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Seven Steps to Developing a Marketing Plan for Your Business
If you fail to plan, then you plan to fail. This phrase rings true, especially in business. Marketing your Phoenix business is a big part of being successful, and you will definitely need a strong marketing plan in order to succeed. There is no right or wrong way to market, and the method that works will vary from business to business. That is why it is so important to have a clear marketing plan that is specific to your company. To help you, here are step-by-step instructions to developing a marketing plan for your business.
- Establish your marketing budget. This first step is critical, as it can have an impact on which strategies you use. Determine how much you have to spend, and spend some time on your estimate. A budget that is too high or too low can really harm your business.
- Set your objectives. Are you looking to get more sales? Add new customers? Get your current customers to keep coming back? Figure out what your ultimate goals are for your business. Also, brainstorm your weaknesses and strengths as a business. Think about who your customers are and also who your competitors are. This brainstorming will help give you a better sense of your own business so that you can set goals that are specific, attainable, measurable, and relevant to your customers.
- Do some research. Conducting market research can give you an idea of who your customers are and what they really want. Visit online forums, ask questions, do in-person surveys or conduct a focus group. You can also take advantage of available information from trade associations, media organizations and other business groups. Find out as much as you can about the people who are most likely to use your products or services.
- Brainstorm your strategies. Think about how you want to position yourself in the marketplace against other businesses, what specific customer groups you want to target and how you will plan to price your products. Your strategies should be specific enough so that you are targeting certain groups of people, but also broad enough that those groups encompass a number that is large enough to justify your efforts.
- Plan your tactics. The tactics of your marketing strategy will ultimately get you to your goal. Start small, and think about what you should do first that will help you achieve the desired results. This can be anything from presenting your plan to others, or even passing out flyers to get your name out there. Then build upon that first step as you branch out.
- Make it measurable. For you to know how successful your marketing efforts are, they need to be measurable. Build a way to measure success into each tactic you implement. If you start marketing on social media, use analytics to track how many viewers are coming to your site through each platform. You could also offer coupon codes on select marketing outlets, and separate phone numbers or email addresses for different marketing sources.
- Pick your plan and stick to it. After all the research is done, you should have a pretty good idea of who you are targeting, and what those target customers want from a business like yours. Stick to your plan long enough to give it a chance to succeed.
When it comes to marketing, it is very important to have a clear plan for your business. Follow the steps here to help you come up with your own marketing plan to grow your business. For advice and assistance, contact Gunderson Denton and Peterson in Phoenix to set up a time to speak with an experienced business lawyer.
Written By Brad Denton – Gunderson, Denton & Peterson, P.C.
Mesa Office: 1930 N. Arboleda, Suite 201
Mesa, Arizona 85213
Phoenix Office: 40 N. Central Avenue, Suite 1400-1532
Phoenix, AZ 85004
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Mesa, AZ 85213