Michael Newman’s latest ‘e-Wealth Daily’ article is titled “The Heart of Your Marketing Plan”. [‘Marketing Plan’ Article]


Michael Newman’s latest ‘e-Wealth Daily’ article:

The Heart of Your Marketing Plan

Today, we’re going to get to the meat and potatoes of putting together a quality marketing plan. We’ll cover the most crucial information content and how you should use it.

– Customer Demographics:

This should outline who your customers are. Meaning,
what is their age, income, family situation, where they
spend their time and money, etc.

– Description of Competitors:

This should outline who your competitors are, their
marketing strategy, market share, demand, their
strength and weaknesses and how you differentiate
and fill the void.

– Description of your Product or Service:

Talk about what your product is, any special features,
what makes it unique, how it works, etc.

– Marketing Budget:

This includes your promotional plan, advertising costs
and any other costs that will arise in marketing the
product.

– Location Description: This is an explanation of where
your business is located and what marketing advantages
or disadvantages are associated with it.

– Pricing Strategy:

This outlines how you choose to price your products
and why.

– Market Segmentation:

This section shows how different subgroups in
your marketare expected to react to your product and
how you expect to turn them to customers.

Aside from outlining your marketing strategies, your marketing plan should also provide some intangibles to your operation. First off, it should get everyone involved in the project excited. It should serve as a common point of interest to keep people focused and upbeat about achieving the featured goals as a team.

Next, your marketing plan can serve as a frequent point of reference to track your company’s progress. By looking over it on a regular basis, you can see where you’ve been and, more importantly, where you’re going. It can help keep you on track, plus provide positive reinforcement by showing that you are constantly making positive progress.

A marketing plan will also work to keep your business intact and consistent. After all, people will always come and go in your business. Partners may leave, employees come and go and other components and players may turn over rather regularly. Your marketing plan, however will keep your goals and practices consistent, helping to reinforce the foundation of your business.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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