Thursday, March 28, 2019

WRITING YOUR MARKETING PLAN.

Now that you have written your business plan, the next phase of your business is the marketing plan.

This part will decide the success or failure of your business. Before writing your  marketing plan, these are questions you need to answer before writing.

·         Who really are your competition, and how are you different from them.
·         Do you have customers; how do you intend to contact them.
·         Do you have steps to realize your set projections.
·         Do you have a strategy to hire the right people for your business?
·         How can you make sure your employees work effectively?

Having done these. It’s time to start writing.

Since marketing covers a lot of issues, the plan you will develop will outline the specific steps you will take to generate sales. This are some important things that will influence your marketing plan:

·         Problem Statement: here you will need to identify problems that you will solve, how well you do it will make people frequent your business.

·         Describe your business: you need to tell your customers exactly what you do, and how it benefits them.

·         Methods you use and how the future will affect your business: talk about methods you’ll use and how the future will affect it.

·         Revenue projections: this shows future revenue projections for your business for a few years. You need to spell out plans or action you will take to achieve your projected sales revenue.

Having said that. Let’s analyze your competition. Who are your competition?
Your customers want their needs to be met, if they can find it elsewhere, better services or cheap products.

 It won’t matter if you have the largest catalog of products or services. Think like your customers, get to know what they need and what is likely to move them into taken an action.

You also need to analyze your competition, what are their strength and weakness. Take advantage of it, what seem like a good offer will not be better after all. Major on the weakness of your competitors and improve on their strength.

 Always meet the needs of your customers, your existing customers will be the ones to bring new customers to you only if you treat them well by always meeting their needs.

Your next task is to differentiate your business from your competition. If your competition associates high price with high quality products and services, make sure you provide extra services if you also associate high quality with high prices and services. Make sure you describe in details how different your business is.

Remember to describe your targeted customers, you need to decide on how to reach your customers. One of the most effective ways is to create and distribute, or you can email a newsletter regularly. You can also use the social media platforms.

Next is your marketing budget. Now that you have a marketing plan, you need to decide on how much money you need to spend to get your business out there.

You need money to get your business in front of potential customers. This is when to decide on how much to spend on the preferred promotional method you choose.

Writing a marketing plan helps you achieve your business plan. So take time to research before writing one for your business.     

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