According to Panama What Should Your Marketing Objectives Be For Your Company In Year 1?
The SMART marketing objectives are navigators of your marketing energies and funds. They are guides to actioning the marketing policy, towards effective capture of market and for creating a reserved niche in the customer database. Pathwwway Panama suggests the following marketing goals that function as a versatile marketing road map for your business in the first year of its existence.
Validating the thought process
Even before the business ventures into putting its marketing plan in action, it must evaluate its thought process. Any marketing strategy developed on paper may not be so rosy to execute as it appears. The marketing thought process must be articulated and spelt out in no-nonsense terms, in an unambiguous fashion and must be validated by assigning monetary values to key variables such as no. of units to be sold, corresponding market share, advertising cost, promotional costs etc. and by making projections for predicting the marketing ROI.
Identification of the target market
According to Pathwwway Panama, understanding the market and identification of the takers of your offerings will result in better marketing plans. How to position the product and how to develop unique selling propositions (USP) in the product that places the product in the right target markets, in a differential manner, well ahead of competitors begins with pinpointing customer requirements and needs. The market must be fragmented and sub-divided into pockets of prospective customers.
Marketing Strategy Formulation
Its planning time, when all the marketing resources of the business are put to their fullest use. Any marketing plan must provide due weightage to implementation and control. In the first year of operation, the business must estimate its financial requirements for kick starting the marketing plan along with the fundraising agenda, which becomes the basis for engaging in healthy stakeholder relationship.
This is the synonym of sales and is the ultimate objective of any marketing endeavour. It is the index of profitability and sustainability of the business. Using appropriate selling techniques, the business must enhance its go-to-market plans, for breeding organic leads. The conversion process must be well-defined and measurable so that they start yielding results in the short-run itself. Deploying a state-of-art sales team, training and development in addition to unmatched customer service will do the magic for the business if nurtured from year 1.
Brand positioning and placement
Also called as market penetration, businesses must become knowledge leaders in their domain by remaining ahead of key marketing trends in the business. Using offline and digital marketing methods, brand awareness must be created on a lasting platform. Optimizing the marketing budget becomes realistic when the branding exercise if professionally managed.
Customer Relationship Management
Acronymed as CRM, this is a powerful marketing tool, the strength of which must be harnessed by every business, right from its first year. There are various cost-effective software packages available in the market that enable businesses to capture data of leads and customers, differentiate, profile and engage them continuously. The CRM becomes the basis for customer analytics in the future and is also used as a personalized retention tool.
Rapport building with vendors and suppliers
Better negotiating terms with vendors, suppliers and service providers is no longer a production function and has become part of marketing objectives. this is because better terms with these agents result in better credit terms, good liquidity cycle and incorporation of quality and market fitment of products and services.
While every competitor is a potential risk for the business, especially when it is a new player, understanding and profiling of customers is a rewarding exercise. Estimating the strengths of competitors, their core selling strategies, their weaknesses and making candid comparisons of offerings and marketing plans should be incorporated into the marketing objectives in the first year.
Leverage referral marketing
For a new business in its first year of operations, nothing works like word-of-mouth endorsement in selling to new clients. They prefer to be comfortable going with the words of their friends, peers and colleagues, instead of placing trust through impersonal marketing channels. By taking cognizance of customer feedback and gauging response to products, new businesses must make it a priority to get into the good books of customers.
A creative PR strategy
Asserting online presence
The first year is the most appropriate one for the business to build its social image. In these days of remote business and marketing operations, face to face selling is becoming a thing of the past. One of the basic marketing objectives must be that of factoring the human aspect in marketing, by crafting a foolproof social media plan. A number of tools like Facebook, Twitter, LinkedIn, Instagram and Pinterest are available, to build lasting and interactive links with customers.
Getting a system of analytics in place
The new business has invested sizeable fund in its marketing programmes, advertising online and offline, PR, sales force management and in creating an MIS for its marketing department. Now, it requires a quantified measure of efficiency and effectiveness. Only a scientific system of analytics can get those crucial numbers in terms of marketing effectiveness, leading to fact-based decision making.
Customer Retention – Relationship building
Every customer must be viewed in terms of his lifetime contribution to the business. Enhancing customer LTV is the foundation of retaining customers and appealing to them for repeat business. One of the key marketing objectives is customer retention which makes the sustenance objectives of the business, nurtured right from year 1.
The marketing mix must stand optimized in the first year which is one of the core priorities of new business marketing. The celebrated 4 P’s of marketing, namely Product, Price, Promotion and Place must be blended in the right measures so that as your business enters the second year, it is amply geared for the demands of growth and competition.