Marketing Plan Creation Guide MRR Ebook

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After you have identified your target market, the next step is to come up with a marketing plan that will put your product in the best position to be successful. This step is known as brand positioning. When you position the product that you are trying to market, it means that you attempting to control how the public is going to perceive it. In effect, you are telling your target demographic how your product is going to enhance their life and why they should not be without it.

Knowing how your product is going to be positioned in the marketplace you can move forward and determine what kind of strategy you want to pursue when it comes to marketing the product. This is done by incorporating the sales goal numbers that have previ-ously been set. The marketing strategy will put in plain words how these goals are going to be achieved.

When you finally get to implement your marketing campaign you want to stay on top of all the details that went into the plan. This is the most crucial point. If the plan is not executed correctly, all the time and effort that went into it will be for naught. Lastly, when all is said and done you should go back and examine the entire plan and see where things went according to plan and where things might have to be reevaluated or redone.

To make things easier when you start to review your business make your self an outline that includes all the areas that you want to study. By making an outline you will be able to make sure that your business review will remain focused on topics that you feel are important to the success of you company. Topics that you should include in the outline are a summery of what your company excels at and what it needs to improve on.

You should then follow with a complete look at what your company stands for, its goals and objectives. This section will also include topics such as the items that are similar to your product that are targeted to the same demographic that you are looking to market to. Make sure that you include a review of sales trends in different areas across the country. Are the sales seasonal? Are there different areas of the country where you product will be more in demand? How does your product stack up against your competitor’s product?

GETTING the Product to Market

Your outline must include a comprehensive study of how to get your product to consumers. Take a good look at different types of distribution methods, what it will take to get your product to different areas of the country. Packaging should also be reviewed. What type of packaging will make your product more appealing to your target demographic? How much space will your product take up on store selves? Is your product going to be marketed to consumers or to busi-nesses? These are the type of questions that you need to be able to answer in order to make your outline complete.

When you are thinking about how to get your product to market, one of the most important steps is to figure out what the price of the product is going to be. To make sure that your pricing is competitive you need to review what your competitors are charging for products. You need to know if your product is inelastic or elastic with the economy and all the production and administrative costs that go into making the product.

KNOW YOUR COMPETITION & Your Consumer

In addition to pricing and distribution, you need to have an in depth study of your competition included in your outline. You have to know what share of the market they have. How they are marketing their product. Do they advertise on television? On the radio? What about online? Are they known to have good or bad customer service? As well as knowing your company’s strengths and weaknesses, it is important to know the same things about all your competitors.

In order to have a successful marketing campaign you must be able to identify and market directly to your target demographic. Having an intricate knowledge of your product should allow you to identify your target demographic by certain factors. These factors should include their age, gender, education level, job, income level, the size of their household, and where they live in the country. You need to know if consumers of this type of product have loyalty to one brand or are they willing to try new brands that appear on the market.

To get an accurate idea of the competitive market that you want to enter it is important to have points of reference that you can examine. The best way to do this is to do some comparative studies about your industry as well as your competition. For the best results, it is useful to include five years of information because this will allow your study to be more accurate and give you a better understanding of recent trends in the industry.

LOOK at more than One Year

By including five years worth of data in your studies, you can avoid pitfalls in your review. This will exclude one-year trends that might show a high spike in sales of a product or that show a product that sales are somewhat stagnant. Five years worth of data will give you a better idea of the trends that are happening in your industry and give you a clear impression of where the industry is going in the years to come.

In addition to your industry, look at a five year trend of your target demographic. You need to know if the same demographic has been buying the product for the last five years or has it been chang- ing. If it has been changing, why has it been changing? Have consumers purchased more than one of the product? If so, was it from the same manufacturer or have they decided on a different company? Was price a factor in the decision to purchase one product from another? It is important for you to know what is influencing your target demographic to purchase a like product so you can design your marketing campaign accordingly.

Other Details

- 1 Ebook (PDF), 50 Pages
- 1 Salespage (TXT)
- 5 Ecovers (PNG)
- Year Released/Circulated: 2020
- File Size: 3,708 KB

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