| Beginning of financial year brings forth the opportunity to introspect not just the financial performance of your business but also deliberate on the direction you wish to move
towards. It is the time to set new goals, plan new objectives and more importantly, device an action plan.
Before we go any further, here are my 2 cents; ‘Anything with an ‘IF’ is a Hope not a Plan’.
Now in order to plan you marketing efforts effectively, it is imperative to be realistic about the objective as well as resources. So, one of the most crucial stages of your Marketing Plan is to set aside a specific budget for marketing.
Another important step would be to understand your target audience and the most effective media vehicles to connect with them. Here it would be wise to consider multiple audience researches, readership surveys as well as insight about your target audience and their media habits. Device a media plan and if possible,
| allocate a percentage of media spend for various mediums whether they are conventional or social media or on-ground activations or events.
Before we talk about the most glamorous part of your marketing effort i.e. Communication, it is absolutely imperative to objectively analyze the existing market scenarios. What is the relative position of your brand when compared to your closest competitor? Is there a new player in the market? Can you foresee any significant scenario that might impact your market segment or your target audience?
Next comes Communication, while there can be a little argument about the fact that most of marketing and almost all of communication is as much science as it is an art, an expert marketer would try and make the entire process as objective as possible. This holds true for your communication plan as well, on the objective side, you should consider the demographics of target audience, where do they live? How much do they earn? Which language do they speak? What kind of vehicle do they drive? Which TV channels do they watch, how much time do they spend on social media? etc. etc.
Once you have all this figured out, it’s is time to formulate an action plan along with time frames. Marketing efforts demand will, consistency, insight and also a fair amount of faith to bring results. Also, please know that marketing is a journey that can be as picturesque as it can be adventurous. Be sure to review your marketing plan in the next financial quarter. Keep Growing.