The Marketing Plan - New Business Owners
Many first-time business owners think that all you need to do is place a dazzling ad in a local newspaper or a commercial on a radio or a television station, customers will automatically flock to purchase their product or service. This is hardly true. Some people probably going to learn about your product or service and try it, just out of curiosity. But hundreds, even thousands, of other potential customers may never know your business even exists. This is why an innovative social media marketing plan is essential.
What you as a potential business owner must strive for is to preserve a thorough understanding of your social media marketing program, and use it to extort advantages from the marketplace. Study different strategies and techniques until you figure out how to apply them to get the results you desire. Remember, your objective is not only to captivate and keep a steady group of loyal customers, but also to broaden your customer base by identifying and attracting new customers and to minimize risks by anticipating market shifts that can affect your bottom line. Social media marketing is the perfect way to do this as you can easily reach large groups of people and raise the awareness of your business in a hurry.
To help assist you in this goal, your marketing plan should begin with what marketers call the four P's of Marketing: Product, Price, Place, and Promotion. Also, you want to identify your target by different parameters. Some may include age, sex, profession, education level, and location. You want to be familiar with your customers better than anyone; their likes, dislikes, and expectations. Since your resources are most likely limited, go after those who are more likely to purchase your product or service. As your business starts to expand then this section of your marketing plan may need to be adjusted to include a larger demographic. When you get this information think about how it can fit into your social media marketing plan. What should the tone of your posts be? What are my customers going to be receptive to? Keep trying different approaches in your social media marketing until something sticks.
Along with knowing your customers, you must also know your competition. Do this by studying market research data, understanding the demand of your product, and the strengths and weaknesses you have over the competition. A good start would be to spot the five nearest competitors, and start a file on each. Keep files on their advertising and promotional presence and their pricing approaches. Review these files every once in a while to determine how often they advertise, and offer sales. See what they do on social media, if they are even on there, and see how you can use your social media marketing to combat their efforts.
Lastly, try to explain the benefits of your goods from the perspective of the customer. Emphasize your special features, i.e. the selling points. Successful business owners know or at least have an idea of what their customers what or expect from them. This type of preparation can be advantageous in building customer satisfaction and loyalty. Go over this plan as you begin to enter the field of service and you will be a step up on the competition. Make sure your message is clear on social media and your social media marketing efforts will see immediate success.
What you as a potential business owner must strive for is to preserve a thorough understanding of your social media marketing program, and use it to extort advantages from the marketplace. Study different strategies and techniques until you figure out how to apply them to get the results you desire. Remember, your objective is not only to captivate and keep a steady group of loyal customers, but also to broaden your customer base by identifying and attracting new customers and to minimize risks by anticipating market shifts that can affect your bottom line. Social media marketing is the perfect way to do this as you can easily reach large groups of people and raise the awareness of your business in a hurry.
To help assist you in this goal, your marketing plan should begin with what marketers call the four P's of Marketing: Product, Price, Place, and Promotion. Also, you want to identify your target by different parameters. Some may include age, sex, profession, education level, and location. You want to be familiar with your customers better than anyone; their likes, dislikes, and expectations. Since your resources are most likely limited, go after those who are more likely to purchase your product or service. As your business starts to expand then this section of your marketing plan may need to be adjusted to include a larger demographic. When you get this information think about how it can fit into your social media marketing plan. What should the tone of your posts be? What are my customers going to be receptive to? Keep trying different approaches in your social media marketing until something sticks.
Along with knowing your customers, you must also know your competition. Do this by studying market research data, understanding the demand of your product, and the strengths and weaknesses you have over the competition. A good start would be to spot the five nearest competitors, and start a file on each. Keep files on their advertising and promotional presence and their pricing approaches. Review these files every once in a while to determine how often they advertise, and offer sales. See what they do on social media, if they are even on there, and see how you can use your social media marketing to combat their efforts.
Lastly, try to explain the benefits of your goods from the perspective of the customer. Emphasize your special features, i.e. the selling points. Successful business owners know or at least have an idea of what their customers what or expect from them. This type of preparation can be advantageous in building customer satisfaction and loyalty. Go over this plan as you begin to enter the field of service and you will be a step up on the competition. Make sure your message is clear on social media and your social media marketing efforts will see immediate success.
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