MM3 - Marketing Plan - Part 2
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The second 4 parts of a proper marketing plan are; marketing programs, financial plans, measurement and controls, executive summary. Having a proper marketing plan give your manufacturing company an edge over competitors.
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MM3 - Marketing Plan - Part 2
- 1. The Boring Stuff The Marketing Plan (2) @MMIMATTERS #MFGMARKETING MMMATTERS.COM PODCAST: MANUFACTURING MARKETING MATTERS @BRUCEMCDUFFEE 1
- 2. Recap • The advantage of creating a proper marketing plan • What is not a marketing plan • Parts 1 – 4 • Current Situation • Objectives & Critical Issues • Market Analysis & Decisions • Marketing Strategy • Did you find out if your firm has a marketing plan? @MMIMATTERS #MFGMARKETING MMMATTERS.COM PODCAST: MANUFACTURING MARKETING MATTERS @BRUCEMCDUFFEE 2
- 3. 5. Marketing Programs 1. Based on previous decisions about market, strategy, objectives and critical issues 2. Programs or promotions might include: ◦ Advertising ◦ Events ◦ Social media ◦ Direct mail ◦ Digital ads ◦ Public Relations ◦ SEO & SEM @BRUCEMCDUFFEE WEBSITE: KNOWLEDGE.MARKETING 3
- 4. 6. Financial Plans & Information 1. Financial Metrics ◦ State clear targets for revenue growth, profit, EBITDA, gross margin, etc. 2. Marketing Budget @BRUCEMCDUFFEE WEBSITE: KNOWLEDGE.MARKETING 4
- 5. 7. Measurement & Controls 1. Tools to link marketing activity to opportunities & revenue 2. Choose revenue metrics for the C-Suite 3. Keep marketing metrics within the marketing team @BRUCEMCDUFFEE WEBSITE: KNOWLEDGE.MARKETING 5
- 6. 8. Executive Summary 1. Write the Executive Summary last, but put first in the plan. @BRUCEMCDUFFEE WEBSITE: KNOWLEDGE.MARKETING 6
- 7. How to Get Started 1. Collaboration is critical to success 2. Who will need to understand when you tell them ‘no’? 3. Set expectations ◦ It is a living, dynamic document ◦ It is an agreement between the departments ◦ It can be modified, but must be further agreement @BRUCEMCDUFFEE WEBSITE: KNOWLEDGE.MARKETING 7
- 8. Takeaways 1. Assess your firm’s financial reports (if available) 2. Is there any information or has there been an attempt to tie marketing activities to financial results? 3. Assess the perception of Marketing within your firm. @MMIMATTERS #MFGMARKETING MMMATTERS.COM PODCAST: MANUFACTURING MARKETING MATTERS @BRUCEMCDUFFEE 8
- 9. Congratulations, you’re on your way to a New Way to Market! Join the Manufacturing Marketing Institute – MM Academy today! @MMIMATTERS #MFGMARKETING MMMATTERS.COM PODCAST: MANUFACTURING MARKETING MATTERS @BRUCEMCDUFFEE 9
Notas do Editor
- Welcome back Manufacturing Marketer! You’re already on Lesson 3, 25% through the course ‘The New Way to Market for Manufacturers’. Don’t let the lesson title put you off. The Marketing Plan is critical to your success in using the New Way to Market. There are 8 parts to a proper marketing plan, we covered 1-4 in the last lesson and in this lesson we cover parts 5 – 8. If you find it useful and helpful, please tell your colleagues about it. Anybody can sign up at mmmatters.com/freecourse. For more information about the Manufacturing Marketing Institute or more info about me, visit mmmatters.com. Recall the benefits of a marketing plan Answers the hard questions that will eventually arise. Forces the leadership team to make decisions about where to allocate your marketing resources. Helps you say ‘No’ when the next shiny object shows up. Helps you to be more efficient with people and resources. Helps to get marketing to the leadership table. It’s mostly about the discussion and the process.
- Based on previous agreements with collaborators Based on previous decisions about market, strategy, objectives and critical issues Programs or promotions might include: Advertising Events Social media Direct mail Digital ads Public Relations SEO & SEM A marketing automation platform is helpful
- Financial Metrics Aligned with the business goals Reference current or past financial statements (if you can get them) State clear targets for revenue growth, profit, EBITDA, gross margin, etc. Forecasting Aligned with business structure Align with marketing spend if appropriate Marketing Budget
- Tools to link marketing activity to opportunities & revenue Marketing Automation CRM Processes for managing data Choose revenue metrics for the C-Suite Net contribution Contribution to new and closed/won opportunities Campaign influence on revenue Keep marketing metrics within the marketing team CTR, opens, page views, cost per
- Consider the 2 reasons for creating a marketing plan To define, clarify and agree on your marketing strategy and tactics To convey the information and support the actions of the marketing function Write the Executive Summary last, but put first in the plan. The idea of the busy executive. Might also be used to secure a loan or investment as part of the broader business plan.
- Collaboration is critical to success CEO Head of Sales Head of R&D Head of Finance You – Head of Marketing Marketing Team Who will need to understand when you tell them ‘no’? Set expectations It is a living, dynamic document It is an agreement between the departments It can be modified, but must be further agreement
- Congratulations, you’ve just completed the lesson 3! You’re on your way towards a New Way to Market for Manufacturing. You’re doing great! You got through The Boring Stuff, and it might be a bit boring, but it is critical to success just like a foundation is critical to the house standing. Lesson 4 is usually a shocker for manufacturing marketers, but it is really the crux of the ‘New Way’. We make a bold and inflammatory statement, “Stop Pitching Products” and I’ll tell you all about it in the next lesson. Make sure you have a place to sit down because it will knock you off your feet. Thank you and I’ll see you at the next lesson. Now let’s go out and advance the practice of marketing in mfg today!