MARKETING

New BusinessMARKETING

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  • How to Create Your First Marketing Plan

    Game Plan

    In-Depth

    Identify Your Marketing Objectives

    In the Marketing Objectives section of your plan document, you spell out your revenue and other goals for your marketing efforts over the next year (and, ideally, beyond), and provide specifics on how you will achieve them.

    As a start, consider that a typical marketing plan has at least four objectives:

    • Lead generation. Finding prospects
    • Brand awareness. Making those prospects aware of your company and its products
    • Brand consideration. Getting prospects to think of you
    • Sales. Convincing prospects to buy from you

    Each of your marketing objectives should include a description of what you intend to accomplish, including concrete, numerical goals with an associated marketing timeline. To set these goals, review your past sales numbers, your recent business growth in different markets, the size of typical new customers, and how new product introductions have fared. Then use those numbers as a guide for the future.

    Restrict the number of marketing objectives you set per year. Keep them challenging but achievable. Set modest goals to start, to avoid discouraging your people (or yourself) by setting an unrealistically high bar.

    Game PlanGame Plan

    Game Plan

    Not sure where to start in developing marketing objectives? Here are a few typical categories that you might want to use as thought-starters:

    • Increase sales of a particular product, in a specific market or price range
    • Extend or regain market share for an existing product or service
    • Introduce a new product or product line
    • Bundle or cross-sell some products/services with others
    • Enter new geographies
    • Raise prices without damaging sales numbers
    • Enhance your manufacturing and/or product delivery process

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