Put your marketing strategies in writing
Written by Shirley Lichti, for The Record, August 17, 2005
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Marketing is not rocket science. But it does require a written game plan.
Some of you may protest that written plans aren't a necessity for your business. Yet I doubt many of you would let your accounting staff keep track of your company's numbers in their heads. So why would you treat marketing any differently?
Capturing your marketing strategies on paper allows you to maintain your focus, track your progress, and measure your results.
Many people mistakenly think that a marketing plan involves only advertising and promotional activities. On the contrary, marketing encompasses many areas, including product development, pricing, distribution, targeting, sales projections and, oh yes, advertising and promotions.
Each area is important in the big picture and critical to have well thought out and planned before you begin spending money promoting your products or services.
Maintain Focus
A written plan serves as a reminder of the big picture, which can be godsend when you are in the swamp fending off alligators on a daily basis.
Think of your plan as a road map that helps you stay focused on your objectives.
New opportunities and challenges, which were not addressed in your plan, are bound to surface. The better defined your plan is, the better position you will be in to assess new information and make decisions that are in line with your goals.
Not only can a written plan give you focus, it can do the same for your employees. As a tool, your plan can help staff understand company goals and empower them to make decisions that are consistent with the company's objectives.
Plus, once committed to paper, you have a record to brief new hires on your overall marketing vision and goals.
Track Progress
By tracking your progress on a regular basis, you'll be able to determine what's working and what's not.
Is our new product launch achieving forecasted revenue? Has our revised distribution strategy resulted in greater market coverage? Is our most recent advertising campaign having an impact on web traffic? Are the tools we've given our sales force delivering the projected productivity gains needed to keep us competitive?
If you don't identify and track important performance measures, it increases your risk of failure.
Your marketing plan needs to include quantifiable objectives, tactics and milestones that relate back to your goals. Clearly outline what is to be tracked and the procedures to be used. Your financial department will also be interested in tracking spending against budgets as well as the projected cash flow needed to implement the next phase of the plan.
Lastly, accountability needs to be assigned. Who is responsible for tracking, reporting and ensuring goals are met?
Tracking should occur on a regular and ongoing basis. Depending on the size of your company, you should probably aim to review your progress on a monthly or quarterly basis.
As you track your progress, you can also tweak your plan along the way if you find that some element is clearly not working. Be sure to give your strategies a fair chance (be patient - results don't happen overnight) but don't make the mistake of waiting too long to make changes or it will be harder to get back on track.
Measure Results
Retail department store magnate, John Wanamaker, is reported to have said, "I know that half my advertising is wasted, I just don't know which half."
Until you measure the results of your plan, how can you know if it was effective or not? Remember that the definition of insanity is doing the same thing over and over and expecting different results.
Frankly, you'd have to be a little crazy not to put measurement metrics in place. By measuring results, you are able to prove the worth of your plan. This will make selling future ideas to management much easier and will likely be required to get outside funding from banks.
Although it's not always an appetizing prospect, measuring the results of your initiatives also allows you to document and learn from your mistakes. With data to show what works and what doesn't, you can revisit past plans and make changes for the better.
Perhaps most importantly, having a formal plan puts you in a great position to create subsequent years' marketing plans since you don't have to start from scratch.
Creating a set of marketing strategies does not have to be an ordeal. But, as mentioned earlier, it does require a written game plan, which once documented, becomes your road map to success.
Some of you may protest that written plans aren't a necessity for your business. Yet I doubt many of you would let your accounting staff keep track of your company's numbers in their heads. So why would you treat marketing any differently?
Capturing your marketing strategies on paper allows you to maintain your focus, track your progress, and measure your results.
Many people mistakenly think that a marketing plan involves only advertising and promotional activities. On the contrary, marketing encompasses many areas, including product development, pricing, distribution, targeting, sales projections and, oh yes, advertising and promotions.
Each area is important in the big picture and critical to have well thought out and planned before you begin spending money promoting your products or services.
Maintain Focus
A written plan serves as a reminder of the big picture, which can be godsend when you are in the swamp fending off alligators on a daily basis.
Think of your plan as a road map that helps you stay focused on your objectives.
New opportunities and challenges, which were not addressed in your plan, are bound to surface. The better defined your plan is, the better position you will be in to assess new information and make decisions that are in line with your goals.
Not only can a written plan give you focus, it can do the same for your employees. As a tool, your plan can help staff understand company goals and empower them to make decisions that are consistent with the company's objectives.
Plus, once committed to paper, you have a record to brief new hires on your overall marketing vision and goals.
Track Progress
By tracking your progress on a regular basis, you'll be able to determine what's working and what's not.
Is our new product launch achieving forecasted revenue? Has our revised distribution strategy resulted in greater market coverage? Is our most recent advertising campaign having an impact on web traffic? Are the tools we've given our sales force delivering the projected productivity gains needed to keep us competitive?
If you don't identify and track important performance measures, it increases your risk of failure.
Your marketing plan needs to include quantifiable objectives, tactics and milestones that relate back to your goals. Clearly outline what is to be tracked and the procedures to be used. Your financial department will also be interested in tracking spending against budgets as well as the projected cash flow needed to implement the next phase of the plan.
Lastly, accountability needs to be assigned. Who is responsible for tracking, reporting and ensuring goals are met?
Tracking should occur on a regular and ongoing basis. Depending on the size of your company, you should probably aim to review your progress on a monthly or quarterly basis.
As you track your progress, you can also tweak your plan along the way if you find that some element is clearly not working. Be sure to give your strategies a fair chance (be patient - results don't happen overnight) but don't make the mistake of waiting too long to make changes or it will be harder to get back on track.
Measure Results
Retail department store magnate, John Wanamaker, is reported to have said, "I know that half my advertising is wasted, I just don't know which half."
Until you measure the results of your plan, how can you know if it was effective or not? Remember that the definition of insanity is doing the same thing over and over and expecting different results.
Frankly, you'd have to be a little crazy not to put measurement metrics in place. By measuring results, you are able to prove the worth of your plan. This will make selling future ideas to management much easier and will likely be required to get outside funding from banks.
Although it's not always an appetizing prospect, measuring the results of your initiatives also allows you to document and learn from your mistakes. With data to show what works and what doesn't, you can revisit past plans and make changes for the better.
Perhaps most importantly, having a formal plan puts you in a great position to create subsequent years' marketing plans since you don't have to start from scratch.
Creating a set of marketing strategies does not have to be an ordeal. But, as mentioned earlier, it does require a written game plan, which once documented, becomes your road map to success.
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