posted 07/21/10 | Enterprise University
During this economic downturn, companies have looked for ways to be more fiscally responsible by scaling down or cutting out programs, services and positions deemed non-essential. Drastic cuts to marketing budgets have been no exception. Now that the horizon is looking brighter, is your company ready to get back into the market with a functional and affordable marketing plan in hand?
Companies differ on marketing budgets, what they’ve done in the past and where they plan to do in the next 12 months. Earlier this spring Melissa Sturges, Principal at Sturges Word Communications, taught an Enterprise University class on this very topic. When attendees were asked when was the last time their firm did a marketing assessment, many could not answer this question. This is probably true for some of you reading this now. No need to panic. To begin determining your current and future marketing strategy, ask yourself:
- What communication tools am I currently using?
- What percentage of my company’s total marketing and communication
effort does each tool represent?
- What are my current marketing and communication costs?
- Am I currently measuring ROI?
- What’s working? What’s not working?
- What is the one thing I should do as a next step to fully utilize each tool
or resource?
The answers to these questions will quickly point out the strengths and weaknesses of your current marketing and communication plan (or lack thereof). It is essential to develop a strategic plan with measurable strategies and tactics that will support your company’s business objective, whether that be increased sales, more brand awareness, etc.
Once you’ve established where you are marketing wise, you need to determine where your company is going. Your next step should be to determine your target audience: Who needs your product or services? Are these individuals or other businesses?
It is often helpful to go through an audience and messaging exercise to identify your company’s target audiences, describe their current attitudes, behaviors, and values and beliefs. This exercise will focus your company’s marketing efforts towards one to three target audiences and produce messaging that will resonate with those groups.
This process takes time, effort and attention to detail, but it will put you on the path toward an effective marketing and communications program that will guide your company through any economy.
Sturges Word Communications is a full-service integrated marketing communications agency based in Kansas City, Mo.
Melissa Sturges will teach "208 Marketing Strategy" for Enterprise University again this fall. An updated schedule of courses will be available online at www.enterprisebank.com/eu in mid-August.