Is your strategic marketing planning really practical?
What type of long range strategic marketing planning have you applied to your resource strapped small, and or service?
A lot of otherwise extremely savvy entrepreneurs, are essentially doers, but not planners.
And as an extremely famous small business marketing consultant coach of mine is fond of saying, ” Doing the wrong marketing activities right or doing the right marketing activities wrong.”
Is a poor substitute for not having a practical marketing plan.
How To Do Practical Strategic Marketing Planning That Actually Fits Your Current Situation!
One of the best ways (long term) to ensure that your business, product or service is viable, is to based it’s creation on filling a current unmet need.
In other words, don’t mistake your passion for it, as demand in the marketplace. Basically a profitable market consists of enthusiastic buyers, that will readily part with their hard earned money, in exchange for your solutions.
Make Sure Your Strategic Marketing Planning….
(Answers These Five Basic Questions)
Otherwise your ship will quickly get off course. Superstar marketing consultant “David Frey” (pronounced Fry),one of my many marketing coaches, defines a profitable niche like this.
It’s like a lake with thousands of starving fish. All you need to do is throw in the right bait (marketing message) and you’ll soon have a feeding frenzy!
So it’s imperative that you at least have a basic understanding of (both) the size and current competition within your chosen niche.
1.) How much market share do you need to capture (initially) in order to break even? (And what time frame are you projecting for this important milestone to be accomplished/)
2.) Is their too much competition (both) short and long term, for you to really be competitive?
3.) Which if any of the market segments (niches) or sub niches, are currently being undeserved ? And how quickly can your business, product or service fill the void?
4.) Are there any practical weakness in your major competitors current marketing approaches, that you can readily capitalize on?
5.) Is the market segment your currently pursuing, (or preparing) to pursue, viable enough for you to run and grow a business?
Because if it’s not, you may want to consider this undertaking, more of a hobby, and not a business venture.
If you after this initial analysis, you still feel this particular target market is still viable.
Then it’s crucial that you spend some quality time developing an extremely practical strategic marketing plan.
Don’t you agree?
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