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What to Consider In Making A Business Plan

No One Buys Alone. To Effectively Market A Product Or Service, You Need To Know Who Is Influencing The Decision Of Your Target Buyer

Image Source: 123rf
Image Source: 123rf

Marketing is a major aspect that small business and entrepreneurs struggle in. A lot of businesses do not do a comprehensive research in marketing. Organisations spend a lot of time carrying out researches on creating an outstanding product or services with high expectations of everyone appreciating and purchasing the product or services. A lot of entrepreneurs fail to realise that customers are lazy, hence making marketing very important. Information is power and marketing tells us about what is in vogue. There are steps involved in making a marketing plan for small businesses.

 

Firstly, for an effective market plan, one has to do a research on who the consumers will be on a need basis. This implies who is going to buy your products or services. For an effective market plan, one needs to focus on a particular segment where most of your target buyers will be coming from. This segment can be age, gender, class and many more. After discovering the segment you want to focus your product and services on, then comes the promotional approach which is the marketing strategy to pull as much target buyers in the segment, this doesn’t mean customers outside the segment cannot go for the product and services.

 

The second aspect that makes an effective market plan is to discover what triggers customers to make a purchase of the product and services. Goods and services cannot be purchased just for no reason. Product and services purchased at a certain period are triggered by something that makes the now time. For a customer to need a product or service there must be a circumstance or a set of circumstances. These circumstances serve as criteria for a solution to be made. The major criteria in buying a product or service rely on the set of circumstances at that time.

 

Next, no one buys alone. To effectively market a product or service, you need to know who is influencing the decision of your target buyer. Is this a purchase where the consumer is likely to be the main user and only relying on peers and online reviews? Is this a purchase that impacts families? The individual versus the family can change a marketing campaign completely. Paying attention to the influencers while crafting promotional material will increase the impact upon your target buyers. Sourced from Investopedia.

 

In making an effective market plan, one needs to find out where the target buyers get their information from. This step is a solid platform for one to identify how and the areas in building solid reputations with the target buyers as well as the opportunities in advertising.

 

Lastly knowing how long you have to convert a customer will help you cull inefficient approaches and fit your marketing campaign to their decision making process. Selling food relies on quick volume and aggressive techniques where as selling financial services are a more gradual process of trust and reputation building where a sale may last years. The timeline from the need of purchase is one of the best filters for what kind of marketing you’ll be doing and where you should concentrate it, sourced from Investopedia.

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Staff Writer & Business Analyst | An experienced, disciplined, and highly-motivated Business Analyst who has worked on a wide range of projects within the Public and Private Sectors. An accomplished and fluent communicator with strong investigation, problem-solving and decision-making skills, combined with a pragmatic approach and sound business acumen. A highly accomplished individual with a verifiable track record
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