The Horse Comes Before the Cart

 

 

 

 

 

 

I advocate a simple twelve-word marketing strategy. Communicate one message, promoting one brand, touching multiple audiences at no cost. It is made possible by an abundance of free and low-cost tools that afford simultaneous experimentation in multiple channels. However, successful implementation presupposes you first established a comprehensive marketing plan.

Your marketing plan will be our subject matter for the entire week. Today I will present a planning framework and discuss the importance of goal setting.

Diving into a marketing campaign without first having a plan is analogous to the old phrase “putting the cart before the horse.” You are vulnerable to what Gordon Andrew of Highlander Consulting calls tactical soup. He defines the phrase as “getting bogged down in a flurry of marketing activity without placing enough emphasis on how it will generate revenue and profitability.”

Describing a complete marking plan is beyond the scope of this document. However, I will discuss some basic elements of your plan. Here are a few suggestions to keep in mind.

  1. Constructing a marketing plan is not a “once and done” task. It is a continuous process, as illustrated by the 5-step diagram at the top of today’s article.
  2. The first requirement of a plan is to define your goals, preferably in writing. Let me return to my horse analogy for a moment. Can you image a race where the jockeys did not know where the finish line was? The situation would quickly become chaotic. Horses would run into each other as jockeys individually decided which direction was best. It may sound like a ridiculous example, but it is no different than running a business without a clear direction. Just like a race, knowing where the finish line is and staying focused on it is critical to success. Goals provide us with that direction. As Zig Ziglar says, “A goal, properly set is halfway reached.”

The ultimate purpose of marketing is to influence consumer behavior in ways that accomplish your goals. What exactly do you want to accomplish? A logical place to start defining your goals is by answering a series of questions. They include areas like:

  • How many new clients do you need; how many can you currently accommodate?
  • How will increased sales affect your cost structure? For example, will you need to hire more sales associates or increase inventory levels?
  • What is your target revenue per new client?
  • What is the minimum revenue per client that you can profitably accommodate?
  • How would you describe your target customers in terms of key demographics like age, gender, location, education, income level, professional profile and so on?
  • Who is the ultimate decision maker in target organizations?
  • Where are potential customers likely to turn (Internet, newspaper, Yellow Pages, etc.) to learn about your products or services and to find businesses that provide them?

Finally, today’s picture features my wife Shelley and me standing next to a horse in Central Park. Send me your favorite horse pictures and I will select one for Wednesday and Friday’s blog posts. Email your pictures to support@CFOAmerica.net.

On Wednesday, I will continue this topic with some suggestions to help you establish interim goals and the tactics to accomplish them.

© 2011 by Dale R. Schmeltzle

Be Sociable, Share!

Speak Your Mind

*

  • RSS
  • Newsletter
  • Twitter
  • Facebook
  • LinkedIn