Apple. Google. Mcdonalds.
These companies have developed over time, a brand image that is known worldwide. They have been successful because year after year, they have been able to draw up a marketing plan of action. Whether you are a small business or a large corporation, a well-developed marketing plan will generate a great return over investment. Many businesses cut back their marketing dollars in recessionary periods such as today's economy. However, cutting back on this could have an adverse effect on your business. McDonalds has used the downturn to capitalize in the coffee industry by offering premium coffee at a discount. To the dismay of Starbucks, who had been slow to respond, McDonalds has successfuly increased their market share in the coffee industry.
Here are some pointers to follow when developing a plan:
1. Market segement the customers you want to attract.
Are you going to target the general consumer? Is your product going to cater toward a niche?
2. What is the market segment's size and customer population?
What is the demographics of the customers you want to attract? What are their interests?
3. Identify your competitors and understand their strengths and weaknesses.
Find out who your main competitors are and research to find their strengths and weaknesses. A great way to find out things about your competitors is have a focus group with their current customers.
4. Establish a goal in market shares that will provide you a commanding position.
Dont' bite off more than you can chew.
5. Be able to describe how your product will be differentiated, positioned, promoted, priced, supported, and serviced.
You need to establish these aspects since they will become key selling points of your marketing message.
6.Establish a budget and estimate costs.
Remember that your expenses will pay itself off over the course of time.
7. Sell the sizzle.
Marketing communications is the end product of a marketing plan that is well thought out on a well defined market need.
No comments:
Post a Comment