by Natalia Jones

Created on: April 08, 2009

If you have no idea where you want to end up you are destined to roam aimlessly, wasting time and money in the process. The first step in creating a successful marketing plan is therefore to define your objectives. During the analysis stage, there are several aspects that need to be clarified, such as;

What is special about my product or service?
Who is likely to be interested in it?

What methods of advertising are likely to be most effective for this group?
What would be the most competitive pricing strategy?
What is the best method of distribution?

The answers to these questions will provide an excellent springboard for the foundation of your marketing strategy. Of course, as your business progresses you would need to re-evaluate the situation periodically. New competitors may enter the market or the method of distribution may become outdated with changing tastes or the availability of new technologies. Always remember never to take anything for granted. Assuming that because your customers were satisfied with your product mix yesterday is no guarantee that they will be there tomorrow.

In addition to the basic building blocks discussed above, investing in an information system that ensures the availability of data at every point in the process is also integral to success. Information is the lifeblood of every business as it allows confident and timely decisions to be made. Without sufficient information delays occur at various points of the delivery chain, leading all the way to the frustrated end user.

Another important aspect that is often overlooked is an efficient tracking system. It is great to ensure that a brilliant marketing strategy is implemented in theory, but the true test of your efforts is measured by the reported sales figures. If these numbers cannot be linked to the various marketing efforts your entire plan is akin to shooting in the dark. For instance, it must be possible to tell the percentage of your customers that learnt about you through your radio ad or your website. This kind of differentiation allows you to channel funds into avenues that produce results and cut off the money supply to those that are not as successful, ensuring you get value for your money.

Successful marketing management requires careful and detailed planning, follow-through, and tracking and amendments. These key elements come together to deliver profits and satisfied customers.

Learn more about this author, Natalia Jones.
Click here to send this author comments or questions.