A good marketing strategy is a key element of success in the modern business world. It’s a great way to give your business a clear direction and path, and without it your business can lose focus. Here are the 5 major factors you need to consider when writing a marketing plan.
Most small businesses start because the founder has a passion for the product or service their selling and it’s important not to forget this when creating your marketing plan. The plan should be a reflection of that passion and your marketing should express that passion to the customer.
Understand Target Market
When writing a plan one of your starting points should be identifying your target market, but what’s perhaps more important is actually understanding that market. That means knowing who they are, but also knowing their behaviors and where and how they shop.
Communicate Your Value
The best marketing strategies communicate to their target market the value of the product. This doesn’t just necessarily mean the monetary value, but what separates your product from everyone else on the market. If you can make the customer understand why your product is more valuable (regardless of price) than your competitors’ then you are on your way towards success.
Modern marketing is built on data. With so many consumers heading online for their shopping and to research products there is endless data available online. Social Media has also increased the amount of information out there about potential customers; so make sure you analyze all the data available on your target market to learn as much as possible about their spending habits.
Focus on customer, not money
Too often businesses get wrapped in in their bottom line and put too much focus on how they can make money off their customers, rather than focusing on what made them successful in the first place. Never forget that your number one priority should be the customer, with making a profit an afterthought (a very important one nonetheless)
If you’re struggling to write a marketing plan for 2018, get in contact with one of our consultants and we can make 2018 your best year yet.