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Marketing Plan – 4 Things To Consider When Putting One Together

Updated: Dec 27, 2023

Many factors are involved in the success or failure of a business, such as product quality, cost-effective manufacturability, product demand, cash flow management, staff competence, inventory management, etc.  With all these factors in place, however, it can all turn to dust without a good marketing plan.  You can have the best and most efficiently made product in the world produced by the most competent staff, but if you can’t get it in the hands of the public (with the money in yours), then you might as well close the doors and go fishin’.

There are many factors to consider when putting together a marketing plan. Here are 4 marketing plan considerations you should take into account:

Marketing Plan Consideration #1

  1. “Who is going to use this product?”  Determining your demographic is a huge plus.  Once you’ve determined your “target audience”, you’re halfway there.

Marketing Plan Consideration #2

  1.  “Who is your competition?”  What are their strengths and weaknesses, their market share (is there enough left for you) and finally, can you outgun them?

Marketing Plan Consideration #3

  1.  “Who is on your side?”  Distributors, subsidiaries, joint ventures.  These folks are your backers and can do wonders for your bottom line.

Marketing Plan Consideration #4

  1.  “What’s going on in the world that would affect the marketability of your product?”  Will the economic climate allow them to afford it?  Will it soon be obsolete because of advancing technology?

Careful consideration of all these factors and many others are necessary to craft your marketing plan.  If it’s put into the hands of professionals, the chance of success is greatly increased.  That’s where we come in.  We have experts that can devise a marketing plan that can achieve all targets and allow businesses the success they strive for.  As the saying goes, “If you fail to plan… you plan to fail.”  No matter how big or small your business is, somewhere near the top of your priority list should be designing a good “Marketing Plan”.  Don’t you agree?

Looking for more? Check out our other blogs here or join in the conversation by adding your comments below!

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