Describe your past business or marketing efforts
Sometimes you can’t know where you are going without knowing where you have been. Every organization should look at what was done in the past to fully understand the impact marketing efforts had on business. By doing an inventory of what has worked and what has not, you can begin to strategize the functions that will most likely yield the best result for the short- and long-term.
Markets and audience behavior are constantly changing and marketing plans should be able to adapt to these changes. And while there will always be new marketing activities and tools to distract you, and some may be worth the try, if you keep to your core plan you’ll most likely yield the best results.
It is unlikely that a single marketing campaign will yield significant results. And sales impact may not be seen in the short-term because awareness and market share gains take time. And perhaps it is not the vehicle not working but the message or target audience is wrong. There are no easy answers to ROI but results should be tracked, perhaps quarterly but at least annually. Whether it positive sales, profits, market share and awareness -- even purchase intent -- these measurements will help you evaluate your return on marketing investment.
Write down what you have done for the last two to three years to market your business.
Sometimes you can’t know where you are going without knowing where you have been. Every organization should look at what was done in the past to fully understand the impact marketing efforts had on business. By doing an inventory of what has worked and what has not, you can begin to strategize the functions that will most likely yield the best result for the short- and long-term.
Markets and audience behavior are constantly changing and marketing plans should be able to adapt to these changes. And while there will always be new marketing activities and tools to distract you, and some may be worth the try, if you keep to your core plan you’ll most likely yield the best results.
It is unlikely that a single marketing campaign will yield significant results. And sales impact may not be seen in the short-term because awareness and market share gains take time. And perhaps it is not the vehicle not working but the message or target audience is wrong. There are no easy answers to ROI but results should be tracked, perhaps quarterly but at least annually. Whether it positive sales, profits, market share and awareness -- even purchase intent -- these measurements will help you evaluate your return on marketing investment.
Write down what you have done for the last two to three years to market your business.
- Describe the things that helped grow your business. Be specific about the medium. Was it broadcast, direct mail, online, etc.? What was the length of run-time and how much was invested?
- Describe the vehicles that have not helped grow business. What was the marketing message? Did you get inquiries but they did not translate to end sales?
- Describe what has not been tried but might have help. Was there anything that changed that might have affected it? Would choosing a segment of your audience have been better? Was there another vehicle that could have been integrated to yield better results?
- Describe what the competition is doing to grow their business. What are the vehicles they are using? What is their marketing message? Is their sales force any different?
When you start a new business, you do a lot of research. You invest time, money and sweat-equity to get a business off the ground. After start-up, surviving and growing your business is a constant task. Marketing plans are more time, money and sweat-equity. While marketing generally does not produce a tangible assent, good marketing activities should contribute to the future financial health of a business. The next blog will give you guidance on organizing and describing your competitors.
As an advertising agency, Brigham & Rago is here to help businesses develop marketing communications plans to keep or capture new market share. We are ready to consult with you, then based on our experience and the information we gather, help put together a communications plan. We believe this plan will be a framework for a powerful marketing communications program. Our goal is to help you meet your marketing objectives by assisting in implementing and delivering a clear, consistent message. Call 973-656-9006 to set up a meeting to discuss your next communications project. Visit our online portfolio to see examples of work we’ve created for our clients.
