Key Elements for a Successful Marketing Plan
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.
Start with a good research plan for what we call the “OVERVIEW”. 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, “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 Threats and Opportunities. You want this section to be clear and objective, with straight bullet point lists.
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. 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.
Picture it as an umbrella:
Main Objectives:
-Key Message related to the Objectives
-Key Strategy 1 to achieve the Objectives:
a)Tactics and Programs to execute Key Strategy 1
-Key Strategy 2 to achieve the Objectives:
a)Tactics and Programs to execute Key Strategy 2
As you work through your six or seven strategies, keep in mind the resources and marketing funds available. Finish your plan with a detailed “BUDGET” chart, breaking it down by activities and costs.
These are the basics of an effective marketing plan. Make sure you involve your team through the process; it is a very rewarding exercise!
About the Author
Renata L.Lerch is a recognized authority on strategic marketing. Her site, www.limalerchconsulting.com, contains valuable information about marketing. Lima Lerch Consulting provides leading marketing consulting services to companies in the US and Latin America.