The components of your business’s marketing mix are vital to its success.
Define your target market by the following four different elements:
Define the product or service your business offers. Indicate its color, size, weight and other descriptive elements.
What does the customer want from the product? What features does it have to meet these needs? How and where will the customer use it? What does it look like including what size(s), color(s), should it be?
List the things a customer wants from the product. Identify at a minimum, the top three product features that meet the needs of your customer.
Next, describe your product visually in detail as accurately as possible. Finally, list improvements based on customers’ wants in specific sizes and colors.
What is it to be called? How is it branded? How is it differentiated versus your competitors?
Write down the name your product or service. If unnamed, give several suggestions.
Tell how your brand distinguishes itself from others similar to it in relation to the features.
What is the value of the product or service to the buyer? Are there any established price points for products or services in this area?
The true value of what you sell to the buyer is equal to what they are willing to pay. Set three objectives for pricing the value of your offerings and include known price points.
Is the customer price sensitive?
Research your target market segment to find out how they typically react to various price points for what you sell.
What discounts should be offered to trade customers? How will your price compare with your competitors?
Common discounts to consider are:
Record your discounted rate for wholesale trade vendors who purchase your products in bulk. State if you will also give trade discounts to distribution partners who help with the fulfillment of your products or services.
* 1/10 Net 30 – The vendor receives a one percent discount if the invoice is paid within 10 days, otherwise, in thirty days, the full amount is due.
* 2/15 Net 30 – The vendor receives a two percent discount if the invoice is paid within 15 days, otherwise, in thirty days, the full amount is due.
Where do buyers look for your product or service? If they look in a store, what kind?
Name the top three places buyers are likely to purchase your product online or offline, and if they shop department stores, specialty stores, convenience stores, or somewhere else.
How can you access the right distribution channels? Do you need to use a sales force?
List the distribution channels you will deliver your products to buyers. State if you need a sales force to do that.
What do your competitors do? And how can you learn from that and/or differentiate?
To learn from your competitors and differentiate, look at which distribution channels they use to bring their offering to buyers.
Where and when can you get across your marketing messages to your target market? How will you reach your audience? Press, TV, online or radio, on billboards?
Compare multiple marketing channels you use and measure the results in terms of average revenue for each one.
When is the best time to promote? How do your competitors do their promotions? And how does that influence your choice of promotional activity?
List the best times buyers are most receptive, and then use it as a reference for sound marketing efforts. Research your competitors' advertising and marketing efforts. Repeat, to a degree, what they do correctly and learn from their failures.
