From all the analysis steps done to this point:
- Defining Business Purpose
- Clearly defining your products and services
- Determining a viable customer market segment
- Creating your Value Proposition
- Creating a Brand Marketing Message
- Conducting a BCG Matrix review of your products and services
- Looking at SWOT of your business, industry, and environmental factors
- Using the Ansoff Matrix to determine Market Growth Strategies
You should now know where to focus and position your business.
Setting your Authentic Marketing Plan Objectives now requires you to decide your objectives based on:
- All the analysis outputs from steps 1 – 7,
- Your Ansoff Matrix Market Growth strategic decision,
- To set Smart + Objectives
Smart + means:
- Specific – it should focus on clear and identifiable goals
- Measurable – the objective should be quantified
- Achievable – achievable but a stretch for you
- Relevant – should be relevant to your purpose and vision for your business
- Time bound – should have an achievement date
- + Focused – objectives focused on issues relating to both the customer markets, and products and services, that you need to address
From your Ansoff Matrix analysis you have chosen one of four business growth strategies – either market penetration, where there is scope to grow in your market; or market development, using your existing products and services in a new market; or product development, developing new products for your existing market; or diversification, new products in new markets.
Each choice has typical objectives around stablising or increasing market share, stablising or increasing return on investment (ROI) and increasing sales.
Your typical marketing objectives from your BCG Anaylsis are concerned primarily with investing in “Stars” for growth, managing “Cash Cows” for continued good earnings and making hard decisions about products or services which are “Question Marks” or “Dogs”.
Setting Smart+ objectives is putting a stake in the ground and making a clear statement about where you want to go with your business. Now write down your objective(s), making each quantifiable, measurable, and specific. If you are developing a marketing plan for several services or product lines, write objectives for each.
The next step will be setting marketing strategies, which are how you will achieve your objectives?
Please leave a comment or ask a question if you want to know more?
About the author: Teresa Bassham is the principle of Zenworkz Authentic Marketing, and is passionate about educating small and medium business professionals to create their differential advantage, attract more ideal customers and create a marketing plan to achieve success. She coaches customers online and by phone – if you would like to request coaching – please contact me.
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