Build strong Market Strategies to win more market share.
Or for more on how understanding market share will help your business compete, return from Define Market Share, Part 1 to What is Market Share? Why is Product Differentiation a necessity to your Marketing Plan?
Yes, it is a challenge to commit the time and resources but it is also a core activity for a successful small business strategy and business plan.
Also, remember that your planning process is evolutionary (not static); you need to keep updating, adapting and changing with new and changing customers, services, competitors, suppliers and the environment you operate in (your marketplace).
During the mature cycle, you need to build your marketing efforts around your brand; your competitive advantage can be in your reputation, history, and identity and on what differentiates your business from your competitors.
Marketing your products and services is not something that you do once (such as a marketing plan) and then never change or do again.You need to be continually researching and building your strategies and tactics to be ahead of the market, and ahead of your competition.The market is constantly evolving; ever more rapidly with the impacts of globalization and technology.Note: It is important to recognize that marketing is not an exact science. Each business will have different needs and different targets.This example is to provide you with an overview of how marketing mix fits into your marketing plan and how to build your own marketing mix program.If marketing is not your core strength, or if you don't have enough staff to commit to developing your marketing efforts (and acting on the plan), outsourcing your marketing strategy and implementation will allow you to concentrate on developing your business.Start with a marketing plan that includes the necessary research, strategy development and implementation action plan.You'll feel confident that your business marketing is being effectively managed and continually evolving.We specialize in providing services to small business owners and understand that marketing efforts must be customized for each business' unique needs.Marketing mix planning is key to your strategy and needs to include: product, price, promotion, and the 4th P of Marketing: Place. Marketing is a requirement for all businesses: without marketing strategies and tactics your business will struggle to survive.Not all marketing activities are planned: you might be building your brand recognition through a social media campaign (that's marketing); you might be conducting market research to analyze your competitors and/or segment and target your potential market or to develop the most desirable features, advantages and benefits of your products or services (that's all marketing).