Presentation on theme: "On Target Group Coaching"— Presentation transcript:
1 On Target Group Coaching Your Marketing PlanOn Target Group Coaching
2 MarketingMarketing is a key component of your business plan and achieving the results you are aiming forA 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 marketAnalyze your market and industryIdentify your marketing and sales strategiesDescribe your advertising and promotional activitiesYour marketing plan is a key component of your business plan
4 Market Research – Why do it? Obtain data about your geographic marketObtain data about your customers and potential customersObtain data about your competitorsEnsure you are on the right track with your marketing efforts
5 How to do Market Research Primary – Do your own researchIdentify competitors via Yellow Pages or onlineConduct surveysDo focus group interviewsSecondary – Use other people’s researchPublished 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 industryTotal size of your market and Percentage share you haveCurrent demand in target marketGrowth historyTrends in target market — growth trends, trends in consumer preferences, and trends in product developmentGrowth potential and opportunity for a business of your sizeBarriers to entry for new competitorsOther factors that can affect your businessChange in technologyGovernment regulationsChanging economyChange in your industry
8 Products and Services Features - Tangible Benefits - Emotional What does your product/service do?What is special about it?Benefits - EmotionalWhat does it do for your customerAfter sale servicesWarranty, service contract, support, follow-upWhat is your Unique Core Differentiator???What is really different about you and what does that mean for your customerTry to think of things that your competitors can’t or don’t say
9 Who are your Customers? Identify your customers CharacteristicsGeographic LocationMore than one customer group?Are there intermediaries?Identify most important groupsConstruct demographic profiles for each
11 Demographic Profile – Business Customers Industry (or niche)LocationSize of firmQuality/technology/price preferencesOther
12 Competitors Who are your competitors? List your major competitors Products/servicesCompaniesList your major competitorsDo 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?AdvertisingMediaFrequencyEffectivenessOther Marketing MethodsNetworkingHome ShowsWebsite/Online/Social MediaCustomer Communication PlanMarketing and Advertising BudgetPricing Strategy
15 Distribution Channels How do you sell your products or services?RetailDirect (mail order, internet)WholesaleYour own sales forceAgentsIndependent repsHas your marketing strategy proven effective?Do you need to make any changes or additions to current strategies?
16 LocationHere 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 ForecastProvide a month by month sales forecast for the next year based onHistorical SalesMarket ResearchSeasonal FlowGrowth AssumptionsConsider providing two forecastsBest caseWorst 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!!