Even though they know that creating a marketing plan is the most important step of starting or expanding a business, the majority of business owners make one crucial mistake right at the beginning. They spend their time focusing on how they are going to market their products or services. The first thing that you have to do when you start to create a marketing plan is to research the market. This is what our consultants at MarketingPlanConsulting.net will do for you when you come to us with an order for creating an effective marketing plan.
The type of research needed for creating a marketing plan
The steps to creating a marketing plan that we take in the research process involve the following:
- The market base from which you will draw customers. This could be the local region for a brick and mortar business, but we also search the global market if you have a product that can be sold online.
- This enables us to write the section of the business plan related to who you will sell to and where.
- We look at various factors when we research the market for you when creating a marketing plan for you. These include:
- what products similar to yours are already on the market
- how well these products are selling
- what unique aspects of the product you offer to customers
- how you can compete in terms of the price
This is called researching the competition and is one of the most important things you must consider in order to effectively start the process to create marketing plan sections.
Creating a marketing plan that includes advertising
How you intend to advertise to prospective customers is one question you must answer in creating a marketing plan. When you plan to advertise online then you do have to look at creating a social media marketing plan because this method will help you reach the largest customer base. Since it doesn’t have to cost a lot of money to advertise in this way investors will really like the attitude you take in creating an effective marketing plan.