The Questions That Will Define Your Marketing Plan
Your marketing plan could be one of the most powerful components of your business plan, so you want to make sure you’re doing it right. Ask yourself the following questions when developing a marketing plan for your business.
What is your USP?
Your unique selling proposition is what differentiates your product or service; something that your business can offer, that your competitors cannot. This may be anything from a unique product or exceptional customer service, to delivering staggeringly lower prices, that no one else can offer.
Write a compelling sentence that describes what makes your business stand out from the crowd and what makes your brand special. Your USP needs to tell your target market why they should buy from you over the competition.
Who is your target market?
Having a well-defined target market is one of the most important aspects of your marketing plan, as it helps to determine where and how you should be marketing your product or service.
To define your target market, ask yourself what type of people would show the most interest in your product or service, and determine the average age, characteristics, and interests.
If you are unsure of your target market, try to understand the problem that your product or service will solve, and what type of person will most often be faced with this problem, and there you will find your target market.
What are your goals?
This is where you will describe the desired outcome of your marketing plan with achievable, realistic objectives, and with a concise time frame. Do you want to sell more of a product? Do you want to increase overall sales by 20%? Or, do you want to increase your customer base in a different part of the country?
If you’re just starting out, it helps to begin with small goals that you can review after a couple of months, so you can identify bigger goals and determine what you should or shouldn’t be doing achieve them in the future.
Who are your competitors?
A competitive analysis is a fundamental part of your business’s marketing plan that can help you identify who you are up against and where you rank. Knowing what your competitors are doing and what marketing tactics they are using to pull in customers can help you define what you should or should not be doing to get ahead of the game.
What marketing methods will you use?
Lastly, you should ask yourself what marketing methods you will use to promote your product or service to potential customers. Whether its posters, leaflets, paid social media ads, TV or radio ads, but be sure to make these measurable so you can track your success.
Due to the ever-changing environment, it’s essential that you don’t just leave your marketing plan to its own devices. Review your marketing plan regularly and ask yourself if it is still working for you and your business and make changes accordingly.
Need help putting your marketing plan into place? Current marketing plan need a revamp, but you don’t know where to start? Get in touch with us today!
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