Building a proper marketing plan will provide you with
foundation you need to succeed in your business. To build a successful marketing plan, you must ask and answer
right questions. I wrote this article to invoke thought, consideration and reasoning. Instead of supplying you with information, I am going to ask you to offer it up for yourself!1) What is your product or service?
This may sound simple, but before you can market your business successfully, you must clearly define what business it is, that you are in. Many an entrepreneur have bit
dust because they simply didn't know what product or service to market. Allow me to ask you this:
What product or service are you going to market?
Has it previously, or is it currently being marketed successfully?
What media are your successful competitors using?
What are their prices?
In their advertising and marketing, what audience are they targeting?
Will you be targeting
same audience, meaning how tough will your competition be?
2) Is there a demand for your product or service?
Is
projected current demand large enough to justify
costs of research, development, design, packaging, marketing and delivery of your product or service?
You must calculate
projected demand against start up, manufacturing, labor and all other costs it will take to get your product or service to your potential customers.
Is
customer base large enough to support
investment of time and money?
Is there room to expand?
Is there back end sales potential?
Do you project that your target market will grow, diminish or remain stable?
3) How can you out do your competitor?
Is your product or service of better quality?
Better price?
Better service?
What's your angle?
If you have competition (which you will 98% of
time), how will your product or service be better?
How aggressive will your competitors be?
Will they counter their prices to better their service or product appeal, to beat out yours?
Can you afford to provide your product or service at a lower rate and still keep a substantial profit margin?
4) What is your overall strategy?
Will you be targeting one product or service?
Will you be targeting a general market or will you require targeting distinct groups of people?