In its latest eProfits newsletter BDC discusses the importance of a marketing plan. No surprises here:
"Doing business without a marketing plan is like driving without a map. You may get to your destination – eventually – but you risk making time-consuming and costly errors along the way."
The newsletter outlines these steps:
1. Do a situation analysis (Strengths, Weaknesses, Opportunities, Threats)
2. Develop a target market profile.
3. Set clear marketing objectives and targets.
4. Determine your marketing strategy. (Note in particular: "E-marketing is a powerful strategy because of its low-cost and targeted reach potential. ")
5. Do your financials.
What struck me about this 5-step process is the importance of step 1. Thorough situational analysis will prevent you from chopping each tree perfectly in the wrong forest.
Five years ago this exact process saved our business from becoming obsolete. Thorough situational analysis revealed that the profits in traditional marketing in a small and competitive market will diminish to virtually nothing within a short time span, making way for the emergence of more cost-efficient e-marketing. Needless to say, this information had a profound impact on how we proceeded to follow through with steps 2 to 5.
As a result of doing careful situational analysis, Digital Daisy's clients benefited from marketing plans that remained relevant in a changing environment.