Do you have a marketing plan?
A marketing plan details everything you need to do to convince your customers to buy your products and services, i.e., the strategies and tactics you need to employ to boost your sales. Formulating a marketing plan entails coming up with an action plan based on the data you collected and verified during your market research. Your marketing plan should consist of a marketing mix—a set of strategies commonly referred to as the 4 Ps: Product, Price, Promotion and Place. Some people even include a fifth P—People—for customer service.
Here's what you need to determine for each strategy in your marketing plan.
Product and service strategy
Your product and service strategy deals with the features of your products and services that differentiate you from the competition and meet the needs of your target audience in order to get them to buy.
- What strategy do you want to use and why (market penetration, expansion, diversification, etc.)?
- What are your competitive advantages?
- What are the features of your products and services (line, packaging, trademark, model, quality, etc.)?
- What are your terms and conditions for layaway, returns, refunds, after-sales service, warranties, etc.?
Your pricing strategy is used to determine the appropriate price for your products and services. It is a critical part of your marketing plan because price will affect how customers perceive your products and services and their quality. Product price will also affect your business's market share and profits.
Price is the only variable in the marketing mix that requires no investment but generates income. It also elicits faster responses from customers and the competition.
Interested in knowing the other strategies?
Read the full article on Desjardins’ website