By Gordon

Today’s markets and business environment is both challenging and confusing.  So, as CEO or CMO, you can’t just sit there worrying about today’s new reality – you have to plan your own new reality.  With all you are facing, there has never been a more critical time to develop the best, most comprehensive marketing plan in your company’s history.

Why?  A good marketing plan focuses resources and efforts.It’s not about advertising or social media.  It’s about penetrating target audiences with compelling messages.  It should involve your sales force, your employees, the customer service department, your web site, and every communications vehicle that your company uses – the plan needs to be a comprehensive approach to penetrating your target markets.

A solid plan will benefit your company by:

• Clearly defining your target market
• Focuses resources on reaching your most productive markets
• Effectively positioning your company and its products and services
• Using innovative, cost effective marketing channels
• Controlling your marketing spend

To get started:

Gather New Information from trade journals, economists, competitor web sites, trade and professional associations, and federal, state, and local business regulators that often have very valuable information.  It is time to open your eyes and open your ears to what’s really going on in your markets – and don’t fall into the trap of depending on long-held assumptions?

Evaluate Key Performance Ratios by taking a fresh look at your own numbers.  How have these ratios changed.  What are the numbers telling you?

Involve Accounting – a good marketing plan should involve the CFO and accounting department.  Ask them what needs to change to dramatically improve – and don’t settle for anything less than their best effort, their best recommendations.

Look At Your Customer Base, old and new, and learn.  What characteristics are common among the different customers?  What is the average order among different groups?  Is it rising in some markets – falling in others?  Who isn’t ordering from you any more – but once was a good customer?

Whether you are a “low cost leader” or “the Mercedes of the industry,” the information you glean from a refreshed external perspective and good financial analysis will prove invaluable in developing a good marketing plan.  You can’t just sit there – do the analysis and put together a really good marketing plan that will allow you to create a new reality.

How will you begin planning your new reality?  More importantly, when will you begin?

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About the Author

Gordon O'Neill is the founder and CEO of O'Neill Communications and has over 30 years of experience in marketing and public relations, Gordon is invested in each client’s success. He is talented in creating strong brand identities and setting the strategic direction for businesses and associations in a wide range of industries, including finance, government, tourism, manufacturing, professional service firms, technology, and consumer goods.

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