Today I will share with you the second part of this short Marketing Plan tutorial. Yesterday we obtained a pretty accurate view of our industry, its path, its pace, and its trends. And we have compared that with our 2014 performance, so it is very likely we already know which direction we have to focus in order to grow our business.
Step #3: Set up your own general goals. These can be easily set answering to the following questions:
- How much do you want to increase your income?
- How many products/services do you want to provide?
- Is any of the product/service new?
- Which new media do you want to use in 2015?
- Am I going to create any new product/service according to my research?
Step #4: Set up your particular objectives from the general ones. For example, if I want my income to increase in a 10% in 2015, which would be my quarterly or even monthly sales forecast and goals? If I discovered in my research that the gluten-free cupcakes will become a trend strong enough for me to develop this product, I would want to know how they would affect the revenue, the costs, etc. This market research would also give me hints on how would it perform in the following year in order to set up my gluten-free cupcakes sales goals yearly and quarterly / monthly.
If one of my general goals is to reach a new online community, and set up an online store; I would have to plan the website’s content costs, also the product’s delivery cost, the area that will be covered, etc.
This is from our general objectives, we need to define the details we need to go through, and more questions will come to our minds.
Step #5: Is closely linked to Step# 4, because it is when we get our calculator and we work on costs, prices, revenue, etc. It is also when we take a percentage or our forecasted quarterly income to define a marketing budget, and then we allocate it. Now I know how much I should earn from sales and how much I can spend in marketing.
It is time to allocate the marketing budget. We usually divide the year into quarters, and depending on the profile of your products/services you may decide to allocate more or less budget to each quarter. For example, it is very likely that the cupcakes sales may go up in the Christmas, February 14, Mother’s Day, and Halloween seasons. Your lowest season may be summer. So according to this information, it is time to change your cap from the financial to the creative marketer.
Let’s leave it here today, and tomorrow we will talk about the fun part, the creative one! See ya!