Updated July 2019
Review: Self-Employment – Marketing Your Business Online As An Affiliate Marketer
How To Successfully Sell Your Product Or Service By Drawing Up A Marketing Plan Identifying Your Product, Price And Target Potential Customers
What Is A Marketing Plan?
Marketing isn’t just about promotion. Marketing is about understanding the wants and needs of consumers and then meeting those needs while making a profit.
Creating A Marketing Plan Will Help You To:
- Identify and understand the market that you plan to enter
- Decide on the position of your product or service within that market in comparison to your competitors
- Price your product or service and work out what you expect to earn
- Plan how you will communicate and promote your business to your target audience
Ideally your marketing plan should cover at least one year, although during the year you will probably have to change your plan quite a few times to suit the market or current trends. You might even have to make complete changes to it. This is due to the fact that the market environment will keep changing, new customers may be identified or other cost factors may mean you have to adjust your pricing strategy.
How Do I Create A Marketing Plan?
A Marketing Plan Is Made Up Of:
This is where you identify the grounds that your business is based on by analyzing the market, your competitors and your customers. Identify where your strengths and opportunities lie in the marketplace.
It isn’t just about sending a product out into the marketplace and hoping someone will buy it, you have to research potential groups of customers which you can categorize. Then you can get to understand their likes and buying behaviours and target them with promotional activities to encourage them to buy your product or service.
You need to know how much you have to spend on marketing your business so that you can keep to budget and not overspend. It can be difficult to justify your marketing spend as it is difficult to directly associate sales to your promotional activities. Using an Analytics program is a good way to monitor how you are doing in the market place over set periods of time.
Internet Marketing – Product, Price, Promotion & Place
It’s important that you take each of these P’s in turn and detail how they will be managed to ensure that you satisfy or exceed your customer’s needs better than your competitors.
The Four P’s And What Each One Means And What It Involves:
This entails not just deciding on your product or service but also the brand name, any guarantees, packaging and any after sales service.
This represents what the business will receive in exchange for the product or service. It’s important that you set your price correctly as undercharging or overcharging can have a dramatic effect on the success or failure of your business.
You have to take into account the costs of all of the other ‘P’s so that you can set a price which covers your costs, what your customers would be willing to pay and one that gives you some profit.
Price should also take into account the perceived value and quality of your product and any enticements in offers that you use to promote the product or service to customers.
This involves identifying a need and then communicating information about the product and its benefits to customers. A range of promotional strategies should be used including: off-line advertising, promotions, and of course internet marketing.
This is about the distribution of the product or service. Are you going to sell your product with your own website, Online Classified Ads, local/national Newspaper Ads, Flyers, Online Notice Boards and Forums? This is how you will get your product or service to your customers.
So before you do anything else, ask yourself.
What is my Marketing Plan?
Thank you for reading this review, and please leave a comment if you have any questions or an opinion you would like to share.