So you have the contacts, networking and financing for a great business and want to get going on your new venture but how are you going to come up with a marketing plan? So many business owners and entrepreneurs make the mistake of believing that because their business ideas are great, they won’t have any problems selling their product or service.

 

How does your business plan square up against the four p’s of marketing?

1.       Product

The most important aspect of whether your marketing plan is going to succeed or not lies in your product and its saleability. If it is something that everyone wants or, even better, something that everyone needs, marketing it is going to be easy. Are you selling a tangible product or providing a service?

You have to be satisfying a niche requirement and fulfilling a consumer need to give a product the wings to take off in the marketplace.

2.       Price

Where does your product feature in the market place’s price range? Who can afford to buy it? Is this viable? How many do you need to sell at this price? Is this viable? Your pricing is going to dictate, to a large degree, the target audience that can afford your product, so make sure that you get it right. Too cheap can be as damaging as too expensive so don’t forget your market research.

3.       Place

What physical infrastructure do you need to run your business or offer your service? Do you need retail space to sell a product or an office from which to offer your service?

4.       Promotion

The medium is the message- what form of promotion is going to best suit your target market and the product you have so accurately priced in the market place?

And here’s one more…

Your business is your best marketing tool, and it doesn’t come at any extra cost. Make sure that keep the people who keep the till rolling happy. Invest in some client relations work and make sure you are offering the best value-added service possible. This is going to help you a great deal with successfully achieving point 4 so invest wisely.