Marketing Basics: Creating an Effective Customer Profile
The key to building a successful marketing campaign is to really understand who your prospect is, what frustrates them and what they dream of for the future.
I would suggest developing a customer profile that clearly details the specifics about your most common customer.
Starting this process by taking out a blank sheet of paper and creating three columns: Read more
Marketing Plan Basics: Marketing Objectives & Strategy
The third element of your basic marketing plan consists of the specific objectives you will try and attain and the overall strategy you will use to achieve those objectives.
It is worth noting that the marketing plan objectives should always lead to actual sales revenue. If not, you need to re-examine your marketing objectives and restate them so that they relate to sales results.
Marketing Objectives
Your marketing objectives should be:
- Clear and specific
- Tangible and measurable
- Be time-based, with a target achievement date Read more
Marketing Plan Basics: Situation Analysis
To write a truly effective marketing plan for your business, you must have the basics in place first. One of the most basic, yet often overlooked elements of a marketing plan is the situation analysis.
This situation analysis will provide the context for the proposed plan of action and must be fact-based, not theoretical. This analysis will include basic market and product information, as well as current and anticipated market conditions, the implications they hold and any major opportunities or risks that may be forthcoming.
Your situation analysis will include the following sub-sections:
- Business/Product Review
- Market Analysis
- Competitive Overview
- Consumer Profile
- Distribution
Let’s look at each section in a little more detail.
Business/Product Review
Questions to ask and answer include: What product service am I offering? How does this meet the needs of the market? Do I have a core product with secondary or supporting products or a complete product line?
The key in this section of your marketing plan’s situation analysis is to clearly define exactly what your business offers and what value you provide to your customers.
Market Analysis
What factors will affect your ability to become and remain profitable in the current marketplace? What is the size of your potential consumer market? Are there internal or external factors that affect your business’ performance? What sociological or economic factors may affect your customer’s ability to do business with you?
Competitive Overview
Who are your main competitors? What approach are they taking to reach the same consumer profile as you? What advantages do they have over you? What weaknesses exist that you may be able to exploit?
Also consider what secondary competitors exist – those businesses competing for the same budget allocation, regardless of their specific product or service offering.
Consumer Profile
Who is your primary target market? Who is your secondary target market? What demographic (attributes & characteristics) and psychographic (preferences & biases) similarities exist that could help or hinder your ability to market effectively? What is the potential size of your market?
Distribution
How will you get your product to market? Do you require distributors or other intermediaries or will you sell direct to the consumer? In either case, what factors could impede your ability to deliver your product to market?
Although the situation analysis may seem complicated and involved, it is one of the most important marketing plan basics you will need to include in order to effectively develop a marketing strategy and tactical programs.
Got Marketing Questions? Get YOUR most pressing marketing question answered free each month by submitting it today at http://www.MyMarketingQuestion.com.
Paul Keetch is co-author of the Make My Marketing Work home study system. If you want to create your customized strategic marketing plan in as little as 10 days, visit http://www.MakeMyMarketingWork.com today!
Marketing Plan Basics: The Purpose & Mission Of Your Business
If you’re currently in business for yourself or are considering starting a new business, marketing is a skill you absolutely must master, if you hope to be successful. Although marketing can be a daunting prospect for many entrepreneurs, mastering the basics of writing a marketing plan can be easy and fun – and it can provide you with the foundation you need to successfully grow your business. Let’s get started by defining the purpose and mission of your business.
The purpose and mission of your business is one of the marketing plan basics because these details will inform the rest of your marketing plan, as well as the team who will eventually be responsible for implementing your plan.
It should be said here that as the owner of your company, you should be intricately involved in the development of your overall marketing strategy and its implementation. It is your primary job to ensure that you are effectively reaching your target audience with your marketing message.
The Purpose
The purpose statement details the objective (or objectives) you wish to achieve with the implementation of your marketing plan. You may be introducing a brand new product or service to a market you already serve, re-introducing an existing product that has been improved or re-engineered, or taking an existing product or service into a new market.
In short, the purpose outlines exactly what it is that you hope to accomplish by implementing the plan.
The Mission Statement
In your mission statement you will want to identify the primary reasons that your company exists in the market in the first place. This section often consists of several short, carefully worded statements that address some or all of the following questions:
- Why is the company in business?
- What market pain or problem does our product or service address?
- What markets do we serve? Why do we serve these markets in particular?
- What are the main features, advantages and benefits we offer our customers?
- What is our general philosophy for doing business?
- What is our primary point of differentiation from our main competitors?
Being able to clearly convey the purpose and mission of your business is critical to ensuring your team is able to execute successfully on your vision, winning more customers in the process.
When you’ve mastered the marketing plan basics outlined in this and other articles, you’ll be well ahead of many of your competitors in knowing how to communicate effectively with your target audience and motivate them to take action and become your lifelong customer.
Got Marketing Questions? Visit www.MyMarketingQuestion.com and submit YOUR most pressing marketing question for our next FREE marketing Q&A.
Paul Keetch is co-author of the Make My Marketing Work home study system. If you want to create your customized strategic marketing plan in as little as 10 days, visit http://www.MakeMyMarketingWork.com today!
Effective Marketing Tips – How To Find Customers In Any Economy
Are you worried that your business is going to suffer because of the current economy? In this article you’ll learn how to find customers in any economy by following a few simple steps…
It’s true – In a slumping economy consumers are spending less. But that doesn’t mean they’ve stopped spending! Your job as an entrepreneur or marketer is to position your product or service as a priority in the mind of your prospective customer.
Here are some tips to help you do just that:
Tip 1 – Speak in their language
When you speak about the pain you solve, the “perfect picture” of the future your prospect envisions and how your product or service is uniquely positioned to help them faster, better or cheaper, pay careful attention to the words you use.
Try to use words that you know your customers use and they will respond much more favorably to your marketing message.
“Lose weight quickly” says one thing. “Trim belly fat forever!” says another thing entirely.
If your customers have a specific set of complaints, use their words to show you understand their pain and their desires and they’ll respond in your favor.
Rule 2 – Go where they are already hanging out
There is no sense trying to market to people in places where they are not already looking for a solution. You wouldn’t advertise your dog product in “Cat Fancy” magazine, so why advertise “anywhere” unless you know your prospect is already there?
Newspapers, radio and television seem to have mass appeal, but how much of the viewing audience is really in your target market?
Niche magazines, websites and specialty television channels might be a better bet since a higher percentage of the audience is there specifically for information related to what you are selling.
(Not sure where they’re hanging out? Ask them using an online, telephone or mail survey.)
Rule 3 – Create a “recession” package
Instead of trying to discount your existing products or service, thereby devaluing them (and you) why not put together a lower priced package that includes only the essential items your prospect would need in order to get started with you?
That way, you can eventually upsell them to the complete package at a later time and still win a new customer, even during tough economic times.
Have more marketing questions? Then now I would like to invite you to get your questions answered for FREE each month during our live marketing Q&A. Ask your question today at http://www.MyMarketingQuestion.com.
From Paul Keetch – Co-Author of Make My Marketing Work