Friday, April 8, 2011

How to Develop a Business Marketing Plan

A marketing plan is the core of any entrepreneur’s success game plan. It will help you think through your business idea and work out how you plan to attract and keep customers. As you develop your marketing plan, ensure it has market analysis and market strategies.
Market analysis will show you how you plan to turn your idea into a product or service that people will buy. Market strategies will help you identify your target market(s) and outline how you will find and contact potential customers.
By focusing on the needs of a specific segment and carving out a niche may mean the difference between your success and failure.
Below are questions for market analysis and market strategies that will help you develop a marketing plan.
Market Analysis
·         What is your target market? Who are the customers?
·         How will you segment your customers?
·         What is the size of the market?
·         What is your share of this market? Who are your main competitors?
·         Why would customers choose your product or services?
·         How much will your market spend on your product or services this coming year?
·         List your strength and weaknesses compared to your competition?
·         What economic factors will affect your product or service?
·         What is the growth potential of your market?
Market Strategies
·         What kind of image do you want your company to project?
·         List the features you will emphasize
·         What are your sales and credit terms?
·         How will you sell or distribute?
·         How will you promote?
·         How will you differentiate your offering from your competitors?
Finally, after spend many hours developing a marketing plan, do not ignore it as you grow your business. Do not allow it to gather dust. Use it!
Breakthrough Marketing Plans: How to Stop Wasting Time and Start Driving Growth 
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