Your marketing plan identifies who your customers are and how you can get them to buy your product or service. Use that information to modify your business to increase its appeal to your target customer. Know your customers by identifying:
- Who they are;
- Where they are located;
- What they want and why they buy it;
- Your competitors and how they operate;
- How big the market for your product or service is;
- How fast that market is growing.
Determine how to reach your customers by knowing:
- WHO they are;
- WHAT is important to them;
- HOW they get information to make decisions;
- WHAT types of media and other resources do they use to get that information; and therefore
- WHERE they can be found.
Your plan should also describe how you will keep your customers satisfied and loyal, including:
- Ongoing customer service;
- Your return program;
- Warranty or guarantee programs.
Your AZSBDC Business Analyst Can Work With You To:
Market Research and Industry Analysis
- Suggest several approaches to getting your analysis done;
- Refer you to sources for industry data and trends, market structure information and competitor activity.
- Define your target customer;
- Determine where your target customer is located;
- Recognize the potential size of the market for your product or service.
- Decide how to best to contact and make sales to the customer;
- Determine how to get the product or service into the customer’s hands.
- Suggest ideas regarding promotional media and the promotional message.
- Develop a pricing strategy that is competitive in the marketplace and supports your cost structure, anticipated sales volume and profit planning.
- Guide you as you put your marketing plan in writing, including such elements as sales goals, strategies for customer management, customer service and customer retention.