How Good Is Your Marketing Plan?

Okay, you have written a plan, but how good is it? Here are some questions you can ask to test your plan for effectiveness:

• How does your plan differentiate you offering from the offering of your competition?
• Does the plan, if successful, establish a differential advantage for your products, services and your company?
• Is your differential advantage speculation on your part or have you discussed the proposed changes in your offering with ten or more customers and received favorable comments?
• If you haven't discussed the changes with enough customers to feel confident, do it now and include the comments as support material attached to your plan.
• Is your sales or marketing process unique? In other words have you come up with a way to stand out and be noticed without having to outspend your competition? Follow the leader plans are almost never cost effective if you are selling something with a cost over $500. Head to head brute force marketing is one of two things that should be avoided whenever possible. The other is competing on price alone.
• Does your plan leverage your strengths? Almost every firm has strengths to leverage, things you can do that your competition can't do. Find them and use them.
• Are you spending enough or are you resources focused enough to make a difference? If your ad campaign has less than 20 exposures to your target reader your message may not have reached a retention level to make a significant difference.
• Does your plan focus on the most susceptible customer segment?
• It is a big market out there, where are the best opportunities?
• Do you know who your competitors are targeting and who they are overlooking? If so, do the ones they are overlooking make up a market segment that would satisfy your goals, if so go after it and build a niche.

Remember, markets are always in a state of change. Be ready to adjust your plan as new market information is gathered.