A Marketing Strategy Used to Sell a Product
A small business needs a well developed marketing strategy in order to effectively market and sell a new product. A written marketing plan helps to identify customer needs and specifically states how your product will meet those needs at a target price. Effective marketing plans set targets with respect to the number of potential customers to be reached, budgeted expenses and sales. Specific strategies involve creation of a marketing mission statement, writing a product description, performing market research, development of a marketing budget and implementation of a product delivery plan.
Mission Statement
-
A marketing mission statement is important to a marketing plan as it conveys your company values and encompasses the strategy your business will use to reach product sales goals. An example of a marketing mission statement would be, "to be the top provider of value added products for our customer.” A mission statement should always align with the company mission statement for your business.
Product Description
-
A marketing plan should provide a detailed description of the product offered. This includes color, size, shape and other characteristics that distinguish your products from others on the market. A business must list the positive and negative attributes of the specific product, and how the positive aspects will be communicated to the target customer. Provide details of the customers who you expect to buy the product, and how the product will satisfy the needs of this customer.
Market Research
-
Market research provides a business with information about the targeted customers to be served, other products in the marketplace as well as the existing competitors. The research can be primary or secondary research. Primary research is first-hand information collected through sources such as direct customer feedback, consumer focus groups or survey results. Secondary research can be collected through existing published surveys and market studies. Research should compile customer demographic information such as age, income levels, buying habits and what advertising mediums are most effective for your target audience. Product information should focus on product attributes, pricing and distribution channels. Competitor information collected should be directed toward businesses offering rival products, and any environmental factors that affect sales. Market research can be accessed through public information resources such as libraries, chambers of commerce or other business associations.
Marketing Budget
-
Establish a budget based on available financial resources and chosen marketing mix. The marketing research should establish what advertising and communications strategies are most effective for the target customer. Use the established communication plan and available financial budget to devise the most cost effective way to reach your audience. Determine what mix of advertising and communications will give you the most exposure without draining financial resources.
Product Delivery
-
Determine how your product is to be delivered to the customer. Sales of some products can increase with a physical retail presence or through sales representatives as opposed to only being offered online. Through your market research determine how your product offering is currently being delivered to customers and look for segments of the population not being served through current marketing and sales channels.
References
Resources
Writer Bio
Tim Burris has over seven years experience writing and editing formal sales proposals and marketing materials. Tim has also worked as a freelance journalist for two news organizations. His cover story in "NUVO Newsweekly," Financial Disclosure, May 5, 2004, won an award from the Indiana Society of Professional Journalists. Tim has a Bachelor of Science degree in business, finance from Indiana University.