"Pick your targets and organize your efforts and systems
to satisfy those targets profitably."

— John H. Melchinger, The Marketing Coach™

The key elements of market planning are:

• Market Opportunity Analysis — You may want to get busy developing attractive new target markets, but first understand the inherent risks and costs, and explore every opportunity to grow from within.
• Understanding Your "Best" Markets — Market planning begins by improving your existing market penetration. By analyzing your best business and personal relationships, you may find opportunities you've had all along — without realizing it or appreciating their potential.
• Understanding Your Competition — Market planning continues with an assessment of your competitive position and how people in your area choose financial services providers.
• "SWOT" Analysis — Now take a look at yourself. What are your strengths and weaknesses? How can you build on your strengths, minimize or compensate for weaknesses, and protect against vulnerabilities and threats — while spotting opportunities before your competitors can?
• Leveraging Technology — Embracing technology presents many opportunities for greater effectiveness and efficiency, ultimately leading to increased profitability.
• Goal-Setting — If you can't meet your goals with existing marketing opportunities — or you want to aim even higher — you probably should be developing new market segments. That means checking your sales forecasts and expense budget.