Wednesday, January 20, 2010

How to Develop an Effective Marketing Plan

there are 3 Simple Ways to Market Any Product. by following these three steps one can easily and effectively make a marketing plan.

Lesson 1: Know the Customer

What are the customer demographics? What are their buying habits, preferences, objections? In marketing to the general public, the customer is the public at large. In B2B (business to business) sales, the customer is a business owner or key representative. Successful entrepreneurs and inventors do their homework. They research the audience then expand on their knowledge with each experience. The bottom line is that customer has to see the value in order to buy. Investors must to believe that a customer will want to buy in order to invest.

Lesson 2: WIIFM

This supports Lesson 1. It stands for "What’s In It For Me?" and it’s the reason people buy (or not). See things as the buyer does. Dig deep into the value proposition for the product then test the pitch with an audiences that matches the psychographic of the target group. Find out which are the most compelling and go with those. Develop a one-minute pitch that answers this question and tell it to everyone.

Lesson 3: Practice the 7 Ps of Marketing*

The seven Ps of marketing are: Product, Price, Placement, Positioning, People, Process and Physical Evidence.

1) Product is the product, but it’s more than that. It’s the guarantee, warranty and customer support plan. Explore and define the product, and answer the following questions: What is it? What does it do? Who does it help? Why? How?

Read more at Suite101: Three Simple Ways to Market Any Product: How to Develop an Effective Marketing Plan