Overview: Marketing Plan Essentials For Best Results

 

If you haven’t completed a strong marketing plan to complement your business plan, you’re missing some salient benefits.

An effective marketing plan generates revenue and alleviates uncertainty for your business.

In addition, a marketing plan provides you with tangible values:

• When employees are apprised of your marketing vision, you’ll benefit from more teamwork and employee loyalty. Provide them with an abridged copy of your marketing vision for growth.
• Development of a marketing plan means you are up-to-date on your company’s situation. You thoroughly know your company. You’re more aware of your dynamic marketplace.
• A malleable marketing plan is an action to-do list. At the minimum, it’s a roadmap to success in the coming year.
• When you get really good, you’ll think two to four years from now. Details won’t be forgotten. It keeps the focus on the long-term objectives.

So you need to begin with an executive summary. Keep in mind your preferred end results from the specific actions you’ll take. Include your resourceful ideas and voluminous research, but specificity in measurable plans is vital.

Your marketing plan needs four specifics:

1. Situation analysis – a market analysis with customer data, segmentation, market needs analysis and market forecast; a SWOT analysis of your strengths, weaknesses, opportunities and threats; your brand’s personality; and competitive analysis.
2. Strategy – including a mission statement, goals, branding, product positioning and pricing. In other words, remember the 4 Ps of marketing – product, price, place and promotion.
3. Sales forecast – by product and market segment, sales channels, responsible departments and managers – all designed to be tracked.
4. Investment budget – enough details about sales programs, management and strategies to track expenses each month.

You’ll need input from virtually everywhere in your firm – consider finance, human resources, manufacturing, and marketing. You’ll learn unforeseen insights on problems and opportunities.

It may be a bit hackneyed, but as part of your checklist in setting goals, consider the acronym, SMART:

• Specific  – who, what, when, where, and how
• Measurable – determine how you’ll attain your goals
• Agreed upon – make sure there’s a consensus or agreement
• Realistic – Make certain you’re being pragmatic
• Target date – a feasible timeline is best

Marketing plans are also helpful for better time management — once you have determined the annual big picture for your goals — then determine the intermediate steps for each month.

Oh, and in this age, consider whether your business would benefit from branding and selling your business as green or how cause-related marketing can increase sales by double digits.

Again, even after you’ve written your marketing plan, remember you’re not done. You must be relentless in continuously monitoring your progress. Fine-tune your plan as needed. Figure out what’s wrong and what needs to be done to remedy any undesirable situation.

From the Coach’s Corner, for Internet resource links, consider: Why B2B marketers like content marketing; the 14 strategies to rock on Google; and the best practices to optimize your brand and manage your Web reputation.

“Marketing is the distinguishing, unique function of the business.”

-Dr. Peter Drucker

 

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Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Diverse Age Differences at Work Mean Return to Status Quo in Attitudes – Robert Half Study

 

Despite the 21st century’s widespread age differences in the workplace, at least one thing hasn’t changed – many attitudes of workers are similar. For example, employees are often most-interested in company stability, according to a study by Robert Half.

Sadly, for many companies, that might also be why 40 percent of respondents are apt to shop around in seeking a new job.

“There has been considerable focus on the differences among various generations, but our research confirms many similarities,” said Max Messmer, chairman and CEO of Robert Half International. “Understanding the values shared by nearly all employees, particularly in light of changing economic conditions, can help companies enhance their recruitment and retention efforts.”

The study involves more than 1,400 people working fulltime in North America. The respondents are either college graduates or are in school. Just over 500 are hiring managers. The demographics include baby boomers, aged 46 to 64; Generation X, 32 to 45; and Generation Y, 21 to 31.

Among the three generations, the study reveals five similarities:

• Job security are preferred over working for a community-minded firm or even a shorter commute
• Salary, company stability and benefits were the most salient
• Most-prized benefits – Healthcare and dental coverage, vacation time and matching 401 (k) plans
• The recession is the main reason for those planning to work past 65
• Diversity in work experience is believed to be beneficial

Here are the generational differences:

• Following the downturn, many plan to job hunt. The breakdown includes 36 percent of Generation Ys, 30 percent of Generation Xs, and 24 percent of baby boomers.
• Among the Generation X, 38 percent plan to upgrade skills and 33 percent percent plan to stay with their employers.
• For the respondents planning to work past 65, 54 percent are baby boomers, 46 percent are Generation X, and 39 percent are Generation Y.
• 34 percent of Generation X and 27 percent of baby boomers managed to add to their retirement nest eggs since the beginning of the downturn.
• Many are concerned about differences in coworker work ethics and balancing career with their lives. That’s 54 percent of baby boomers, 45 percent of Generation X, and 35 percent of Generation Y.

“Many employees, particularly Gen Y professionals, are biding their time in their current employment situations and plan to make a move when they feel the economy is on firmer footing,” said Brett Good, a Robert Half International district president. “Now is the time for employers to take action and outline career paths within their company for strong performers. Compensation reviews also should be conducted to ensure that pay is competitive.”

Well said.

If you want, you can get a copy of the study.

From the Coach’s Corner, if you want 18 strategies for better employee relations, see Leadership Strategies to Profit from Employee Respect.