How to Create an Effective Marketing Plan

Marketing is the soul of your business, it means anything you do for the promotion of your business comes under marketing. However, without a plan or strategy your marketing campaign will not deliver the desired results. Therefore, creating marketing plan for any business is vital.

Now the question arise; how to create an effective marketing plan for a company? We all know the format of a marketing plan. Whether you make a formal or informal proposal, a plan should be such which touches all the essential points to deliver the targeted goal.

To make an effective plan, there is a famous rule called 4P’s. Here, P’s stand for Price, Product, Promotion and Placement. In this another P is added called People. Today while doing digital marketing or the traditional marketing one should understand people or the customers you are dealing with. It’s important to figure out what is significant for the business, and later make a plan accordingly.

Generally, in a marketing plan the following points are considered –

  • Market Analysis: First analysis your broader market, where are the opportunities that you can look for? What are the scopes in the current market? After analyzing the broader scope of the market; target on the niche values.
  • Identify the Target Customers: Unlike the broader analysis of the market; here you aim on the targeted customers. You look for the scopes where you can promote or market your product to get the higher returns and acceptance. Here from targeted customers to clients, you also find out the needs and demands of the audience. Once you know, who all are your customers and what exactly they are looking for then you can jump to next step.
  • Marketing Plan: In this you perform, precise activities which helps in achieving the goals and objectives you are targeting at. Here, you plan how you will promote the product/service? What are the specific areas of promotion? What would be the budget of this plan execution? Etc. Plus, you also estimate the ROI of this marketing strategy.
  • Competitive Edge: It’s important to define your competitors too. One should know, what strategies are being used by the competitors to reach to the potential customers. If you know what your competitors are doing, you will be able to modify the plan and maybe your marketing analyst will come with something more innovative that can capture the mass attention.
  • Sales and Strategy Forecast: If you have a target to achieve you can plan out your work according. It’s just like keep the figures real and amenable. Unrealistic figures would not help you ever to get the target on time. Secondly with these forecast, you can compare your marketing strategies and come up with the best solutions for future activities.

These above tips are vital or the stepping stones for any business, but in reality, companies need to incorporate multiple web channels for their business marketing plans. Below are popular web channels that business uses for their planning and strategies:

  • Social Media Marketing: One of the most promising way of marketing in today’s date. From LinkedIn to Facebook and from Twitter to Google+, companies use these platforms to target the right set of customers. From a survey by social media – 93% of marketers use social media for business.
  • Mobile Marketing: Another most prompting way of marketing which is used in today’s digital world. The acceptance of smartphones and tablets has helped to change the way companies used to target their customers earlier; these days they implement strategies that reach customers on their devices itself. From a survey via Our Mobile Planet, 89% of smartphone users notice mobile ads.
  • Email Marketing: The marketing plan via email is quite an old one. It is an effective and popular way of promotion for many small business owners. Get the email data of your possible customers and send them your customize business emails to let them know what you are offering.
  • Blog Marketing: Blogging is a big focus when it comes to content marketing. Blog provides a personal touch and advantage to your social media marketing too. Here you have a freedom or control over the product or service you are marketing for. Companies are hiring full-time bloggers for this job. Although, 62% of marketers blog or plan to blog in 2013, only 9% of US marketing companies employ a full-time blogger.

These are the points you should remember while making plan and strategies and how to reach the customers for a booming business.

Direct Marketing Products – Good, Better, and The Best

When a home business owner is considering which direct marketing products they want to sell several questions should come to mind:

1. How much manual labor is involved per sale?
2. What are the operating expenses for my business?
3. If my goal is X amount per month, how does that break down?

I Didn’t Work This Hard For The Man

Running a business demands work, but the home business community all agrees that we’re after a certain lifestyle. We want the time with family and friends that our job makes impossible.

Setting aside the time it takes to set everything up, what sort of time demand will my new business ask of me daily?

Different home business opportunities will insist you only need to spend 2 hours per day but no two people work exactly the same way.

If we understand what we’ll have to do in advance, our own estimate would probably be more accurate. When we have the advantage of a working system or model it is easier to break down the daily tasks, which makes it easier to anticipate how long each will take.

Why Am I Still Losing Money?

Direct marketing products require some type of advertising either by mail, email or online. While advertising can be expensive, there are many ways to promote our products with little to no cost.

Some companies pay thousands in advertising to generate millions in profits. We can expect a ratio based on our advertising and our return on investment.

It’s important to advertise without overspending. Setting the budget limit per week or per month should prevent this from happening.

What Financial Return Do I Need Per…

We usually set our goals for a new business on a per month basis to follow billing cycles. This amount needs to be broken down into daily goals. By holding ourselves accountable to the activity necessary to reach daily goals, we’ll reach the monthly goal.

For instance if we need the business to generate $10,000.00 per month, we’ll need at least 2500 per week and 500 per day on a 5 day workweek.

