Article published by Home Business
Magazine
During
my almost two-decade career in strategic marketing I’ve seen numerous marketing
cases involving different products and
services.
A common element in all successful marketing stories has been an
organized and effective marketing plan, which serves
as
the backbone for the product or service life cycle.
A
marketing plan should be a reference for all individuals involved with the
project, including both employees and contractors. It
should
contain the core elements that keep launch and implementation in synch with the
strategy. Obviously, it is not a static
document.
Revisions should be made at a minimum on a quarterly basis to incorporate
key learnings during the process.
Starting with a good research plan
The
“OVERVIEW” of your plan should include trends and key changes in the macro
environment, from the economic and social
aspects
affecting your audience to important industry information. Find useful
estimates and forecasts that will help you make
decisions.
Next, compile key information about the audience you want to reach:
gender, average age and income, geography,
preferences,
decision and purchasing process, etc. Your entire team should be familiar
with the details of your target clients.
The
analysis of the competitive environment, or “SWOT”, should be worked
subsequently. At this time, investigate all public
information
available about your top competitors, and get a clear understanding of their
Strengths and Weaknesses. With this
information
in hand you will be able to compare and elaborate on your Opportunities and
Threats. You want this section to be
clear
and objective, with straight bullet point lists.
Bringing it all together
The
next step is your numeric “TARGETS”. Include in this page your target revenue
and transaction volume for the year, and
broken
down by quarter, especially if your product involves seasonal variances.
If possible, also break it down by distribution
channel
such as online, in store, through intermediaries, etc. Make a comparative
chart with columns for the previous year and
the
year in question.
After
completing the research you are ready to develop the “KEY OBJECTIVES”.
Use this opportunity to think through the
macro
course of actions that will lead your company to reach your numeric targets.
Maybe you want to nurture differentiation
through
superior services, increase online sales in the channel mix, or enlarge your
geographic coverage. List a minimum of three
but
no more than six or seven key objectives for the year, which should be
aggressive but achievable.
The
“STRATEGIES AND ACTIVITIES IN SUPPORT” are the means to realize your
objectives. Start with the “communications
message”,
the sentiment you want associated with your brand. This should be
reflected in all points of contact with customers
such
as brochures, advertising, website, call center, locations, press releases,
etc. Brainstorm with your team and consolidate it in
a
single powerful message, related to your objectives.
Then,
develop the “key strategies”, supported by tactics and programs to execute
them. In essence, strategy is how resources
are
distributed and utilized to achieve your key objectives. Tactics and programs
are important to make the strategies action-
oriented.
Envision
it as an umbrella:
Main
Objectives:
-Key
Message related to the Objectives
-Key
Strategy 1 to achieve the Objectives:
Tactics
and Programs to execute Key Strategy 1
-Key
Strategy 2 to achieve the Objectives:
Tactics
and Programs to execute Key Strategy 2
As
you work through your six or seven strategies, focus on delivering distinctive
value to your customers through your programs.
You
don’t have to limit the number of programs and tactics under each strategy.
Keep them focused and well organized, with
implementation
facts and time schedules. Bear in mind the resources and marketing funds
available throughout the year.
Finish
your plan with a detailed “BUDGET” chart, breaking it down by activities and
costs. A year-over-year comparison is always
helpful
to evaluate the results and calculate return on investment.
As
the competitive environment evolves, so should your set of strategies.
Revisions are necessary periodically. In addition to the
numeric
targets, it is important to establish parameters to measure the effectiveness
of your tactics and programs. Determine
what
to evaluate, and establish standards of performance. That will allow you
to take corrective action, adjusting your strategies
along
the year.
These
are the basics of an effective marketing plan. Make sure you involve your
team through the process; it is a very rewarding
exercise!
©
Lima Lerch Consulting 2006-2007. All Rights Reserved.
ABOUT THE AUTHOR
Renata L.Lerch, founder and managing director of Lima Lerch Consulting, has worked
with strategic marketing for over 16
years.
Before starting Lima Lerch Consulting, she managed marketing and business
development in large multinationals, covering
the
US, European and Latin American markets. She holds 2 MBAs
Lima Lerch Consulting (www.limalerchconsulting.com) provides leading
marketing consulting services to companies in the US
and
Latin America.
