Do you have a marketing plan for your startup business? If no this is a guideline on how to come up with one. A marketing plan will help you focus and decide where and how to spend your resources. Before starting any business, it is important to take time and learn the possible market of your business. If you are sure that there is adequate demand for your products or services, then you can go ahead and start the company. Without proper research on the market for your products or services, it is more likely that your business will be unsuccessful.
(i) Create your customers’ profile
You must research why someone would choose to buy your product and also who is more likely to buy it. For example, if you are selling diapers you expect mothers and not fathers or children will be your customers. All your customers will possibly have the same character traits. Consider the following factors in order to come up with possible customers;
– Education level
– Marital and Family Status
– Their frustrations and worries
– Their values
– Their attitudes and behaviors
Customer identification is a crucial activity and helps in deciding the marketing outfit and understanding the purchasing capacity and pricing decisions.
Another important thing to consider during your market research is the makeup of your competition. For you to complete a competitive analysis you need to ask yourself the following questions;
– What is their pricing?
– What are existing customers who could be yours and are they willing to pay more if you offer something more?
– Their clients’ remarks on social media?
– What social media channels are they using?
– Are the customers’ reviews indicating any opportunity?
– What is their marketing position and what customers are purchasing from them?
After competitive research, you can evaluate whether to continue with your business or not. If the customers are completely unsatisfied with your competitors’ offerings, then it’s a good idea to start the business. Ensure you identify your competitors’ weaknesses and convert them to your strengths.
(iii) Consult your business plan.
Revisit your business plan to see whether the products/services you are offering will fulfill the needs of your potential customers. Analyze how you differ from other companies and whether your product/services will fill the gap in the market. Identify your selling point and determine who might be interested in your products/services. As you conduct your business plan, decide who you want your customers to be and why. Think about who is looking for the products and services and how they can access them.
(iv) Monitor and Grow.
After you have identified your target audience, it is necessary that you keep researching more frequently on current market and industry trends and your competitors to keep your industry relevant. Make sure you have a way of tracking sales, interactions and requests for information. The information will help you identify trends, areas of improvement and patterns in the market.
In conclusion, target marketing will help you focus on specific goals rather than running in all directions while achieving nothing. With a concise map and a correct strategy plan, you will achieve your desired goals. With a narrowly defined target customer will ease your work in entrepreneurship and guarantee feedback.