The promotion planning process need not be complex – it is simply a logical way of studying your company and its environment, deciding your advertising objectives are and then picking the advertising applications that need to be created to ensure that those objectives are met.
Marketing has been given many distinct definitions. It is occasionally confused with advertising – or even earnings. It is neither. Marketing is concerned with the management of this’marketing mix,’ in other words the following: (occasionally Known as the 4 Ps)
- Price – how much You’re selling the service or product for
- Product (or service) – what You’re designing, developing, manufacturing, providing and selling
- Position (or channel approach ) – which stations you are using to sell your product or solutions (e.g. are you currently selling directly to customers over the Web or are you currently selling via a retailer or other third party)
- Promotion – what methods are you currently using to convey what it is you do for your own market. Including packaging, sales, brochures, exhibitions, advertising, direct mail, Internet marketing etc
Marketing planning is a creative process based on the good analysis of your enterprise and its surroundings. It also requires you to consider the future. We don’t know what is going to happen from the’invisible’ future – but there are items in the’visible’ future that we’re able to take account of. Call Passerelle here.
The Marketing Audit
Before creating a marketing program, step one is that the marketing audit. In its simplest terms, this means reviewing the marketing that you’ve done up until today to ascertain how successful it’s been preferably in quantitative terms. This information will give you practical guidance as to where to place your valuable resources later on. Read on B2B Marketing & Branding Company Calgary | Passerelle Marketing.
The SWOT Analysis
The first step in the process is to perform a Strengths, Weaknesses, Opportunities, and Risks or SWOT analysis. The SWOT analysis is an easy to remember and easy procedure. There are two main aspects of this SWOT – the inward-looking, i.e. what are the advantages and weaknesses of your business, as well as the outward looking, i.e. what are the chances and dangers coming from outside your enterprise.
Strengths may include company standing, quality of employees, marketing abilities, on-line presence, social media footprint. Threats may include new legislation or regulations, a new competitor, price of fuel or raw materials
The evaluation is done by a set of people.The’brainstorming’ technique is useful. Every concept is written down – preferably in which everybody in the group could see it, WITHOUT editing. However apparently stupid the idea, write it down. You can always go back and edit after the brainstorming session is over. Brainstorming techniques can be applied to every one the analytical and creative phases of the marketing planning process.
The PEST Analysis
Another helpful technique when preparing marketing strategies is your’PEST’ analysis. PEST is an acronym for:
- Political and Legal
- Economic and demographic
- Social and cultural
And how each one of these factors may influence your business. It’s another means to help you take into consideration the environment in which your company operates. It may be helpful for you to use this investigation when working about the chances and dangers part of the SWOT analysis. By way of example, a future legal change may result in you having to pay higher costs so as to satisfy new regulations. Demographic changes may bring about a population shift to your part of the country. This may lead to more customers and hence, potentially more company.
Setting marketing objectives
Before embarking on a travel to is usually a good idea to get some notion of where you’re heading. The same is true for promotion planning. Before setting marketing objectives you want to be aware of the overall objectives for your business. This could be a certain amount of profitability or quantity of sales. To fulfill this business objective will involve a number of distinct activities in your business including production, customer support, finance, and marketing.
Marketing objectives are what you’re aiming to achieve through the marketing plan in order to meet the overall business objectives. Marketing goals fall into four categories as follows:
- Present services or products in existing markets (penetration)
- New products or services in existing markets (product development)
- Present products or services in new markets (market extension)
- New Services and Products in new markets (diversification)
Advertising objectives should always be quantifiable, for example, sell a certain amount of merchandise to existing customers (market penetration) or reach a certain market share in a brand new market (market extension).
The Product or Support Lifecycle
All goods have, what is called in’marketing speak’, a good or service lifecycle. The lifecycle describes the natural process where a new product is introduced, is slowly accepted, sells well for a while and is then slowly superseded before, potentially, being phased out.
The product life cycle is a useful concept to consider when reviewing your service or product set (product/service portfolio). It is important to consider where a product is on the lifecycle so as to set marketing objectives and appropriate marketing applications. As an example, if a product is in the introduction phase it may be appropriate to spend more on advertising than to get a product in the decrease.
Establish marketing strategies
Marketing objectives are concerned with what you’d like to attain, marketing approaches are the way you are going to try and achieve these objectives.
Having set the strategies, individual marketing tactics will be created in the kind of specific marketing applications. The gap between the marketing strategy and marketing tactics can be exemplified as follows. A legitimate marketing strategy is to create an exhibition program in a new market. The strategy associated with this strategy would be a particular display, the dates, logistics, size of trade show booth, and promotional events surrounding the exhibition.
The following are some of your marketing strategy options:
When you initially think about pricing your first inclination is to apply a simple mechanism which adds a percentage to the cost of creating the product or providing the support, that is called cost-plus pricing. This may be the ideal method of pricing your product, but you must also think about premium pricing. An expensive product may make a notion of luxury or prestige, irrespective of how much it cost to make the item. Branded perfumes and designer clothing tags fall into this category.
Other factors you will probably take into consideration are the price of competitive products and services together with the distribution costs that may need to be built into your pricing (by way of instance, the amount you will need to cover your distributor).
An area of enormous importance to be taken into consideration when you examine your products is the concept of the solution and service portfolio. A portfolio suggests that you are promoting more than one service or product. In reality, even if you only have one product, you will probably have a minimum of one service offering connected to this product. In creating the strategic aspect of your marketing strategy your need to examine each item in turn.
Portfolio management involves managing the portfolio such that there’s a balance between cash generated and cash required. It is crucial to visualize where products are very likely to be in the future and how you can attain these positions. By way of example, a brand new, but highly promising product has a very low market share, however a high market growth rate.
The station strategy is the plan regarding how you’re likely to get you service or product to advertise. It’s likely that you have already made some strategies here. A business needs to find new and innovative ways in which you’ll be able to gain the widest market coverage at the lowest price. Alternatives may include:
- Preparing a distributor network
- Finding’business partners’
- Selling straight over the Internet
- Growing retail outlets
- Creating export markets
- Find alliance partners
- User new channels to market
- Change delivery options
Promotion is an extremely creative procedure. You never really know which promotional way will be the most effective until you attempt it. The solution is to attempt different promotional methods and also to quantify and test each one’s effectiveness.
Marketers possess the numerous methods in their disposal, such as:
- Internet marketing (both organic’ Web site search engine positioning and PPC (Pay-per-click) Web advertising)
- Social media advertising (e.g using Facebook, Twitter, LinkedIn etc)
- E-mail Advertising
- Marketing (also known as over the line cost.’)
- Sales – personal selling
- Trade shows and exhibitions
- Media relations (public relations – PR)
- Immediate mail
- Network advertising
A marketing plan is not an end in itself, instead, it represents a process of examining and rethinking your business from a marketing standpoint. By thinking through the issues you should get a greater appreciation of all of the various advertising options in addition to a few new ideas on things to test in your small business. https://passerellemarketing.com/services/b2b-marketing-development