All businesses need a marketing plan in order for the business to survive and make money. Without a proper course of action, the business would not be able to sustain itself and will eventually run out of business very soon. No matter how big or how small the business is, it is imperative to draft a self-sustaining, careful, and detailed plan so that every single person involved in the business would be aware on what to do to keep it going. You may also see event marketing plan examples.
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After all, Rome was not built in a day. It took careful and detailed planning and perseverance to make Rome what it is today. There is no correct way in formulating a marketing plan for any business. You may also check out what a marketing plan is and what is its purpose for more details and information.
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Conducting a Situation Analysis
1. Consider your company’s goals.
First things first, it is important to consider what the company is trying to achieve. Does your situation look bleak? Does your company need to update its marketing goals? What is the situation right now?
Once you have finished analyzing the current situation, you can begin to implement certain changes to your marketing strategies in order to keep the business afloat and gain more revenue and food traffic. For more information, you may also check out on how an executive summary of a marketing plan is made and formulated.
2. Examine your current marketing advantages and challenges.
By examining your marketing advantages and challenges, you get a better understanding your battlefield and how you will tackle. In war, if you do not know what you are dealing with, you are simply running blind to the enemy.
What is attracting customers to your business now? What is attracting customers to your competitor’s business? The more you understand your strengths and weaknesses better, the more you can better focus on what works for you and how it can be improved or enhanced better. Here are some ways and means that you can come up with as you do this step. For more details and information, you may also check out some examples of marketing plans.
- What benefits, perks, and other advantages can customers hope to find when they purchase from you or request a service?
- Sometimes, potential strengths can be in the form of low cost, excellent customer service, user friendliness, or speed.
- Be different and stand out from the competition. Try to figure out what makes your branding unique and special. From there, improve on that particular aspect and continue to deliver.
- No company is without shortcomings and weaknesses. Once you begin to identify them early on, make sure that you are ready to have some contingency plans in place to address the said issues. If you do not, the competition may eventually exploit your weaknesses and use that against you. You may also like integrated marketing plan examples.
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3. Research your target market.
Who on earth are you selling to? You have to understand that in the world of business, you cannot convince everyone to buy your product or acquire your service. There are just some people who are brand loyal. While there are some who do not care what brand they pick as long as it is cheap and has good enough quality. You may also check out advertising plan examples.
And there are people who do not trust certain brands because of past experience or perhaps due to negative word-of-mouth. In any case, before anything else, you have to first understand your product and service. Once you do, it will be much easier for you to identify your target audience. Here are some examples of strategic marketing plans that you can refer to for more information.
- First things first, you have to conduct demographics research which mainly consist of the age, gender, location, and even income of your customers or clients. Demographic research aside, you may also want to conduct psycho graphics research which is considered to be the study and classification of people according to their attitudes, aspirations, and other psychological criteria, especially in market research. You might be interested in restaurant marketing plan examples.
- Try understanding your competition as well. How do you expect to win the war if you attack your opponents blindly without first understanding their military strength and their tactics? Just like a game of chess, understand what your opponent is capable of and what his strengths are that you do not have. What is your competition doing better than you? If you can determine what that is, you can soon turn the tides in your favor and gain new clients or customers if done right. You may also see marketing strategy business plan examples.
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4. Educate yourself on external opportunities and threats.
They say that opportunity only knocks once. And in the business world, they are often determined by your competition, by fluctuating market factors, and by customers or clients. The main objective here is to check out the various factors that could affect your business so that you can adjust your marketing plan accordingly. You may also check personal marketing plan examples for more information and details.
- Market trends and consumer wants and needs. Always learn to keep a weather eye out for them because you may never know the next big thing might be standing in front of you. Another thing about trends is that you could easily mistake it for a fad. Once you know it is a fad and not a trend, make sure it only becomes your marketing plan for that current period while it is still a “thing.” There are a few financial trends that may affect you, like the rise in virtual payment methods or current inflation rates. You may also see product marketing plan examples.
- When there are opportunities, you can be sure that there are also threats nearby. And upon knowing there are threats out to ruin you, what measures will you take to make sure it does not eventually become a thorn on your side? You may also like email marketing plan examples.
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Researching Your Strengths and Weakness
1. Send Surveys through the mail or through email or through the phone.
What better way to draft up a business plan than to include your customers or clients in the process. You cannot necessarily include them in your board meetings or in any decision-making process, but there are always other ways to include their feedback for the company and its quality of service: surveys.
When making surveys, please keep them short and simple. Your customers or clients may be okay with adding their input, but they might eventually get tired when you have too may questions or when some of your questions require very heavy thinking. You may also see company plan examples.
Make your questions straight to the point. Here are some questions that you may place in the questionnaire. That will help you gauge your existing customers’ level of satisfaction while also gathering information on what your strengths and weaknesses are. You may also like real estate marketing plan examples.
Depending on the medium that you might end up using, you better not forget your formality and cordiality to show respect and courtesy to them. Here are some apartment marketing plans for more details and reference. That will help you gauge your existing customers’ level of satisfaction while also gathering information on what your strengths and weaknesses are.
- What do you like best about our product/service?
- What do you like least?
- What would you like to see us improve on?
- Would you recommend our products/services to friends or colleagues? Why/why not?
2. Conduct personal interviews.
This is not often the best way to gather data among your consumers and clients as it will take a considerable amount of time and resources that you have to spend.
But maybe if one advantage were to come out of this, you can be able to get your responses directly without the need of data tabulation and whatnot. A strategy in using personal interviews would be to get immediate responses from your customers and record them on the go. You may also check out on how digital marketing plans are written.
