The Truth About Marketing Plans

An effective marketing plan is vital to any business. However, a marketing plan in and of itself means diddly, if it's not used correctly.

Effective and creative marketing plays a critical role in businesses that are successful. How effectively the marketing plan you develop markets your business, will ultimately determine your degree of success or failure.

The 3 key elements of a successful marketing plan are:

1. Know your target market - their likes, dislikes, expectations and needs.

2. Know your competitors - their strengths and weaknesses and the strengths and weaknesses of their product. Only by identifying these factors, can you develop a marketing strategy that will allow you to anticipate and fulfill your customers needs, better understand your competitors and identify changes in the marketplace that can affect your bottom line.

3. Know your product. Can it do more than what it was originally designed for? Does it have additional, useful applications, that will allow you to expand your marketing base and give you an edge on your competitors?

The purpose of a marketing plan is to define your market, i.e.,identify your prospects and competitors - to outline a strategy for attracting and keeping customers and to identify and anticipate change. It takes careful planning and a thorough understanding of the marketplace to develop a strategy that will ensure success.

Generally, the first and most important step in understanding the market is to study it through market research. For example, in the case of a franchise, the franchisor has already done the market research and developed a marketing plan, so you will need to review the plan the franchisor has provided. Look over the plan to determine what product/service you will offer and write a description of it.

Even though the franchisor has already described your product, it is a good idea to develop and write your own description because this process will help you develop invaluable, intimate knowledge of your product - a key element in any successful marketing plan.

When describing your product, outline what you feel are its unique aspects, and explain how and why these aspects will appeal to prospects. Emphasize the special features and benefits that you feel are its selling points. These features and benefits are what you will use to convince prospects to purchase your product.

Next go over sales projections, determining if there is a demand for the product or service. Again, in the case of a franchise, the franchisor will have already developed the projections. Study this data carefully to see how the franchisor arrived at these projections. This will help you to better understand how the marketplace operates relative to your product. It can also help you develop the skills necessary to identify and anticipate changes in the marketplace.

Start your own file on marketplace trends, and compile your own data. Periodically review your data, looking for shifts in the market. If changes are occurring, you should modify the marketing plan to coincide with these changes. In franchise operations, it is typical for the franchisor to update the marketing plan periodically to reflect changes in the marketplace and to keep the marketing program current.

An effective marketing plan should answer these questions:

* Is this product in constant demand?
* How many competitors provide the same product?
* Can you create a demand for your product?
* Can you effectively compete in price, quality, service and delivery?
* If it's a franchise, will the franchisor price the product to give you a sufficient profit?

Review your marketing plan carefully to ensure that it answers these questions. If your plan doesn't answer the questions, it will need to be modified.

Even if you adopt a marketing plan that has been developed elsewhere, it is your responsibility to promote your product by cultivating the marketplace, i.e., attracting and maintaining customers. You can only accomplish this by thoroughly knowing your market, your customers, your competitors and your product or service. NEVER rely solely on a marketing plan provided by a franchisor or any other source. Compile and assess your own data.

By compiling and analyzing this information yourself, you will be better able to determine if your marketing plan is in line with your competitors, industry averages and what adjustments you need to make to improve your overall competitiveness and bottom line.

About the author:
Dale King is the owner of the new Internet marketing website, GuruKnowledge.org. Website Not Making Any Sales? Click here to get a free sales copy evaluation today!