How to get benifit & cost saving for marketing planning - Essay Example

Essay by ashok kaul How to get benifit & cost saving for marketing planning For every business plan, marketing is the backbone for getting the benefits and cost savings for the total business as such. To realize such benefits the marketing plan should follow certain basic principals.Innovation The first step involves creativity and research for the latest tools to have a sound marketing plan. This involves marketing through email, call centers and other web based programs. The cost effects of all these programs should be considered in relation to the results obtained, particularly in terms of sales potential generated.

The email marketing is the least expensive method for marketing a consumer product that carries a mass appeal. This can be great cost saver with benefits of achieving better business profits.Your plan should demonstrate the benefits.The marketing plan should be organized in such a manner that it specifically demonstrates the benefit of cost saving to the customer or the distributor. This again requires innovation to find the cost benefit that can be available to a large segment of consumers. Once the benefits are recognized, the target market has to be identified This will create a situation by which the consumers of that particular target group are benefited and the volume and profits thus generated, for the business, due to non-occurrence of further marketing expenses.

Therefore, it is important to locate the right kind of target group that needs such benefits. Market research in this direction always helps.Use the proper messageOnce the target is identified, it is necessary to address in the marketing plan, a message that clearly and aggressively tackles the requirements of such customers, while highlighting the benefits and savings offered. This in marketing jargon can be called as target marketing or segmentation of prospects. The media of message and the message itself in a marketing plan is important, as it may not be same for different target groups.

While email marketing may result in cost savings to the business, with increase in sales figure as well; it may not be the preferred way to market a product that requires physical demonstration. Marketing through other channels may be the requirement, in such cases.Whether it is a new product launching or sales augmentation of an existing product line, the idea of target segmentation and proper media or channel marketing plan applies to all.Optimize your sales through consumer research techniquesEvery step in a marketing plan involves market research.

Even after the identification of a targeted consumer group, the exact method to be adopted to address your marketing plan to that particular group needs further research. If we are using new technologies to address our target, then there is a need to find their adaptability with our targeted audience. We cannot afford to address our marketing plan to a group that is not net-savvy, through emails. The effective media management is a very important part to plan marketing on a cost effective basis.

The aim should be to achieve best results with least expenses. Forecast market potentialCreation of a viable market forecast for any marketing plan is the most essential part of marketing. The forecast should project the existing and future trends depicting the numbers and characteristics of the target market. Segment wise analysis of potential customers, always helps in cost savings and benefits, while going for an effective marketing plan.Source:http://www.research.ibm.com/journal/rd/513/selby.html