MM2 - Marketing Plan - Part 1
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Parts 1 - 4 include; current situation, objectives and critical issues, market analysis, marketing strategy. Manufacturing marketers must lay the foundation with a strong, collaborative marketing plan.
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MM2 - Marketing Plan - Part 1
- 1. The Boring Stuff The Marketing Plan (1) @MMIMATTERS #MFGMARKETING MMMATTERS.COM PODCAST: MANUFACTURING MARKETING MATTERS @BRUCEMCDUFFEE 1
- 2. Is this your marketing plan? • Reactive • Vending machine for sales • No strategy or plan beyond the quarter • Ready to topple with a slight resistance • Ugly, not admitted to the leadership table • Not effective at generating revenue @MMIMATTERS #MFGMARKETING MMMATTERS.COM PODCAST: MANUFACTURING MARKETING MATTERS @BRUCEMCDUFFEE 2
- 3. The Benefits of a Proper 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. @MMIMATTERS #MFGMARKETING MMMATTERS.COM PODCAST: MANUFACTURING MARKETING MATTERS @BRUCEMCDUFFEE 3
- 4. What is Not a Marketing Plan? 1. It’s NOT an idea, wish, hope, concept in your head. 2. It’s NOT a spreadsheet of activities, budgets and costs. 3. It’s NOT an editorial or social media calendar. 4. It’s NOT a list of campaigns. 5. It’s NOT a budget or set of goals. “A marketing plan is a comprehensive document that summarizes marketplace knowledge and the strategies and steps to be taken in achieving the objectives marketing managers set for a particular period.” Citation: The Marketing Plan Handbook, Marian Burk Wood @MMIMATTERS #MFGMARKETING MMMATTERS.COM PODCAST: MANUFACTURING MARKETING MATTERS @BRUCEMCDUFFEE 4
- 5. The 7 Parts of a Proper Marketing Plan 1. Current Situation 2. Objectives & Critical Issues 3. Market Analysis & Decisions 4. Marketing Strategy 5. Marketing Programs 6. Financial Plans & Information 7. Measurement & Control @BRUCEMCDUFFEE WEBSITE: KNOWLEDGE.MARKETING 5
- 6. 1. Current Situation 1. Assess the Current Situation ◦ This step will clarify the current thinking about the go-to- market plan and overall marketing strategy. @BRUCEMCDUFFEE WEBSITE: KNOWLEDGE.MARKETING 6
- 7. 2. Objectives & Critical Issues 1. Align with business objectives 2. Objectives should be measurable and have a deadline 3. Critical Issues @BRUCEMCDUFFEE WEBSITE: KNOWLEDGE.MARKETING 7
- 8. 3. Market Analysis & Decisions Target audience identification and analysis @BRUCEMCDUFFEE WEBSITE: KNOWLEDGE.MARKETING 8
- 9. 4. Marketing Strategy 1. Product strategy 2. Pricing strategy 3. Place (channel) strategy @BRUCEMCDUFFEE WEBSITE: KNOWLEDGE.MARKETING 9
- 10. Is it worth the time and effort? 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. Hell yes! A marketing plan is the first step towards advancing the practice of marketing from a service center to a strategic component of your business. @MMIMATTERS #MFGMARKETING MMMATTERS.COM PODCAST: MANUFACTURING MARKETING MATTERS @BRUCEMCDUFFEE 10
- 11. Takeaways 1. Find out if your company has a marketing plan. Is it complete? Is it used to drive strategic and tactical decisions? What is the awareness of the attitude towards a proper marketing plan? 2. If not, find out how the annual planning is determined – who, how, why, what, when? @MMIMATTERS #MFGMARKETING MMMATTERS.COM PODCAST: MANUFACTURING MARKETING MATTERS @BRUCEMCDUFFEE 11
- 12. 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 12
Editor's Notes
- Welcome back Manufacturing Marketer! You’re about to embark lesson 2 of 12 at ‘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 and in this lesson we cover parts 1 – 4. In Lesson 3, we’ll cover parts 5 – 8. This course if free, if you find it useful and helpful, please tell your colleagues about it. Anybody can sign up at mmmatters.com/freecourse. The course was created and is provided by the Manufacturing Marketing Institute. I’m Bruce McDuffee, Executive Director at MMI and I’ll be your instructor for entire course. The lessons were created based on real life successes, created by mfg marketers for mfg marketers. For more information about the Manufacturing Marketing Institute or more info about me, visit mmmatters.com. Now let’s get started.
- Topics include: Business mission and purpose (from the customer’s perspective) Resources Product mix Suppliers Market Summary Competitor Analysis SWOT
- Align with business objectives Growth? Profitability? Objectives should be measurable and have a deadline To become the “global leader in widgets” is not a good objective because it’s not measurable. Must be agreed with other collaborators Must be shared with the marketing and other teams Critical Issues Identify issues that must be addressed and solved in order to achieve the objectives. Resources, technology, product launch, etc.
- Identify and agree on the target market (ideal prospective customers) Segment by relevant criteria; geography, industry, company size, business, consumer, etc. Define the audience needs and why your product fills these needs Define total market potential and realistic market share Do not accept “everyone” as a target market. Choose a target market you can reach efficiently via marketing activities.
- Product strategy Pricing strategy Channel strategy Promotion strategy Articulate and agree on the positioning statement. Articulate and agree on the value proposition
- Congratulations, you’ve just completed the first lesson! You’re on your way towards a New Way to Market for Manufacturing. Give yourself another pat on the back you’re doing great! Lesson 3, The Boring Stuff, Part 2, will arrive via email tomorrow. Don’t be turned off by the name, we’ll be talking about a critical component of success with the New Way, the Marketing Plan. 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!