What you should know about Marketing your Product or Service PART 2

What is a marketing plan?

 A marketing plan may be part of your overall business plan and can help you direct and coordinate your marketing efforts. The marketing plan generally contains valuable information about the business, as well as the business's products, services, strategies, and marketing objectives. It can establish a benchmark and methods of measuring results, often expressed as market share or sales figures. It may include the results of your market research. Marketing plans may also include specific information on the marketing budget and the costs of production and/or marketing. A marketing plan consists of several components Marketing plans may vary by the type, size, and growth rate of the business. The following are typical components of a marketing plan: ·         An executive summary: An introduction to your business that usually discusses major points in your plan·         Current situation: Contains information about the business, including the business's location and target market·         Competitor and issue analysis: Includes information about other businesses that offer products and services similar to yours·         Marketing objectives: Goals and objectives (such as an increase in sales or market share) and the expected time frame to achieve the objectives·         Marketing strategies: Discusses the elements of marketing--product or service, price (including payment methods), place of delivery, and promotion methods·         Action programs: May describe specific marketing tasks to be performed (such as ad placements or sales promotions)--including timetables and the person or group responsible for completion·         Budget: Detailed listing of all costs associated with marketing activities·         Measurements: Numerical targets and deadlines for measuring results of the marketing plan·         Supporting documents: May include spreadsheets, market research data, and resumes of management and staff  Marketing with electronic technology World wide web marketing You should include your website address on all marketing materials, including brochures, letterhead, stationery, and business cards. You should include your web address in your e-mail signature file, the yellow pages, and any other advertisements. ·         Broadcast your web address like your business telephone number to encourage visits to your web site·         Use your website for customer service functions such as product information and customer inquiries·         Use your website for accepting customer orders·         Encourage user feedback by incorporating a brief questionnaire or response field·         Remember to keep your website current E-mail marketing E-mail can be used to market your business, but it is not advisable to send unsolicited mailings to groups of people. This practice, known as "spamming," is illegal in some states. Recipients of such mailings generally don't react favorably--this is not the impression you are striving for. There are more favorable ways that you can use e-mail. It can be an efficient and inexpensive way to receive and respond to inquiries from customers and potential customers. Just make sure that someone really does respond to requests! If you plan to use e-mail as part of your marketing campaign, keep the following points in mind: ·         Broadcast your e-mail address like your business telephone number·         Collect e-mail addresses for follow-up contact with customers and potential new customers·         Correspond with customers and potential new customers by e-mail--it can be faster and less expensive than the postal service·         Join e-mail lists on a topic of value to your customers and potential new customers·         Publish an informational newsletter that you can distribute via e-mail  What is the purpose of advertising? You may need to use paid advertising to promote your business, product, or service. The purpose of advertising is to make potential customers aware of your products and services and to point out the need for your product or service. Effective advertising will result in action, such as a request for additional information, and, ideally, a purchase. Advertising is a consistent, reliable, and efficient way to deliver your marketing message to potential customers. You are able to control the advertising message, the frequency of the advertisement, and where the advertisement will be placed. Advertising can: ·         Establish public awareness of your business, product, or service·         Promote the identity and image of your business, product, or service·         Create a need for your product or service·         Develop sales leads  Creative marketing There are creative and relatively inexpensive ways you can market your business, product, or service. ·         Team up with another business and form a marketing partnership to engage in joint advertising, such as flyers, coupon promotions, or referral programs.·         Check with a local college or university. Business or marketing departments often have consulting groups comprising students who conduct research and act in a consulting capacity for local businesses under the supervision of faculty--the students get course credit, and you get inexpensive, quality marketing talent.·         Use postcards to announce new developments and sales promotions or to keep your name in the public eye.·         Take advantage of publicity--newspapers are always looking for news, and chances are good that your business is doing something that will interest the newspaper's readers. This is a form of free advertising that can go a long way toward promoting your business, product or service.·         Write dynamic sales letters to targeted customer groups.·         "Word of mouth" can be a highly effective form of advertising--encourage your customers to tell others about your product or service.·         Ask for referrals from existing customers. Set up a program to provide product or service discounts to customers who introduce new customers.·         Write a book and sell it, or submit articles for publication in newspapers and trade publications--it could build instant credibility and create name recognition.·         Flyers can be a cost-effective marketing technique--many software packages are available to enable you to create your own.·         Create a website on the Internet.·         Post a banner advertisement on a website that links to your home page.·         Participate in trade shows--talk to everyone who comes near your booth. Collect a business card from each person or provide a mailing list sign-up sheet for follow-up contact.·         If you use direct mail, make it unique so it will be noticed.  Telemarketing Some industries and service groups rely on telemarketing to promote their product or service. Federal legislation regulates telemarketing efforts. The rules allow telemarketing calls only between the hours of 8 A.M. and 9 P.M. In addition, company "do not call" lists must be maintained for those consumers who have requested that they not receive telephone solicitations. It is the responsibility of the company using telemarketing (in-house or through a third party) to maintain the list. The regulations also prohibit unsolicited ads to fax machines, regulate the use of automatic dialing systems, and govern the length of time that transaction records must be maintained. Caution:   In addition to the federal regulations enforced by the Federal Communications Commission (FCC) and the Federal Trade Commission (FTC), the individual states have stringent laws for companies that use telemarketing. To learn more about the regulations in your state, contact your state attorney general's office or the American Telemarketing Association. Caution:   Violation of the rules may be punishable by fines. For more information presented from the consumer point of view, see How to End Telemarketing Calls.Securities, Financial Planning and Advisory Services offered through LPL Financial.   Member FINRA / SIPC Re-Written with Permission by © Forefield Inc.