Budget, company feedback keys to an effective marketing plan

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Budget, company feedback keys to an effective marketing plan
1/9/2012 10:56:35 PM
Category: Business Operations

Developing a marketing plan for your business may well be the hardest part of the actual marketing process. It provides the outline for what tactics your business will use, when they'll be deployed and how much each will cost.

Entrepreneur magazine notes that a marketing plan should typically cover one fiscal year and be updated annually. Changes that happen within a business - hirings and firings - as well as outside - evolving markets and new customers - require a fresh plan each year. Also, regardless of the size of your business, the sheer scale and importance of the plan should warrant a grace period of at least two to three months to compose.

One of the most important factors to consider when creating the plan is your company's marketing budget and how much you plan to spend. According to the U.S. Small Business Administration's website, a marketing budget should outline the costs of how you're going to achieve your goals in the allotted timeframe.

Once developed, the budget should still remain fluid. You should prepare for unplanned events or unexpected expenses that may eat into your funds, or the need to create additional marketing tactics to reach your target more effectively. Determine a general amount that will help you reach your marketing goals, but remember to remain flexible.

Sticking with theme of money, a plan to measure return on investment from strategies should also be in place. How have certain marketing activities affected revenues during a fixed period? Which tactics worked well and which didn't? Be sure to assess whether failing tactics need more time or if they should be nixed from the plan altogether.

Entrepreneur also recommends that plan devisers look to receive feedback from all parts of the company - such as finance, manufacturing, personnel and supply - in addition to the marketing team, because you will need all aspects of your business working together in order achieve positive results. These people can act as another set of eyes and provide realistic feedback as to what's achievable, as well as insights into other marketing opportunities that have yet to be uncovered.

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Business Finance (14)


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Business Operations (20)


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Budget, company feedback keys to an effective marketing plan 1/9/2012 10:56:35 PM Developing a marketing plan for your business may well be the hardest part of the actual marketing process.
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