Marketing Plan: The 3 Key Questions to Ask

Writing a marketing plan can be complex. Many factors must be considered. Demographics, competition, positioning, and market analysis are just a few. A marketing plan can have many purposes. It may be developed when a business is trying to attract investors. There may be a change in the marketplace and the company must reposition. Or, when a new product or service is added. A marketing plan can be part of a much larger business plan or it can stand on its own and guide the direction of a business.

The content of a marketing plan can comprise any number of pages. The information expands or contracts depending on the needs of the business. A marketing plan does not need to follow a strict order. What works for you and your business is what counts.

In its simplest form, a marketing plan is a response to a series of questions about your product or service. It is the answers to these questions that will shape and form your marketing plan. As your marketing plan evolves there may be questions that invoke more questions. This is a good thing. A marketing plan should make you think. The thoughts and ideas that result are the road map for the future.

But before you describe your marketing plan in detail there are three questions you must ask. Don’t worry, the answers aren’t carved in stone. They are beginning statements and will elaborate as you flesh out your marketing plan.

Marketing Plan Question #1: What are we talking about?

This is the most important question. Unless you are able to answer this question and all that it encompasses, your marketing plan is doomed for failure. Answer this question as you would describe your product to an intelligent 14 year old. Beak the information down so it is easily understood. Describe your product or service and what makes it special. How much does it cost to produce? What is its selling price? How is it distributed to your customers? The more information you can provide to define your product in your marketing plan the better results you will have.

Marketing Plan Question #2: Why am I talking?

Talk about what is going on and the impact it has on your product. It could be political, societal, geographical, environmental. Include only the information that has a direct influence or relationship with your product. For example, if your product is organic baby food, healthy but more expensive than regular baby food. Is there a demand for your product? Are there more babies? Do the parents have more money? Are they health conscious? Where will you get your organic produce? Is there a reliable supply to satisfy the demand?

Then, research the competition. Find out their sales, pricing, competitive advantage. What makes them special?

You must know the current environment and what is happening in order to determine your competitive edge.

Marketing Plan Question #3: Who am I talking to?

Look deeply into the lives and characteristics of the people who will buy your product. Find our everything you can about your target market. How old are they? What is their age, sex, income, marital status. If it’s a business, describe the industry, revenues, location. Who are the decision makers that will buy your product. Rank this information in order of priority so you know where to focus your efforts.

And now the plan

When you have the answers to these 3 questions clear in your mind then you are ready to write your marketing plan. This is where your journey begins. You know what you’re talking about, you know why you are talking and you understand your customer.

With this information you are able to flesh out your marketing plan with greater detail and define a fully informed roadmap for success.

via Business 2 Community http://www.business2community.com/marketing/marketing-plan-3-key-questions-ask-0698189?utm_source=rss&utm_medium=rss&utm_campaign=marketing-plan-3-key-questions-ask