The 60 Minute Marketing Strategy

Many company leaders get consumed with thinking about next annual marketing plans. We all have good intentions of beginning strategic planning and budgeting sessions in the Fall to get a solid launch in January. The reality is that business keeps moving (faster and faster these days, it seems) while you're supposed to stop to review the company results at the same time. If the last few months have gotten away from you and marketing plans haven't been refreshed for next year, you can answer these five questions to understand what works and doesn't. 

1. What business objectives do the marketing activities need to drive?

Define the end game. Where do you want to be? Serve more customers, sell more services to existing customers, drive referrals? Start by clearly defining your quantifiable business objectives. Here's what it might look like: 

• Increase revenue from $X to $X

• Maintain profit margin of X%

• Bring on 12 new customers per month or 400 new consumers per month.

2. What metrics determine success or failure?

How will you know if you're successful? Before you say, "If we meet the objectives, we'll be successful, dumb ass," make a list of metrics that will show you you're headed in the right direction. Many new customers, traffic to the website, new or existing customers read monthly emails. 

3. What marketing strategies and tactics have been used in the past?

What are the top five marketing tactics you've used (that includes your website as a tactic)? Which have worked, and how do you know? Which haven't worked, and how do you know? 

4. What positioning and messaging will work for your audience?

Who is the ideal audience that will get you to your objectives? Write down the 3-4 things that make up the perfect customer. 

What are the two things about you/your business that will make this audience want to move their money to you? 

5. What resources do you have to pull this off? 

Not just money but time (the most valuable resource). Start by defining the size of the problem. Is this a $1 million objective? Is the marketing going to turn the business around and save it from going under? Or is it a refresh to your current activities because you 'just don't feel like things are working well". Depending on the size of the problem, your marketing budget and time allocation should follow. 

If you want to grow your business by 25% next year, which is $1 million incremental revenue, it's worth spending 10%-20% of the goal on marketing. If your schedule is maxed and you have no spare time, don't expect to manage the marketing plan and get everything done. Delegate some of what you do to make a 'time budget' and allocate sparingly. 

Create two spreadsheets, one for time and one for money. Include the months at the top and the primary categories along the left side. Include each month's available allocation to see what it adds up to. 

Spending 60 minutes on these questions will give you the foundation of activities for driving growth. If nothing else, it brings clarity on a single page for you to hand to your team. Providing this type of direction will speed up planning and results.