If I know this prior to deciding which direct marketing products to sell, it’s easier to answer my other two questions.

The Good Products

Using an online store or website, any number of common products can be sold through the drop shipping method. This is also true for many MLM businesses.

Profits are calculated on the difference between our price and the purchase price. Shipping can either be added to the customer’s price or reduced from our profits. Either way we can calculate how many items per day we would need to sell in order to reach that $500.00 goal.

In the case where the items we sell have a wide range of prices, we might need several months to determine an average order. When we have the average we’d know how many orders per day are needed to reach our goal.

The Better Products

Any item that can be downloaded, whether we created the product or not, has a more profitable margin for several reasons:
a) No inventory costs, storage costs, manufacturing costs etc…
b) No importing, exporting or shipping costs are necessary.
c) Cost per item is usually low enough to attract more buyers.

Owners of intellectual products make it a point to tell prospective marketing affiliates the profit margin on their material.

Business for e-books is booming because most marketing professionals understand how to quickly setup campaigns to move these resources. Every one of these direct marketing products represents a unique income stream; most are capable of reaching our monthly goal on their own.

The Best Products

The top tier isn’t simply reserved for items that cost a lot and produce generous income to the marketer. These are the products that perform.

Whether in the form of a physical product, a membership or an investment, these products are typically designed for increasing wealth.

People aren’t going to buy top tier products unless they have faith that these products will benefit them far beyond the purchase cost. These products stand upon a proven track record, not the endorsement of late night infomercial actors.

Finding What We’re Looking For

The law of attraction is at work for these products for two reasons:
1. The people who want them are already prepared to meet the cost.
2. Once the marketer has managed to introduce these products to the people who want them, their work is done.

Not everyone has the self confidence necessary to act upon their desire for great wealth. Most people are too timid to overcome the purchase price. The marketer can do nothing more than bringing together the people who want a product, with that product.

How to Market Products Online

When it comes to making money online your success is dependent on how well you learn how to market products online. Whether you have chosen to market the newest electronic devices, or products that will make a pet owners life easier, the sales will not come if your potential customers cannot find your product. Here we discuss some of the key elements to marketing products online so you can get yourself on the right path to profiting online.

First, select which product niche you want to market. In order to learn how to market products online, you need to determine what product you want to market since your other steps will be based on this decision. When you choose your product, you will want it to be something that you believe customers will be interested in. You can choose a product you know a lot about, or a product that you yourself have searched for but have found very little information about. Odds are if you have searched for it, there is a good chance that others have been searching for it as well. It is your knowledge of a product that will cause a customer to trust your recommendations, increasing the chances that they will purchase a product from you.

Second, choose a domain name that is related to your product niche. An important element in learning how to market products online is to choose the right domain name. Your domain name is the first element that tells your visitors what your site is all about and is key to a good search engine ranking. If you have ever searched for information online, you probably never realized that a sites rankings played into where the site fell in the search results. Why do we care about how a search engine ranks our site? Because the lower you fall in the search results, i.e., page 3 or beyond, the less of a chance there is that your customer will find you resulting in no sales no matter how much marketing you do.

Lastly, get content on your site and start marketing. The most important step in learning how to market products online is to create a site that is full of content related to your product of choice. Say you have chosen to market pet products, then you will need to fill your content with information and products related to answering all the questions a pet owner may have. Keep in mind the greatest content is the world will not do you any good if your customers can’t find it. Make sure you take the time to promote your site as much as you can using either article or PPC marketing. Just make sure you concentrate on one method, otherwise you may end up frustrating yourself with the lack of traffic.

These are just a few of the key tips to learning how to market products online. Choose your niche, and build a content rich site full of information related to your product of choice and you will be on your way to achieving success at making money online sooner than you ever thought possible.

Direct Marketing Tools

In business, whenever you identify a new market that you know is going to be receptive and fruitful for your product and service then you also are soon faced with the problem that advertising in that market is not easy to obtain. This is due to the fact that most of the best publications are terribly expensive and it is possible that your advertisement might not appear for at least a few months.

In the face of such issues, direct marketing tools can come to your rescue. Direct marketing tools provide you with an effective way to carry out a test of the market relatively fast, at a much more reasonable cost and with convincing certainty. It would help you to determine whether this market was indeed the goldmine that you hoped it to be. You can use direct marketing tools like marketing databases that help you to generate a target list for a campaign of direct mailing. Obviously direct mail also works with the use of purchased lists. Direct marketing tools provide large companies with the capacity to go after defined markets with offers that are specialized. Apart from that, for smaller companies too using direct marketing tool has a variety of attractive advantages.

Direct marketing tool allow you to target recipients in a very precise manner. You can study your responses in far more accurate way and thus get better results that you can rely on. Direct marketing tools also give you the flexibility to build campaigns that fit your budget comfortably. Tools for direct marketing give you the edge of prompt results. In times today when marketing is becoming more and more competitive direct marketing tools can help your business get the edge that is required to realize success.