On Target Group Coaching Your Marketing Plan On Target Group Coaching

Marketing Marketing is a key component of your business plan and achieving the results you are aiming for A Market Analysis shows your understanding of the market, your customers and your competitors. A Marketing Plan to present the strategies to develop the leads for achieving the sales forecasts you are projecting.

Steps to a marketing plan Define your market Analyze your market and industry Identify your marketing and sales strategies Describe your advertising and promotional activities Your marketing plan is a key component of your business plan

Market Research – Why do it? Obtain data about your geographic market Obtain data about your customers and potential customers Obtain data about your competitors Ensure you are on the right track with your marketing efforts

How to do Market Research Primary – Do your own research Identify competitors via Yellow Pages or online Conduct surveys Do focus group interviews Secondary – Use other people’s research Published Information: Industry profiles, trade journals, newspapers, magazines, census data etc. Sources: Trade Associations, Vendors, Chamber of Commerce

Document your research Show statistics, numbers, and sources. Your marketing plan will become the basis, for your sales projection.

Market Analysis - Economics Facts about your industry Total size of your market and Percentage share you have Current demand in target market Growth history Trends in target market — growth trends, trends in consumer preferences, and trends in product development Growth potential and opportunity for a business of your size Barriers to entry for new competitors Other factors that can affect your business Change in technology Government regulations Changing economy Change in your industry

Products and Services Features - Tangible Benefits - Emotional What does your product/service do? What is special about it? Benefits - Emotional What does it do for your customer After sale services Warranty, service contract, support, follow-up What is your Unique Core Differentiator??? What is really different about you and what does that mean for your customer Try to think of things that your competitors can’t or don’t say

Who are your Customers? Identify your customers Characteristics Geographic Location More than one customer group? Are there intermediaries? Identify most important groups Construct demographic profiles for each

Demographic Profile - Consumers Age Gender Location Income level Social class/occupation Education Other

Demographic Profile – Business Customers Industry (or niche) Location Size of firm Quality/technology/price preferences Other

Competitors Who are your competitors? List your major competitors Products/services Companies List your major competitors Do they compete in all areas of your business or just for specific customers or services? What are key competitive factors? Analyze your strengths and weaknesses

What is your niche? Your unique corner of the market

Marketing Strategy Promotion Advertising Other Marketing Methods How do you get the word out? Advertising Media Frequency Effectiveness Other Marketing Methods Networking Home Shows Website/Online/Social Media Customer Communication Plan Marketing and Advertising Budget Pricing Strategy

Distribution Channels How do you sell your products or services? Retail Direct (mail order, internet) Wholesale Your own sales force Agents Independent reps Has your marketing strategy proven effective? Do you need to make any changes or additions to current strategies?

Location Here in the Marketing Plan section, analyze your location as it affects your customers. If customers come to your place of business: Is it convenient? Parking? Interior spaces? Not out of the way? Is it consistent with your image? Is it what customers want and expect? Where is the competition located? Is it better for you to be near them (like car dealers or fast-food restaurants) or distant (like convenience food stores)?

Sales Forecast Provide a month by month sales forecast for the next year based on Historical Sales Market Research Seasonal Flow Growth Assumptions Consider providing two forecasts Best case Worst case .

Implementation Steps Define Target Market(s) Identify Your Niches Describe the features of your services (tangible) Describe the benefits your clients receive from your services (emotional) Define your Unique Core Differentiators **These exercises help you to craft an effective message to your target market!!