Do you need help…Setting prices…Understanding your customers…Forecasting future orders?
Some people believe Marketing is just about selling, creating promotional material or advertising, but it is far more than that.
Making a product or providing a service is relatively straightforward. The hard part is ensuring that you can offer it to your customers and potential customers at a price they are willing to pay and makes you a profit.
I believe the key to great Marketing Planning is:
- Understand Your Value Chain
- Conduct Robust Market Analysis
- Produce Realistic Forecasts
- Appreciate The Wider Business Context
With extensive experience in this area I know how difficult it can be to do this, especially if this is in addition to your core activities or if you haven’t had sufficient training.
That is why I have developed workshops to give you some real practical help and advice on how to become more confident and proficient when it comes to Marketing Planning.
The Value Chain (Costs-Prices-Profit)
- The sequential set of activities (primary & support) that a business performs to turn inputs into value-added outputs for its customers/consumers
- It was developed by Michael E Porter in 1985 (he made his name at the Harvard Business School)
Simply put it means…
- What does it cost to make or provide what your business does
- What to charge for it and how much profit that will make
Analysis & SWOT (What-Where-Why)
Forecasts & Projections (Future Sales)
- They are informed projects
- By definition they are never 100% correct
- They can be volume or financially based
- They can be short, medium or long term
Three basic reasons for forecasts…
- Value Based – what a business has to sell
(to cover its overheads etc.)
- Resource Based – what can the business produce
(usually where output is limited)
- Market Based – what could the business sell
(the most common for established companies)
Business Context (No Surprises)
- Monitoring & acknowledging major trends, events etc. beyond your category which may influence behaviour
- Understanding what may have a direct or indirect impact on what you are trying to do
- Appreciating that you don’t operate in a vacuum
Structured approaches which can help with this…
- PEST – Political, Economic, Social & Technological
- PESTLE – as above but with Legal & Environmental added
- STEEPLED – more recent and includes Ethics & Demographics