A marketing plan outlines your marketing strategy. It’s a comprehensive guide explaining what your company offers and how to meet specific goals. Anyone should be able to pick up your marketing plan and understand the following: What your business does Who your company serves What services or products offered The value of your products How the product is … [Read more...] about Never Forget to Answer These Questions When Writing Your Marketing Plan
Identifying the target audience, you make a power move to your business prosperity. Before starting an advertising campaign, you should clearly imagine who these people are. Lots of businessmen make a mistake considering their product to be desirable to all. By and large, this is not true. To make your product sell, you should narrow the buyers’ circle down. That is why you … [Read more...] about How to identify the target audience for your product
We often hear about two types of plans: a business plan and a marketing plan. A business plan comprises data about the company. It includes mission statements, goals, and how objectives will be met. While a marketing plan focuses primarily on outreach methods, budget, and target markets — often backed by data and analytics. Have you wondered whether a marketing plan is a … [Read more...] about Do You Really Need a Marketing Plan?
SWOT analysis is a strategic planning tool. Meaning, it helps organizations make smarter decisions. These decisions may provide a competitive advantage, reduce resource waste, decrease expenses or increase profits. Every business wants to make more money so decisions must move towards this goal. Marketing is designed to bring in more leads for sales and profits. While … [Read more...] about How to Use SWOT Analysis in Marketing
Primary source analysis is exactly what it sounds like: an analysis of a primary source. You probably heard the term “primary source” often in school. It’s referred to as a first-hand experience or account of an event, person, or object. An audio recording of Martin Luther King Jr’s speech where he’s famously quoted saying “I have a dream” is a first-hand account. It’s … [Read more...] about A Step-by-Step Guide to Primary Source Analysis
Billboards, flyers, and telemarketing are traditional outbound marketing strategies. Companies use these methods to send out a message about their products and await consumer interest. Traditional has become boring. And to stand out, small businesses are adopting a new method of outbound marketing. It’s called guerrilla marketing. What is guerrilla marketing? It’s … [Read more...] about What Are Guerrilla Marketing Strategies?
All businesses should use a marketing plan. It is a document that outlines marketing tactics and opportunities. They usually specify: Business goals Timeframe Actionable steps Costs & expenses Don’t view a marketing plan as a linear document. It’s evolving and changing as the business grows. Tactics may be eliminated. Timelines may be extended. And the … [Read more...] about What is a Marketing Plan and Why Companies should have one
Market research is the study of consumers and the industry in which businesses are conducted. It’s included in business plans. It’s the reason why so many types of analysis exist. And it’s important because it helps make decisions that benefit the company. Market research helps strategic decision making Market research comprises several elements — all of which are … [Read more...] about Why Market Research is Important in Business Planning
Simply put, market research is the study of consumer demands and desires. Every company needs customers — otherwise, they’re just running an expensive hobby. Which means, all companies should dedicate time to researching their market. Because if you don’t know why consumer buy products… why should they buy yours? Market research is crucial No matter the industry or product … [Read more...] about What is Market Research?
PEST encompasses four categories of external factors able to prevent sales of a product. Considering these factors can’t be directly influenced by a marketer’s hand, your strongest weapon is understanding which factors affect your marketing. And most importantly: why. Using PEST means the ability for two things: creating a plan of attack for the factors that negatively … [Read more...] about The Use of PEST in Marketing