This is the fourth part of a five part series where we have been elaborating on why niche marketing is a vital concept to consider when developing a marketing plan, while addressing some of the key elements to developing a niche marketing plan.
The basics start with a description of your target market, competitors and products or services. Additionally, you’ll need to put together a marketing plan and budget, which will contain your advertising and promotional plan along with a detailed account of costs allocated for the development, creation and execution of the marketing initiatives and tactics detailed in your plan (i.e., Web site, ad creation, PR, sales collateral, SEO, Social Media, etc.). You’ll also want to make sure you’ve thought through such things as geographical boundaries (i.e., do you want to be local, regional, national or global?) and industry trends. Completing a SWOT analysis of your company’s strengths, weaknesses, opportunities and threats is often very helpful in forcing yourself to better understand the nature of the market space you are playing in. Lastly, you’ll also need to determine your pricing strategy and revenue goals.
Click here for part one, part two or part three of this series. Or, for more information on our strategic marketing planning services, leave a message below or contact Jonathan Ebenstein at 440-449-6800.