It is no secret that the major factor of success for small businesses is how they market their products.
If you want to properly market your product to the right audience who are most likely to buy your product, you should start by developing a marketing plan.
It should outline who your ideal customers are and how you’re going to reach them amidst the competition, in addition to identifying your goals and the strategies you’re going to implement for achieving those goals.
If you’re interested in how to create a marketing plan for your business then read on.
Step 1: do a market research
The first thing you should do before marketing your business is conduct market research.
It is the process of gathering information about your customers, your competition, the obstacles you may face, the problems and the pain points your market has that your product could solve and provide value for the buyers.
You’re essentially trying to analyze the possibility of success of your product and identify the best way to position your brand to ensure you’re communicating your brand’s values and mission with the customers.
Step 2: Know who is your target audience
You should have a clear idea of who your customers are, their challenges, and why they would buy your product. You should create a buyer persona and identify their:
- Marital status
Understand their day-to-day activities, hobbies, interests, buying habits, values, preferred social media platforms.
This information will help you identify exactly who’s going to benefit from what you’re selling and why would they buy it. It will help you fine-tune your brand voice and communicate your value to the right audience.
Step 3: Emphasize your unique selling point (USP)
Your unique selling point is what distinguishes your product from the competition.
In a simpler term, what makes you different from your competitors? Why would people buy your product instead of the dozens of products already established?
At this point you’ve done the market research and analyzed your competitors, you’ve also identified your ideal audience.
So you have a clear picture of the challenges customers face and what already exists in the market.
Now is the time to list your strengths and your weaknesses.
Maybe your prices are better than your competitor’s? Maybe you offer free delivery? What features make your product special?
Identify all your strengths and market them to your ideal audience.
On the other hand, be aware of your weaknesses and work on improving them.
Let’s take Starbucks for example, they are not the cheapest coffee out there nor the fanciest but they became one of the most popular brands in the world.
“Love your beverage. Or let us know, we’ll make it right.” – Starbucks
Starbucks focused on marketing their USP which is getting coffee lovers a drink that is tailored specifically for them.
Step 4: create your business brand
Imagine you’re buying a gift for your friend who loves chocolate, you get presented with two choices: Ferrero Rocher or a brand of chocolate you’ve never heard of? What will you choose? Of course, you’ll buy Ferrero Rocher even if the other chocolate may have the same quality and taste. This is the power of branding.
A brand can influence the audience’s perception, help increase customers loyalty and make you stand out from the competition.
A brand is a mix of all things that differentiate you, It is more than a logo and color pallet. it’s how you connect with your customers, your values, mission, brand voice, and more.
You can start by developing a position statement, two lines that reflect who you are, what are you selling, and why.
For example, we are (brand name) we sell (the value you provide) for (your ideal customers) who (their need your product help with) because (why would your target audience buy from you)
Step 5: choose relevant marketing platforms
When considering the best platforms to market your products you should keep in mind your audience preferences and focus on only one or two platforms in the beginning.
According to this Hubspot study, Facebook is the number one social media platform across all ages. While Instagram is the second-best performing social media platform for marketers.
the best format to market your products is video. With the rise of Tiktok and Instagram reels, it seems that it’s all about video now.
Another study found that 84% of people have been convinced to buy a product by watching the brand’s video.
While 93% of brands gained new customers because of a video on social media.
Marketers seem to love videos as well 88% of respondents video marketers stated that video gives them a positive ROI.
Other options include blogging, email marketing, handing out flyers and brochures, networking events, and print advertising.
Step 6: review and double-down on what’s working
It is important to keep an eye on your marketing activities and regularly monitor if you’re achieving the desired results such as an increased number of sales or followers.
Pay attention to data, many platforms and tools have their own analytical tools so take advantage of them.
You’ll also want to monitor the customer’s reactions, engagement, and feedback to understand which strategy or campaign is working the best.
Once you identify what’s working, double down on it.
Ideally, you’ll want to review your marketing plan every 3 months but at the beginning stages of your business make sure to review and fine-tune your strategy every month.
Marketing your product without a marketing plan that outlines a clear direction is not recommended as it will most likely lead to failure.
As a business owner, you should take all the chances and opportunities to increase the possibility of success.
Developing a marketing plan is one of the smartest things you can do early on in your business.
It may take you a while to figure out a proven marketing method that generates income but once you do there’s no going back. So by developing a marketing plan you’re setting your business in the right direction towards success.