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What Questions Do You Need to Answer Before You Develop Your Marketing Strategy?
A common error among new business owners is to put the cart before the horse. In other words, they plan how they are going to advertise their products before they sit down and thoroughly analyze all of the information. To make certain that your create the best marketing strategy for your business, you need to have the right information. The following are just a few things you need to understand before you develop your plan of action:
Target Market
Your target market consists of the individuals who will buy your products. In order to develop a plan, you need to first know who your target market are and the demographics of that market. In other words, what are the age groups, where do they live, and what do they want. You must try to figure out what their primary reason would be for purchasing your product and why they would want to buy your's over your competitors. Without considering this information, your marketing strategy may not actually reach your target market.
Your Competition
To be successful, you must also research your competition. Who are your main competitors? What are the strengths and the weaknesses of your competitors? Which of your competitors has the largest percentage of your target market? Last, what can your business offer that your competitors can not? Without knowing what your competition is doing, there is no way that you can develop a strategy that is going to be successful in beating them to the sale.
Your Products
Last, to create a winning marketing strategy, you must know everything there is to know about the products you plan to sell. Do your products fulfill a need and, if so, what are those needs? What are the benefits of using the product and what are the features of the product? How do these features differ from other products on the market? Are their any improvements you could make to the product? The answers to these questions are the key to your success. Unless you know everything about how your products work and the potential benefits they offer to your target market, you will not be able to put the product in front of the right people at the right time and show the product in its best light.
Target Market
Your target market consists of the individuals who will buy your products. In order to develop a plan, you need to first know who your target market are and the demographics of that market. In other words, what are the age groups, where do they live, and what do they want. You must try to figure out what their primary reason would be for purchasing your product and why they would want to buy your's over your competitors. Without considering this information, your marketing strategy may not actually reach your target market.
Your Competition
To be successful, you must also research your competition. Who are your main competitors? What are the strengths and the weaknesses of your competitors? Which of your competitors has the largest percentage of your target market? Last, what can your business offer that your competitors can not? Without knowing what your competition is doing, there is no way that you can develop a strategy that is going to be successful in beating them to the sale.
Your Products
Last, to create a winning marketing strategy, you must know everything there is to know about the products you plan to sell. Do your products fulfill a need and, if so, what are those needs? What are the benefits of using the product and what are the features of the product? How do these features differ from other products on the market? Are their any improvements you could make to the product? The answers to these questions are the key to your success. Unless you know everything about how your products work and the potential benefits they offer to your target market, you will not be able to put the product in front of the right people at the right time and show the product in its best light.
Chris Grayson The-Biz-To-Be-In.com
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