dentify your Market
Market research is the first step in developing a marketing plan. Determine who your target customers are. The age, lifestyle and income levels of your prospective customers will have a direct affect on where you spend your advertising dollars.
What are your customers looking for? Check trade magazines for statistics and buying trends. Visit your library for local records, published surveys and reports pertaining to your business market. A neighborhood retail business will market differently than one with an international clientele. Known your target demographic and focus on marketing to them.
Investigate your Competition
Monitoring the competition is important in all facets of a business, including marketing. Find out what type of marketing techniques your competitors are using. Evaluate their strengths and weaknesses, and develop new ideas to outshine them. Focus on discovering what value competitors are portraying in their advertising, and attempt to deliver at a higher level.
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