If you have a niche audience, for example, you can take advantage of marketing strategies such as e-mail.
The costliest options are usually advertising, sales promotions and public relations campaigns.
There are many different models for marketing plans. Many companies start with a SWOT analysis, looking at their firm's strengths, weaknesses, opportunities and threats.
This involves identifying your competitors, understanding exactly how they operate and becoming familiar with their strengths and weaknesses.
You might be assuming there's demand for your product when there isn't, for example. Or you could be venturing into a market that is impenetrable because of regulatory restrictions.
The only way to start a business venture with confidence is to develop a good marketing plan—one that's backed up with facts and research.
In the same vein, you may want to know what keeps customers away from your competitors’ products or services. Here you describe the desired outcome of your marketing plan with attainable and realistic objectives, targets and a clear time frame.
The most common approach is to use marketing metrics.
Contrary to popular belief, a marketing plan is not a effort destined to sit in a binder on your desk.
On the contrary, it should be updated on a regular basis to reflect the changing needs of your business and customers.