In order to develop an effective and creative marketing plan for your small business, you must first be able to do a little research about your current situation and answer some basic questions about your market.
Gathering some information like your companies financial records, a listing of your products and services, your understanding of your current marketplace, and your employees opinions of what should be included in your market plan. Being able to gather this info before hand will keep you from having to go back and dig for it all later.
Assessing your market situation is the next step. Being able to answer some important questions like:
- What are your products or services?
- What is the dollar size of your markets?
- How are you sales and distribution setup?
- What geographic area do you sell to?
- Describe your audience in terms of population, demographics, income levels and so on.
- Who are you main competitors within your marketplace?
- In the past, how well have your products sold?
Assessing the threats and opportunities or the good and the bad of your current market will help you understand the current market potential for your business.
- What trends in the marketplace are against you?
- Are your current products positioned to succeed in the market, as it now exists?
- What trends in the marketplace are in your favor?
- Are there competitive trends working to your benefit?
- Are the demographics of your market in your favor or against you?
Once you have assessed all of these factors, you can consider what your marketing objectives may be. Then you must create some marketing goals for your business. Last, setting a budget for your marketing plan must be done before you can decide how you can execute your plan and achieve your goals
Be creative. Think out of the box. Leave a lasting impression on your audience.
Posted In: Marketing Tips