Developing a marketing plan is a vital component of a business strategy. Not only does it reveal potential opportunities, it can also undercover pricing pitfalls, reaction from competition, and potential reach. All of these factors can make a difference in the success of a business.

In basic terms, a marketing plan is a strategy that outlines who your customers are, where they get their information, and how you are going to reach them.

Here are four questions that should be discussed when developing a marketing plan:

1.Why does a potential customer need your business?

Design your services in a way that will be viewed as a solution to customers problems.

2.Who am I targeting?

Define your target audience so that your business can market effectively. A current trend is to target hyperlocally. Knowing your target audience allows businesses to develop more personalized marketing.

3.Who am I competing with?

Understanding your competition will allow you to develop strategies that will combat competitors marketing techniques.

4.What is my brand-positioning statement?

Different than a mission statement, a brand-positioning statement defines the brand’s purpose. It is what the brand seeks to accomplish and is most successful when it is focused around solving customer’s problems.

Today’s businesses have numerous platforms through which they can put their marketing plans into action. Social media, email, and mobile are all platforms that need to be part of a business’s marketing plan if it wants to be successful. Therefore, if your marketing plan answers the questions mentioned above and takes advantage of the various communication platforms available, it will have a much higher chance at being successful.

Original article can be viewed at Business New Daily.

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