Eagle Optics opts for a planned approach, Part 2


Byline: Giustina Parisi and Sarah White

Note: This is part two of a two-part story. To read part one, click here.

"Setting a goal is not the main thing. It is deciding how you will go about achieving it and staying with that plan."
-Tom Landry

Although Tom Landry was talking about football, there are similarities between football and marketing. Your “team” is your employees; your playbook is your marketing plan. A coach would never send his team on to the field without first making a plan. Why would you operate your business without a plan?

A marketing plan will help you focus on your goals and help other people to know what to do when they join your marketing activities. A marketing plan also helps justify expenses by offering a rationale for the personnel and dollars needed to meet marketing goals.

In part 1 of “Eagle Optics opts for a planned approach” the owners prepared a business review. This task, which may seem like an exercise in stating the obvious, works by “getting all the cards on the table” and bringing to light any areas where there is confusion or difficulty. Once a business review has been completed, you are ready to begin building a marketing plan.

A marketing plan typically consists of these sections:
  • Situation Analysis
  • Objectives
  • Audience
  • Message
  • Strategy
  • Tactics
  • Budget
  • Evaluation


SITUATION ANALYSIS
A situation analysis is intended to help you focus on your “team’s” strengths, minimize weaknesses, take the greatest advantage of opportunities available, and reduce your threats. This is often called a SWOT analysis. Strengths and weaknesses exist within your organization. Oportunities and threats are external factors than can have an impact on your business, including competitors, social trends, and the economic climate. Make a list of your business’s strengths, weaknesses, opportunities and threats.

Eagle Optics Example: Situation Analysis [1]

OBJECTIVES AND GOALS
Objectives and goals are statements describing what you want your marketing efforts to accomplish. Think carefully about what objectives you’ll choose; rank your objectives in order of importance. Make you objectives measurable by stating them in terms of dollars or market share. Provide a time frame to accomplish them. Discuss objectives you’re your employees and advisors, to make sure they are neither to conservative nor too ambitious. Objectives that are seen as challenging but achievable are more likely to motivate staff to do their best to meet them.

Eagle Optics Example: Objectives [2]

AUDIENCE
Eagle Optics owners’ had a “gut feeling” about audience demographics from their familiarity with bird watching as a hobby. The Household Spending tool provided a snapshot of demographics for purchasers of “visual goods” (binoculars and other viewing scopes.) To get a better idea of the audience, they resolved to purchase a Customer Characteristic Analysis from Third Wave Research. (To learn more about Customer Characteristic Analysis, click here).

Eagle Optics Example: Audience [3]
What is the market potential for binoculars in your area? 
Enter your Zip code and click Go:
  


MESSAGE
To find the appropriate message for your business, look back at your strengths. It is also important to consider your audience and think about what message they would be most receptive to. The most effective message Eagle Optics can provide should emphasize the company’s strengths: quality, customer service and value. See the theme “Open doors with a compelling ad strategy” on bCentral for more advice on creating persuasive marketing messages.

Eagle Optics Example: Message [4]

STRATEGY
Once you have figured out where you want to go (your objectives) you need to figure out how to get there — a methodical game plan to achieving your objectives. Strategies can include changing your pricing policies, location, advertising strategy, target market segments, and even developing entirely new products. Eagle Optics approached achieving their objectives by changing their advertising strategy.

Eagle Optics Example: Strategy [5]

TACTICS
Tactics are the actions intended to accomplish the strategies. How are you going to implement your strategy?  Eagle Optics planned on implementing several tactics, to address each strategy.

Eagle Optics Example: Tactics [6]

BUDGET
Part of making a marketing plan is determining how much everything is going to cost. To create a budget, itemize each cost associated with each tactic. How much will you spend on your advertising schedule?  What will your marketing research cost?  Use Eagle Optics’ budget as an example of how to format your budget.

Eagle Optics Example: Budget [7]

EVALUATION
Figure out how you will measure your success. It is important to gauge your success at regular intervals over time. Take note of any changes in sales or traffic to your store or Web site. As part of the evaluation process, you should compare the actual dollars you are spending to the expenses you projected.

Eagle Optics Example: Evaluation [8]


After you have completed a thorough plan, the marketing begins. This plan is by no means set in stone. In fact, it should change as you see what is working and what is not.

Coaches adjust the game plan after every play, and so should you. Make sure to keep an updated evaluation of the marketing plan throughout its entire implementation. Use Eagle Optics’ marketing plan as a template to create your own. Now get out there and create that game plan!