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On Target Group Coaching

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Presentation on theme: "On Target Group Coaching"— Presentation transcript:

1 On Target Group Coaching
Your Marketing Plan On Target Group Coaching

2 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.

3 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

4 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

5 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

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

7 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

8 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

9 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

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

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

12 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

13 What is your niche? Your unique corner of the market

14 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

15 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?

16 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)?

17 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 .

18 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!!

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