By Larry Easto
In developing a marketing plan for your new initiative, you are taking the right first steps. Only 2% of active businesses have marketing plans.
Obviously, your research should concentrate on critical elements of your marketing plan. The three most critical elements for you to address are: your target market; marketing to this target market and identifying and occupying your niche in this target market.
As regards to your target market, you will want to learn as much about your market. Specifically, you will want very detailed answers to these questions:
Be as specific as you can: who? what? where? when? why? how? how much?
- Who will be buying and using your product or service?
- Where are these potential customers located?
- How will you distribute your products?
- How will you market to your prospective customers?
- How will you communicate with them about the benefits that they will receive from buying and using your product?
- What marketing techniques are available in your target market and which ones are most commonly used in your target market?
- What market niche will you serve?
- What is your competitive advantage?
- How will you outmarket the competition?
These are just some questions you need to answer to develop an effective marketing plan.