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Marketing Plans: Prepare for Opportunities!
By Deborah L. Daily
Without preparation and planning, how can you effectively communicate your vision and mission to other team members? Does each team member understand their role in the big picture and how their day to day activities contribute to your organization’s success? Does each team member have the opportunity to review the plan and provide valuable insights and feedback?
Marketing plans are no different. By creating and preparing a plan, you have at least defined a working “road map.” True, you may change directions and alter your course from time to time; but better that than to speed down a dark, curvy road at 80 mph without headlights.
Here are some simple guidelines for developing an effective marketing plan:
Create a Situation Analysis. The Situation Analysis is typically comprised of three parts: the Market Analysis, the SWOT Analysis, and the Competitive Analysis. The Market Analysis answers the Who, What, When, Why, How, and Where questions pertaining to your existing or potential customers. The SWOT (strengths, weaknesses, opportunities and threats) Analysis is used to help you evaluate your company’s present marketing situation. A Competitive Analysis is simply learning about your competitors – who compete with you and their strengths and weaknesses in the marketplace.
Create a Marketing Strategy. Simply put, create a mission statement with your overall objectives and expected outcomes. Include a focused strategy defining who you are going to sell to and why your product or products fill a particular need.
Create an Expense Budget. Whether it be an email, direct mail, or public relations campaign, or printing collateral materials, determine your investment beforehand. This prevents getting caught up in “scope creep” as well as helps you determine if you’re getting a reasonable return on your marketing dollars invested.
Track Sales. You can’t determine if a venture is profitable or not if you don’t track your sales. It’s important to track actual sales vs. projected sales. Sales may also vary by product, region, or market segment.
Track Marketing Efforts. Finding out what works and what doesn’t is critical to a successful campaign. One the most powerful yet most forgotten questions, “How did you find out about us?”
If you ask yourself the right questions, define clear and concise answers, and do the research, you will have a marketing plan that truly prepares you to meet opportunities when they occur. The key is to get started now.
As this process may seem overwhelming, contact Buckaroo Technology Group for additional information and assistance. Let us help you meet and exceed your marketing goals!
Be Visible. Get Noticed.
For more information on marketing plans, contact Buckaroo Technology Group by calling us toll free at 877.344.0290 or 317.845.0830 or click here.
If You Ever Wanted To Say, “Deb, Take a Hike!”, Here's Your Chance!
Final Thought...
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