Creating a feasible marketing plan

One of the most important decisions you will make in regards to your business is the marketing plan you will develop. This marketing plan must be a comprehensive way to allow your potential customer base access to your product and most importantly convince them to buy your offered product or service. You may seem overwhelmed by the idea of how to develop your marketing plan but there is help. Here are 5 steps to help you in creating a feasible marketing plan.

1. Position your product or service correctly. Many business owners make the common mistake of blurring the lines among promotion, advertising, and public relations. Those are the avenues of a message or campaign, not marketing itself. The four Ps of marketing are:

• Product: Having the right product or service for your market.
•  Price: Pricing your product or service for an amount that makes your target customer feel it's a good deal.
•  Promotion: This avenue involves creating appropriate perceptions across multiple channels, including, print, direct mail, flyers, brochures, and postcards, TV or radio spots, newspaper or magazine ads, online and any other special events.
•  Place: Having your product in locations where your target customers can readily find it.

If you can put the right product or service at the right price in front of the right customer, you will be successful. Do not make the mistake of thinking that a high volume of sales is the key-profit is. The goal of successful marketing is to generate the interest or recognition that will lead to the sales that will boost profits. That's the reason to create a marketing plan rather than shooting off in many directions with your product or service.

2. Tap Your Brain Trust.To help in creation of a feasible marketing plan for your company one effective strategy is to set up some brainstorming meetings with advisors you trust, such as family, friends, staff, or other professionals. Meetings can be informal or formal offsite meetings. Just schedule the meetings so that you are able to stay away from ringing phones and don't expect to get everything done in one meeting. At these sessions, you will want to explore answers to these questions:


• Who are you selling to?


•  What do those customers need?


•  What distinguishes your product or service from the competition?

3. Listen to Customers.It is crucial that you understand how customers react to your quality and price, service and delivery, image and brand in short, everything that influences their purchasing decision. In order to discover what customers think you just need to ask them. Consider a survey for some of your current customers as well as customers you want to reach. You can make personal calls or send them surveys via e-mail or postcards. It will work best if you include an incentive to boost participation, such as a discount or a free sample.

4. Draft the Marketing Plan.Now that you have an idea of your customers and market conditions, you can now flesh out your plan. This plan does not have to be a formal document, but should at least consist of a written outline to share with staff or outside consultants and to refer to later.
5. Track Your Results. It is important to include benchmarks in your plan. Use these benchmarks to take stock of whether your marketing efforts are paying off or if you should rethink your approach and restructure your marketing plan. Be sure to calculate the category and cost of marketing communications and compare with set specific sales forecasts. And a final note-Be sure that you do not rest on your laurels. Markets change all the time and you must be ready to change with them. Make sure you review your marketing plan every year to see if you must revisit any goals.

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