Tue 26 Jun 2007
Tips for Designing a Marketing Plan
Marketing a product or a service is not a simple job; extensive research and planning needs to be conducted before actually starting the process. There are various ways to design a marketing plan - but to have effective marketing, you need to have a creative plan.
Below are some tips that I put together to help you design a marketing plan with punch:
To begin with, you need to abandon the marketing theories and try something creative. It does involve the risk factor, but following book knowledge is going to get you nowhere, especially if your product or service is unique. Marketing a product or service requires a creative plan, and has to be done in such a way that does not follow methods used by your competitors.
You also need to find a suitable marketplace where your target customers are located, keeping in mind the density of the competition in that particular area. If there is a lot of competition in your targeted area, then you should definitely move to another area where there is less competition.
Using such a strategy will not only provide you with a market with high concentration of customers, but will also reduce the amount of similar products that you will be competing with. This in turn helps you to sell your products and services more effectively.
Another factor to keep in mind is the price of your competitor's products or service. You should do extensive research of the competitor's price, quality and the quality of their customer service. Then you can decide on the price of your product or service depending on what they are offering.
Always design a marketing plan keeping your target market in mind. What may feel good to one person may not appeal to the other.