The Executive's Guide to Creating an Effective Marketing Plan on a Budget

Target Market and Competition

After your executive summary has been set and you've clearly defined the mission, vision, and values of your organization. The next step is to start identifying the market you are targeting. Consider factors such as customer demographics, trends, location, and other data points to help form a clear picture of your target customer. 

Remember, not everyone is a potential customer. You must be able to identify those that have the highest chance of converting into sales so that you can focus your marketing efforts in those areas. Once you have identified the target customer, it's time to look at the competition to craft your marketing strategy. What do they offer that makes them competitive? What strategies do they use that make them successful? How can you leverage these strategies to create better results for yourself? Outlining these questions and researching the answers will enable you to formulate your marketing goals and strategy accordingly. As well as determine which marketing tactics will be most effective for your budget.

If you like to have the branding and marketing knowledge dropped in your inbox every once in a while, sign up here - Don’t worry. We will never sell your information or spam you. You can opt-out at any time.