 What’s the Strategy?
Crafting a marketing plan that meets measurable business objectives
By: Christine Hamele
Writing a marketing plan often proves to be one of the most daunting tasks an entrepreneur or manager faces. Successful marketing plans all have common characteristics that are fundamental to increasing the chances of achieving marketing objectives: carefully formulated planning, backed by research, with specific and measurable outcomes set forth before execution of the plan. Many executives perceive marketing as a financial burden instead of as an investment that can reap appealing returns if the plan is fundamentally sound and measurable. Perhaps that’s because the marketing plans they have seen were most likely creatively appealing but were not tied to business objectives. Instead of jumping straight to the creative and tactical phase of the marketing program and getting caught up in the minutia, slow down, and think strategy first! The most critical phase of a marketing program is in the strategic planning stage. Strategic, measurable objectives need to be identified at the beginning. These marketing objectives need to be congruent with the mission and business goals of the organization. In doing this, it is important to include the appropriate players as the marketing plan is being developed. One of the primary functions of a marketing plan is to help acquire or retain customers. A sales director or manager has that responsibility, so it’s critical to gain grassroots input from that person to determine the customers’ desires or needs, where they will look for the category of product or service you are offering and ways to reach the target customers and prospects. Having this information will allow you to more precisely develop realistic business objectives that can be measured as well as the right strategies in the marketing plan. When working on a marketing plan, begin by asking the following questions:- What does the organization want to achieve in five years, but more acutely, what does it want to achieve next year? What does it want to market; who does it want to market to; what resources such as funding, people, a distribution system, etc. does it have?
- Do my resources meet the needs I have to be able to achieve my business objectives? How will I allocate and prioritize my resources if they are limited?
- How does what I have to offer compare to competitive offerings? Will my target customers perceive a discernable advantage or do I need to enhance my product or service offering to gain an advantage? If my offering will essentially be at parity with competitive offerings, what else can I do to appeal to the consumer? Ultimately, I need to give target consumers a reason to say “yes” to me rather than my competition.
Case Study: | Situation: A ’drug store classic’ beauty product on shelves nationally for more than 50 years suffered from a two-year negative sales trend. Company’s business objective and goal: Reverse negative sales trend by five percent within one year by increasing brand equity in target markets. To support the marketing plan, Boasberg/Wheeler Communications (BWC) first conducted market research and held focus group sessions with users of beauty products (women) to differentiate between desires and needs and to clarify product brand equity. Based upon this research, BWC developed and implemented several strategies. A new product logo was created, along with new product packaging to reposition the brand and increase appeal to the target market. The goal was to increase sales at the point of purchase. In addition, BWC planned and executed a direct-response multi-media marketing campaign to increase awareness of the product. This included: national publicity/public relations, an Internet sweepstakes program in partnership with national magazines, a direct response mailing program to targeted markets, a regional contest in an important target market promoted by radio and print advertising, and a new sales tool kit promoting new packaging to increase distribution at the retail level. Upon implementation of the marketing plan, BWC began tracking results. Our marketing plan resulted in a 12-percent sales increase with the largest discount retailer and 5 percent sales growth nationally within six months. In addition, the product was added to 3800 stores within six months. Advice: When developing a marketing plan, listen to your market! Take customers’ feedback from research and planning and use it in the course of plan execution for relevant, meaningful and measurable results! |
During the research phase of the marketing plan, it is important to segment the market and define the target audience. Too often, companies market toward a general audience, trying to reach the “average” consumer. It is often cost-prohibitive to do this, even if your budget allows for national marketing strategies. By analyzing historical sales data, the target markets should be selected based on consumers with the highest sales potential. Deciding upon the target audience in the planning stage will help when it comes time to determine how to effectively reach them. It is important to design a plan that differentiates your business from the competition. You don’t market in a vacuum so you can’t plan in a vacuum. Analyzing the competition is an often-overlooked step in the marketing planning process. Knowing the selling proposition and marketing strategies of your biggest competitors will help you to carve out your own marketing proposition that is unique. This is especially important when the product or service you are selling is a commodity and little differentiation exists between your product/service and your competitors’ product/service. Perhaps the most rewarding aspect of the marketing plan is execution and implementation, but don’t forget the value of research and planning up front and at the close of the year. Analyzing the return on your investment to marketing can help tremendously in future planning! Christine Hamele is the Senior Vice President of Boasberg Wheeler Communications (BWC). She leads the firm’s healthcare team and new business development efforts. Contact her at 816.960.3105.
Article Source: http://www.flourishmagazine.com
Return to Previous Page
Return to Home Page
|
