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Current Third Person News

January 04, 2011

Milwaukee Ad Agency, Third Person, give you 3 tips to maximize your marketing planning effectiveness in 2011Planning for success in 2011...
3 Tips for Effective Marketing Planning

Do you have your marketing plan all set for 2011?  If not, don't worry.  There's still time to create strategies for your marketing this new year.

However, before you start charging forward on creating media plans or diving out your budgets, here are three tips to make this year's marketing plan your most successful one.

1. Understand what marketing truly is. (HINT: It's not just creating some ads or web pages.)

For a business to exist, it must have two things -- something to sell, and someone to buy it. Marketing is any aspect of how you get what you have to sell to the people who will buy it.

This means that your marketing plan needs to address more than just advertising. It needs to address:

  • the relevance of your product to your customers,
  • the reasonableness of your price,
  • the effectiveness of your messaging -- branding, sales and advertising, and
  • the availability of your product.

Then, after having a full understanding of these elements, your marketing plan outlines strategies for improvement.

2. Make sure you truly know who your customers are.

As mentioned previously, for a business to exist, it must have customers. Fully understanding who your customers are (or who you will target) allows you to find more like them -- or, if your customers aren't what you need them to be, find different ones.

Unfortunately, too many businesses do not have a clear enough picture of who their customers are -- but think they do.

So - here's how to check. Ask yourself if you know what your customer looks like? Could you create a picture of that person? Would you be able to tell if that person is:

  • young or old?
  • male or female? 
  • wealthy, middle class or lower income? 
  • a homeowner in the suburbs or renting a downtown condo?
  • an entrepreneur or a corporate climber?
  • a golfer or a scrapbooker?

If creating a clear picture of your customer is challenging, it's time to add some market research to your marketing plan.

3. Create a marketing budget.

If you're serious enough about marketing to engage in the marketing planning process, this probably isn't an issue for you. But, it's so important, that it bears saying anyway...

Companies engaged in marketing (and that should be every company) need to have a marketing budget. The U.S. Small Business Administration (SBA) defines a proper marketing budget as between 2% and 10% of your expected gross sales.

A marketing plan created without a budget is a marketing plan doomed to failure.

Want to learn more about Marketing Planning?

Or - contact Third Person, Inc. We can help you achieve a new level of marketing success.

 

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