You have an idea for a business. Now what? Creating a marketing plan will give you a map of where you are and where you want to be. A marketing plan should be revisited every couple of months so you can re-evaluate your goals and develop new strategies accordingly. Looking at metrics on a regular basis will also cue you in on where to focus your efforts.

Determine your target Audience

The first part to any marketing plan is knowing who your target audience is. This is key for  informing all your marketing efforts from here on. Once you’ve narrowed down who your target audience is, find out more about who and where they are: buying habits, location, age and so on. This can be done with surveys of existing customers or by market research firms. With a clear idea of who your customer is, it will be easier to tailor messages so that they reach your ideal customer.

Study Your competition

Who are your main competitors and what steps have they taken to get to where they are now? Study them to find out what’s already been done and how you can make it better. This information can directly affect product development and be a way to stay one step ahead of the curb.

Create a brand that people will remember

Once you’ve determined who your target audience is and what you’re selling, it’s time to create your brand. This is a very important part of any marketing plan, so take the time to find the right designer/copywriter to do this for you (unless you’re handy with photoshop tools). It’s no coincidence that Twitter’s logo is a white bird against a blue background. The colors you choose reflect who you are as a company. Blue evokes serenity, black is a signature high-end color, and red is fun-loving and young. Your brand’s image shapes people’s perception of who you are as a company.

Advertise

Anyone who has launched a company in the modern world will tell you just how invaluable social media is for advertising purposes. In addition to creating a website, be active on sites that can help you gain a following: Twitter, facebook, LinkedIn and Instagram are all beneficial, so make sure you find the right channel for your target audience. These sites allow you to grow your reputation and build connections with your customers. Use the appropriate tone for each site. Twitter is short and sweet, while LinkedIn is more professional.

Launch a product that meets the needs of your target audience

Instead of the build-research-sell dynamic, it’s beneficial to research-build-sell. Once you’ve built a product, test it out to see if if it fulfills requirements and note how individuals in focus groups react to it. The sooner you do this the better. Many entrepreneurs wait too long before getting their product in the hands of users which can set them back.

Everywhere you look, someone is launching a company these days, but it takes more than a brilliant idea to make it happen.

Do your homework and create it!