More so, it also formulates the most effective strategies in order for the firm to cope up and meet the ever-changing and fast-paced trends and demands of the business environment. It conducts research, creates short, mid and long-term plans and develops feasibility studies on whether a certain venture would become a click in the market.
Simply put, marketing is the most essential and vital element of any organization since it is the one that produces profit and customers - and retains them for the firm.
I hope you have already started planning,
but if not, take some time now. Those of you with retail stores need to develop
both your overall business objectives (grow sales10%, expand product lines,
improve profitability, etc.) and your marketing calendar for store promotions (sale
on easels, a holiday promotion, free offer, etc.). There is plenty of overlap
between them, and the best place to start creating your marketing plan is with
your business objectives.
Define Your Business Objectives
One of the great responsibilities of
managing a business is creating priorities for the year ahead. So much happens
each day, week, month, that we might spend all of our time addressing the needs
of the moment and mis out on driving our business in the direction we have
chosen. So start with the big picture and think about your goals for the coming
year. Some of your goals may be based upon areas of your business that need
improvement, and others based upon new opportunities you see in the
marketplace.
As you fine tune your intentions, begin
to get realistic and specific. We all have limits on time and resources. Money
spent on incomplete projects can be money lost. It is better to effectively
execute fewer projects and see the results, than to spread everything too thin
and not make an impact.
Analyze Your Current Situation
Right at this moment your business sits
at a point along its own unique timeline. You have a specific number of years
in business, a certain level of business maturity, and your own history of
accomplishments and challenges. With that information as a reference, you can
review the following questions to gain clarity on where you are at this moment.
The more information you can bring together, the better your ability to
evaluate your business and generate new ideas.
• how is my brand doing in today's
economy?
• what changes in the marketplace are
affecting my product/service?
• does my current audience have the same
needs?
• are there new audiences for my
product/service?
• how does my retail space look today?
• am I really connecting with my
customers?
Review Your Marketing Channels
In today’s marketplace you need to use
every available marketing channel to reach your current clients and target
audience. Evaluate the strengths and weaknesses of each channel and have a
presence in all the channels that your customers use. You will need a mix of
online and offline channels for an effective marketing campaign. While the more
traditional offline channels may seem unfashionable, they remain highly effective.
Also, offline and online channels are converging in interesting ways. People
listen to digital radio on their PCs, watch television on their laptops,
research products online and then purchase them at a retail store.
Television can no longer reach the large
segments of the population it once could (25 years ago one ad spot on the three
TV networks could reach 80% of the US population), but it still provides an
excellent return on investment compared with other channels. Radio has the
ability to target very specific audiences locally and nationally. It can
greatly increase the effectiveness of other advertising. Print still plays a
role for most businesses. There are publications that appeal to, and reach,
most every niche you can think of. Traditional and free newspapers provide an
avenue to reach the mass market.
Print that is coordinated with an online
campaign can be highly effective.
Integrate Online and Offline Channels
As you create your marketing plan and
identify the best channels for your audience, be sure to integrate all your
efforts. You can use your website to house information and then drive people
there from other channels. Your print ad can be designed to present your offer
in a compelling way and send people to your website to make the purchase; your
TV spot can send people to your website for more information; your radio ad can
send people to your retail store. In all channels, speak appropriately to your
customers in a tone they recognize as your brand, keep your graphics consistent,
and coordinate your offers. You want to be sure you are recognized in every
channel for maximum impact. Greater success can be achieved if you create a
comprehensive multichannel strategy rather than just a multiple channel plan.
If you are multiple channel, you are simply using a variety of channels to
communicate. For an effective multi channel strategy you will utilize every
possible channel and incorporate cross channel customer benefits (buy online,
pick up at retail location, etc.) which integrates your brand with every
customer experience.
Maximize Your Marketing Budget
Each marketing decision should be made
within the framework of “does this marketing activity bring us closer to our
business goal?" As you develop your marketing plan you have the opportunity
to pre-plan your messaging, advertising, and events. You should plan to
cross-promote whenever you can, have info on your next event at the current
event, and crosssell
based on customer likes and preferences.
Plan around the seasons, the holidays, and the events your customers find interesting.
You can begin to allocate your resources to the projects of greatest priority.
Build from one marketing event to the
next and see if you can create a theme or concept for the entire year. The more
focused your messaging the more impact it will have on the consumer. Don’t feel
the need to have each message be unique; it takes a great deal of repetition to
create awareness. So while you may grow tired of some things, do not change
them just for that reason; be sure it is time for your audience to see
something new. Variety based on a single message can be very powerful.
Set Measurable Goals
Now get your plan and schedule in
writing. You need to be ahead of the curve when it comes to scheduling. We all know
that by the time we recognize the need to do something, or notice an opportunity;
it is often too late to execute an event or an advertising campaign. Have some
specific goals for every marketing activity; some may be to grow your customer
base, others to sell product, and others to bring more people into your retail
space.
When developing print and electronic
messaging be sure to keep it simple (people are busy) and clearly ask for a
specific response (direct your audience). Make offers that are interesting and
compelling. The most successful marketing efforts, in print and online, utilize
all the direct marketing tools available today – offers, guarantees,
time-specific sales, etc. Test various offers to see what generates the most
response.
Track and Analyze Results
At regular intervals, you should review
the results of your marketing efforts. You can track coupons, visits to your
store, dollars spent, names in your database, or any specifics of your
promotions. Your website should be running some type of analytics program
(Google Analytics is free) so you can track visits to your website, pages
visited, where the visitors came from, how long they stayed, etc. If you sell
your products online you can, of course, track online sales. Then decide what
was successful based upon your specific marketing criteria. If you are looking
to increase your customer base this year, you may be willing to bring in
customers at a loss on their first purchase. If your goal is to increase
profits, then you may need to eliminate some of your less profitable products
or categories. Success can only be evaluated based upon the objectives you
originally set out in your marketing plan.
Repeat
Your long term success will come from a
sustained effort of planning, executing, and evaluating. Your marketing plans
do not need to be complex, but they will require your serious thought and
evaluation. Take the time to gain clarity and purpose for the year ahead.
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