Marketing Plan III

We Continue on the series on how to draw up a Marketing Plan.

As you can see it is imperative to know what you want to do and to put it all in writing so that your thoughts can be tested.

After looking at your competitors you need to fully describe the four P’s of your plan.

Product/service

Describe the benefits your goods or service will provide from the customer’s perspective. Emphasise any special features it may have. (This is called the “selling points”.)

Place or location

Describe the advantage of your location from the customers point of view. Do you have sufficient parking, is there ample foot traffic if required, are you close to public transport? You may also need to consider the safety aspect of your location. Are there any reports of violence or robbery in this vicinity? Does your business suit the environment /place you are contemplating?

Price

You would need to develop a pricing strategy based on your knowledge of competitors and your product in the place you intend setting up business. All these factors vary with the different scenarios. Let me try and give an example. If I am situated in an up market environment and I supply a service like Hairdresser. I cannot be charging basement bargain prices as a rule as it will be viewed as inferior service. If I offer such prices only with a restricted time frame and a specific purpose only. E.G. introduction to market. Then it is acceptable. The message must be clear that it is for the first 100 customers or for a week only as an introduction.

You will consider;

• Pricing techniques
• Retail costing
• Competitive position
• Service costs
  • service components
  • material costs
  • labor costs
  • overhead costs

Once you have considered all these aspects you would know if you are in line with industry averages and how you can use pricing to give you an advantage over the competition.Remember it is not always the cheaper price that is more acceptable!

The last P is Promotion!

Consider;

• Advertising media
• Print media and classified ads including Yellow-Pages or brochures and hand out pamphlets
• Radio
• Television
• Networking
• Business-Cards
• Tee Shirts, hats, buttons and other gifts.

Consider a promotional strategy considering the environment and cost using specific media for specific purposes. When you newly establish a business all media in that area will target you and advise how you can maximise your sales using their media. You should know by then exactly what you want to do to achieve your desired market penetration considering costs.

Your material must clearly identify your product or service indicating location and price. If you have a special it must be clearly stated.

Remember to scrutinise all your Promotional and Marketing material. There is nothing which can kill your efforts like poorly spelt copy!