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It's
amazing how many marketing plans are derived from a
need to appease the board of directors, not the best interests
of the company. While the board is looking for the best return
on investment, whether of time or money, its decisions
can sometimes be short-sighted or fueled by budget drivers
or misperceptions of the overall strategy. Most do run
businesses and so understand the infrastructure needed to
execute the core business plan, but very few are actually
marketing-savvy.
So
you must determine if the plan is a short-term call to action
or a long-term equity builder. And you must warn them
if their goals are unrealistic.
As
the resident or external marketing expert, it's up to you
not only to develop but to sell a strategic program that serves
as a corporate and a product/service brand builder. It is
critical that the marketing program move markets into your
corner to capture mind and marketshare.
Setting
and meeting expectations is the most important element in
creating a winning marketing plan. First, strategize with
the decision makers. Understand their goals, immerse yourself
in the business value proposition and obtain consensus on
the overall corporate direction. Work with the team to set
realistic goals as well as the "if this were a perfect
world, we would..." idealistic goals. And finally, the
most important component of job security is to agree
upon a mutually beneficial, and realistic, metric system.
As
part of that process, you must determine the targets for the
marketing initiative. Develop a series of questions
and work towards the development of piercing and compelling
answers. What's my budget? Who else is in this space? What
are our differentiators? Who can benefit most from knowing
about this information? How can I reach them? What will it
take to cut through the clutter?
By
performing this mini-audit early, you can initiate the development
of a targeted, almost scientific marketing campaign that speaks
convincingly to each target market.
The
next step is to determine the most effective tools to reach
your markets -- there are always more than just one demographic.
The most common initiatives include advertising, direct marketing,
events and public relations. Successful long-term plans place
great emphasis on advertising for developing brand personality
and resonance, and public relations for influencing the marketplace
through the voices of its peers and trusted advisors.
In
order to convince a discerning set of customers, the marketing
plan must include a creative and compelling strategy.
Your potential customers have heard it all before, so make
sure that you create a B.S.-free platform that speaks to
their pains and concerns.
Whichever
programs are selected, ensure that in execution they receive
full attention and commitment of resources. Execution
is key and the plan will finally be judged by its adherence
to and success under the agreed-upon metrics. ithout resources,
execution will falter and the plan will fail before it is
properly begun.
Remember
to present the plan, the strategy, the targets, the timeline
and "what if" scenarios to generate a strong
consensus in advance. That can be the key to acquiring the
resources needed to execute.
A
company that shall remain nameless for purposes of this article
set unrealistic goals at the launch of a new technology
gizmo that promised to change how people communicate.
The company lacked brand recognition, but its directors truly
believed that the technology would be enough to carry it to
success over established, trusted companies that offered similar,
if inferior, products.
The
company's original goals were simple: sell products and change
the world on a minimal budget. The first mistake was that
no one pushed back against the board's unreasonable
expectations. The second mistake was that the team did not
negotiate with "executive row" and the board to
reset the goals, increase the budget and extend the overall
timeline. Instead, the marketing team tried to meet the challenge
with a program that focused only on public relations.
The
PR strategy itself was brilliant. The product was cool enough
to win the hearts of reporters, and each published article
reached thousands of people at a fraction of the cost
of advertising. The PR campaign was awe-inspiring, achieving
stacks of press coverage in all the major publications, newspapers
and online e-zines. But although the product sold moderately
well, the marketing campaign was deemed a failure because
it didn't meet the original, unrealistic expectations.
At the end of the program, retailers claimed the lack of record-breaking
sellthrough was due to poor brand recognition and that customers
were willing to pay more for an inferior product with a brand
they knew.
In
hindsight, the team should have proposed a corporate branding
campaign in concert with the PR strategy and fought for the
additional budget -- this would have helped align everyone's
goals and expectations. At the very least, the board and executives
could have said no to a multi-faceted strategy, leaving
them to own the ramifications of their own poor decision to
ignore marketing s recommendations.
The
fusion of mutual expectations, goals, targets, strategies
and results will ensure your best shot at success. At
the end of the day, buy-in on "executive row"
will make the difference between victory and defeat.
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