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Marketing PlanHave you given your marketing plan a once-over lately? When you first started on your business endeavor, the excitement of formulating your plan and watching your efforts come to fruition was probably overwhelming. Trying to keep up with important details, such as employee information and closing a deal, you tend to let the marketing aspect take second (or third) place. But in order to run a successful, smooth operation, it’s important to give your plan a good check-up. Maybe you’re noticing that something just isn’t right with your business and maybe these five elements will help you put another perspective on your marketing plan.

1. Budget

budgetIn order to meet a sufficient ROI (Return on Investment), you need to make a monthly budget plan. Revisit this monthly budget plan to see where you’re spending or overspending and make adjustments where necessary.

2. Target Market

Consider revisiting your marketing plan and comparing it to your target audience. Has it shifted? Has it stayed the same? See where you need to make improvements, and maybe add slight adjustments to your content and services to meet the needs of your target audience.

3. Market Strategy

As with the shifting of gears with any business, your market strategy can take a 180 turn after just one year. It is important to revisit your marketing plan to identify current strategies and see where adjustments need to take place. For example, you need to ask yourself how you will find and attract buyers. This analysis should break down the specifics pertaining to activities such as social media campaigns, couponing and special events and much more to help you gain that access to your leads.

4. Competition

competition

With every passing season, new businesses take flight. You should be on top of your competition in your area, narrowing down what they sell and how they are implementing their strategies and reaching their target market. This will help keep you up-to-date and ahead of your competition.

5. Business Positioning

Be clear about your business profile within your community. Whether you sell outdoor gear for the sports enthusiast or the latest RV accessory or gear, it’s important to establish a place for yourself to stand out. Be concise with what type of material you sell, the services you offer and how you are the one who can help your target market.

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