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© 2008 NPCA
 
MC Magazine

Winter 2003

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MC Magazine Winter 2003 cover

Developing a Marketing Plan

An informal marketing plan is far better than no plan at all. However, a formal plan inherently involves more research, group discussions, design and implementation - elements that can offer a long-term impact and influence future growth.

The recommended procedures for developing a marketing plan follow. The first three steps are more closely associated with formulating a company's strategic plan, but they also form a solid foundation for a formal marketing plan.

  1. Develop a company vision. What do you want the company to become? The vision should speak about your company values and strengths.
  2. Create a mission statement. What is the company's ultimate purpose? This statement could be "to become the largest volume precast concrete producer in our region" or "to provide our customers with the highest possible level of value and customer service."
  3. Develop a business plan. Operationally, how will your company be established or operated in the future?
  4. Perform a company and industry assessment (usually conducted by a team of company managers):
    • Review the company's internal and external issues - economy, finances, production, etc.
    • Define your market and how much of it you currently service.
    • Decide what is most important to your customers and how you rate with your competition in these areas.
    • Determine who your competition is, how they operate, what their strengths and weaknesses may be, how they might grow and why companies are buying from them.
    • Conduct a SWOT (strengths, weaknesses, opportunities and threats) for your company. The opportunities and threats to your company will often lead to your marketing objectives and strategies.
  5. Develop marketing objectives (management team). These should be broad statements defining the future direction of the company. Examples:
    • Become the recognized leader in quality for the precast concrete industry in our region.
    • Become involved in the precast concrete industry on a national basis.
    • Increase the profitability of our company.
  6. Develop marketing goals (marketing department or management team). Goals should be specific, measurable, time-specific and influential to your market. These should usually be one- to three-year goals. Examples:
    • Increase our active customer base by 10 percent each year.
    • Increase the sales volume to our current customers by 10 percent each year.
    • Introduce three new precast concrete products to our region by Dec. 31, 2004.
  7. Develop marketing strategies (marketing department or management team). This is the action portion of the marketing plan. Strategies should break goals into manageable milestones and should contain specific deadlines, performance criteria, resource allocation and timing.
  8. Develop an action or tactical plan (created by individuals responsible for strategies). This will describe the specific steps needed to fulfill the marketing strategies, including what resources are needed and when it must be completed in order to meet the deadlines of the marketing strategies and goals.
  9. Develop a marketing budget. The marketing department or management team must prioritize the marketing goals and fit them within the financial allocation defined in the company's business plan and budget.
  10. Develop an implementation strategy. Once the marketing plan is complete, the company must determine the best method(s) of implementation. This will usually require education of all company employees, especially those in regular contact with customers. This may also be where a company defines what the financial rewards may be for completion of goals.
  11. Scheduled reviews and updates. Just because the plan is developed does not mean the company can sit back and relax. The management team and individuals responsible for goals must constantly monitor for progress. Additionally, a complete review of the plan should occur at least annually to assign new goals and remove completed goals. Companies should get into the habit of looking three years ahead in their planning process.

One word of caution: Companies must be realistic about completing a marketing plan. It may take weeks or months to complete a thorough review of the company and precast concrete industry. Just like in the marketing plan, the goal for completion should be realistic.

 
 
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