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Five Essential Components of a Marketing Plan

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Putting a Marketing Plan together does not have to be complicated.

When deciding how you want to market your product there are five essential steps to giving you and your product the best chance of getting noticed. A marketing plan will give you an edge in the market that you are targeting whether it be against competitors or if it’s the first product of its kind. All big brands and products have a solid marketing plan, now let us help you become the next big thing.

Your Marketing Plan Needs an Audience

The first step to kicking off your marketing plan is finding your target audience. This is a crucial step in putting your product in front of the people and customers that are going to be most likely to buy it. Let me put it this way, you wouldn’t try and sell prunes to a 12 year old kid who wants a candy bar, so why would you put your product in front of an audience that is unlikely to buy it.

Establish a Unique Selling Proposition

Second step is to establish and define a unique selling proposition. If you don’t know what that means it is making your product message remarkable and memorable. It’s having a value proposition or a special wow factor to your product that allows the consumer to connect emotionally to your brand. Like Klondike bars jingle. You can’t go anywhere that someone doesn’t know what that jingle is or that elicits an emotion. When deciding how to market your product it needs to be able to occupy a place in people’s minds so that once they see it it’s stuck with them for the long haul.

Pricing and Positioning Strategy

The third piece includes both pricing and positioning strategies. Everyone trying to sell something always thinks I can’t price it to high or no one can afford or want to buy it. It’s the same with pricing to low. If you are selling a hundred dollar product for $19.99 people will think that it is cheap and it will break or it is just not as good quality. When finding that sweet spot do some research on what people are willing to pay and go from there.

Now for positioning. When trying to sell your product it is crucial to draw the most attention to it. You need to think where it would best be sold. You wouldn’t try and sell winter cloths on the beach so why put your product in a place that it doesn’t belong. If it’s sport equipment have it marketed at big sports games or hardware at a point of need for the consumer.

Marketing Plan Should Include Clear Marketing Strategies

The fourth component of your marketing plan should include a concise well understood online marketing strategy. Today everyone is always on their phone reading the news, listening to music, on social media, and lastly shopping. While it is important put your product in venues that make sense it is just as important if not more important to market it online. These days 79% of people shop online which has huge potential to really give your product the best opportunity to get noticed.

Retain and Refer

Finally you attracted the right customers so how do you retain customers and encourage them to refer? Having the right referral and retention strategies will help future growth and fill the pipeline. Once someone buys something and is absolutely in love with it is very likely that they will buy it again or refer someone to you. In fact 72% of people that buy a product and fall in love with it will either buy another one or tell someone about it. For your product to spread virally it needs to have something that will give it that edge that will draw people back to it. The right marketing plan and messaging can help your brand grow organically

With any good marketing strategy these five steps are absolutely essential to give your product the most opportunity to be the next big thing!!

At FireRock Marketing we can help guide you and your brand towards developing a marketing plan that attracts the right customers and grows your business. As Boston Marketing Consultants we collaborate with your team and develop a plan that can be shared and utilized to communicate objectives and communication plans.