibility to promote your product or service by cultivating marketplace, i.e., attracting and maintaining customers. You can only accomplish this by thoroughly knowing your market, your customers, your competitors and your product or service. NEVER rely solely on a marketing plan provided by a franchisor or any other source. Compile and assess your own data.
By compiling and analyzing this information yourself, you will be better able to determine if your marketing plan is in line with your competitors, industry averages and what adjustments you need to make to improve your overall competitiveness and bottom line.
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