Developing a marketing plan is one of the most important things you can do as a business owner to ensure the success and sustainability of your business. Over the next several weeks, we are going to delve deeper into each component of an effective marketing plan. Last week, we discussed how to identify and research your target audience. This week, we are going to move on to step #2: Understanding your Competitive Position in the Market.
You have already identified your target market. Now you must ask yourself a very important question: what sets your business apart from the competition? Why would a consumer choose your product/service over the competition? What do you offer that your competition does not?
These are the very important questions every business owner must be able to answer. If you cannot define your competitive advantage, you might as well cut your losses and seek alternative employment. If there is nothing that sets your business apart, what would drive consumers to choose your product/service over the competition?
Your Competitive Edge
In its simplest form, competitive edge comes in one of two forms:
- Your product/service is less expensive than the competition.
- Your product/service must be different from the competition in one way or another.
If your product does not meet either of the above criteria, where is your competitive advantage? If your product/service does meet one of the above criteria, your work is not done. But you are ready to move on to step #3. So check back next week as we delve deeper into Business Development: Developing a Marketing Plan and discuss Branding, including logo design, signage, web design, brochures, packaging, and more!
If you have any questions, please contact The Marketing Showcase by calling 202.329.3199 or visit TheMarketingShowcase.com today!
The Marketing Showcaseâ€™s marketing and branding services concentrate on the strategic elements first. We never operate without a plan and our plans are always designed to target specific goals aligned to your long-term marketing goals.
The branding professionals. We run with your vision!
Tags: Branding, brochures, Business Development, Competitive Edge, Developing a Marketing Plan, logo design, marketing and branding services, packaging, signage, Understanding your Competitive Position in the Market, web design