Marketing Plan Series: Part 4 – Objectives

In Part 4, we continue building out the goals that must be accomplished through the marketing plan. This section, called “Objectives” is usually only a page in length and are the milestones that you will achieve as you execute your business on a daily basis.

The KnowThis web site has a great explanation of the Marketing Objectives section:

“Marketing success is quantifiable using several non-financial market metrics. You want to show the underlying conditions and circumstances facing the company that are not easily seen within financial measures. The marketing objectives section should indicate targets to be achieved across several marketing decision areas. To add additional strength to this section include marketing metrics where possible.”

The Chamber of Commerce web site identifies three major areas for your objectives:

  • company definition (e.g., “to be a manufacturer of 100 percent all-natural snack food products”)
  • market definition (e.g., “to attain leadership in dollar market share and volume for the healthy, all-natural snacks segment of the salty snacks category”)
  • technology (e.g., “to become known in the industry as the leading developer of new vegetable protein products”)

KnowThis web site has a great breakdown and outline of how you should structure the objectives section:

1. Target market objectives

  • market share
    • total
    • by segments
    • by channel
  • customers
    • total
    • number/percentage new
    • number/percentage retained
  • purchases
    • rate of purchases
    • size/volume of purchases

2. Promotional objectives

  • level of brand/company awareness
  • traffic building
    • (e.g., store traffic, website traffic
  • product trials
    • (e.g. sales promotions, product demonstrations)
  • sales force
    • (e.g. cycle time, cost per call, closing rate, customer visits, etc.)

3. Channel objectives

  • dealers
    • total
    • number/percentage new
    • number/percentage retained
  • order processing and delivery
    • on-time rate
    • shrinkage rate
    • correct order rate

4. Market research objectives

  • studies initiated
  • studies completed

5. R&D objectives

  • product development

6. Other objectives

  • partnerships developed

Next time in the Marketing Plan Series, in Part 5 – Strategy we discuss how having a well written guideline that sets forth the business’s marketing strategy is critical to the success of your business.

Next time in Part 5, we will discuss the strategy section which lays out a plan for the situational analysis and the problems and opportunities must be addressed by the marketing plan.

Doers and Talkers

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An impromptu conversation happened last night over on Twitter. The topic began as a discussion over a hypothetical show (video, podcast, whatever) that would reflect the community and not just have the same people. The conversation began because of a discussion over perceived sexism in the social media community where men could do anything, but women could only be “consumed” (hey, it’s a legitimate use and context for the word!) if they were “sexy”.

To pop this proverbial bubble, the idea was presented that a community-driven show should be created where “panel members” would include an equal cross-section of the community, regardless of sex or race.At one point, a panel was suggested that I noted were all “talkers” and not “doers”.

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Photo Credit foolfillment. Used under Creative Commons

Naturally, some took offense to this characterization, but my question is why? There is an equal need for both and is non-hierachal. In fact, it may be too simplistic of a thought considering the diversity that exists across sectors, bloggers and industries.

I think it’s important to establish a premise for talkers and doers. What are they, why do they exist and what do they contribute to the ecosystem?

Talkers

Talkers are visionaries, by and large. Not always. Sometimes they are just pundits. They are the idea people, often challenging the status quo and causing people to think based on data, research and innovative thinking. They share their ideas readily and often bring a different level of communication to the fray.

Talkers are often CEOs, PR, Marketing, or members of management teams and they frequent the conference speaking circuit.

Doers

Doers are often mistaken for developers. Though developers generally fall into the category of “doer”, the definition is far wider than just physical “doers”. Doers are usually the ones that have ideas and instead of talking about them, they gather the resources (financial and human) and set about putting plans into actions.

Entrepreneurs are often doers. They are the ones with the ideas that have the guts or experience to run with them. Though they may sometimes be talkers too (small business CEOs for instance), their bread and butter is in the action. Smart doers listen to talkers ideas and filter them for actionable items that make sense for the ecosystem.

These are my definitions. They may be simplistic, but I think they provide a great framework for this conversation.

I think there is a symbiotic relationship between doers and talkers. One cannot exist without the other and gets its lifeblood from the other.

For instance, Jeremiah Owyang of Forrester is largely a talker. Though he comes from Hitachi where he was largely a doer, by his own admission he’s more of a talker now.

I think there’s a negative connotation to talkers. That they are just windbags excelling in the art of punditry. But talkers bring ideas to the table that often shape the course of what is going on in the ecosystem. Talkers need doers who will take their ideas and run with them.

Doers, of whom I would classify Dave Troy of Twittervision have ideas but instead chooses to innovate on ideas and create new things. In this case, David (whom in disclosure, I realized a few weeks ago I interviewed with back in the 2002-2003 timeframe when he was the CEO of Toad) has taken ideas surrounding Twitter and made a visualization for them. He also recognized that there was a need for something like SocialDevCamp East and created it (with help).

Others like Jason Calacanis straddle the line between talkers and doers by challenging the status quo of spammy search engines and proposing a concept of human-powered search and running with it. People who can straddle the gap, place themselves in the most valuable position of seeing the cloud, recognizing it’s potential and doing something about it (pardon the reference).

Marketing Plan Series: Part 3 – Problems and Opportunities

As we discussed in Part 2 – Situational Analysis, there is room for the SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis. However, what I like to do is take a separate section that really dives into the opportunities and problems deeper so that they can be addressed by specific marketing strategies.

Identifying and Maximizing Opportunities

This is where you look externally for areas your competitors are not fully covering, then go a step further and think how to match these to your internal strengths. Try to uncover areas where your strengths are not being fully utilized. Are there emerging trends that fit with your company’s strengths? Is there a product/service area that others have not yet covered?

Once you have uncovered these opportunities take each one and discuss how you will market them. Will it be a mixed marketing campaign? A targeted sales effort? What resources will you need (e.g. new collateral, selling guides, web site content, e-mail marketing)?

Addressing and Overcoming Problems

Problems are not necessarily a bad thing. They are just issues that need to be overcome. It is better to get out front of problems that may exist than have them rear their ugly head when you are selling or raising money. Problems could be strong competitors, your product lacking critical features that you are not able to roll out yet or a long sales cycle.

You should list each problem and discuss an approach to overcome them in a sales situation and with specific marketing messages that counter what a customer might be thinking.

Next time in Part 4 – Strategy

In our next part, we will discuss the strategy section which lays out a plan for the situational analysis and the problems and opportunities must be addressed by the marketing plan.