A market plan identifies (through market research) unmet needs in the marketplace and provides a strategic guideline as to how the organization intends to provide an offering (product or service) to fulfill these needs while generating a profitable rate of return. It will indicate the position, or market “niche”, for the organization and identify the necessary resources to implement the marketing strategy. And finally, the market plan becomes a useful benchmark for which to measure the success of the organization’s marketing strategies. #marketplan #marketingplan
Monitor competitors’ social activity for more leads, better marketing
Spying on the competition via social media can be a great way to compare marketing strategies and discover leads by seeing who’s entering the research phase, according to Stephanie Winans, a digital media strategist. “It’s not just about stats. It’s about conversation and what’s going on in their business. When you can see their content, you get a competitive edge by following their conversations,” she says.