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HOW TO PLAN A
TARGETED MARKETING CAMPAIGN
In the excitement of the launch
of a new product or service, it is tempting to want to market as
quickly as possible- advertising in any and every medium that
crosses your desk. However, marketing experts know that a
campaign of targeted marketing, including market analysis
and strategic planning for measurable results is the key
to success.
Follow the steps below to create
a strategic plan for your targeted marketing campaign.
Create charts to record your brain-storming, as well as
references to the sources of support data for your campaign.
Then, as you progress with the launch of your targeted marketing
campaign, you will be able to quantify your results, comparing
them to the initial benchmarks for performance that you
developed in your strategic plan.
CREATE A STRATEGIC PLAN FOR A
TARGETED MARKETING CAMPAIGN
I. Understand your product
or service.
1. What is the product or
service to be provided?
2. What benefits will
purchasers reap in use of your product or service?
3. What are the limitations of
your product or service?
4. What are the potentials of
your product or service?
II. Identify the market for
your product or service.
1. What is the primary market
for this product or service? Who is the primary buyer of
this type of product or service?
2. What are the secondary
markets for this product or service? Who else is using
this type of product or service?
3. Are there additional,
as yet untapped potential markets? Think outside of the
box: Who else could benefit from use of this product or
service, who is not currently using it?
III. Evaluate Market Demand
1. What measurable
evidence exists that there is a demand for this product or
service?
2. Is there any qualitative or
quantitative evidence to support potential demand for the
product or service by the identified secondary or additional
markets?
3.
IV. Assess Competitors
1. Who are the
competitors selling comparable products or services?
2. What markets and audiences
are competitors targeting with their marketing campaigns?
3. How does the price you will
charge compare to the prices charged by competitors?
V. Identify and Analyze All
Possible Direct Marketing Methods
Create a Chart similar to the
following. Research and Brainstorm. Record
references to specific information. If there are large
competitors in your market, with extensive experience in the
industry, take advantage of their experience. A company
with twenty years of marketing experience has invested time and
money into testing various marketing strategies.
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Competitors Use |
Marketing Companies |
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Advantages |
Disadvantages |
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Direct Mail |
Yes- ABC
Company |
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Telemarketing |
No |
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E-Mail Marketing |
Unknown |
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| Targeted Advertisement |
Yes-All
competitors |
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Other |
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VI. Conduct a Cost-Benefit
Analysis
Assess Cost Effectiveness and
potential Return on Investment (ROI) for marketing methods.
A. Assess Costs
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Cost Per 1000 CONTACTS |
Cost of Time & Labor |
Cost of Materials |
Cost of Conveyance (post/tele,
etc) |
TOTAL COST PER 1000 |
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Direct Mail |
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44 cents
per thousand = $440 |
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Telemarketing |
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E-Mail Marketing |
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Internet Account/ Mail
Service such as IContact™ |
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| Paid Advertisement in
Publications |
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Other |
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B. Assess Industry Trends
for Buyer Conversion Rates for each marketing method.
C. Calculate Anticipated
Return on Investment (ROI).
VII. Determine Marketing
Budget Allocation and Develop a Timeline for Implementation.
Based on the research accomplished,
create a strategic plan with clear benchmarks for timeline of
implementation and performance expectations. As the
marketing campaign progresses, test, test, test- returning to
the log and updated performance against expectations and
recording cost/benefit results. Remember that the quality
and appeal of your marketing presentation will impact results.
eparate charts should be maintained to enable performance
comparisons for each presentation type. (E.g., a brochure
in the colors blue and yellow vs. a brochure in the colors red
and green ) Resist the urge to speed the testing process:
Slow and steady wins the race. Once a targeted marketing
campaign has been confirmed to be cost-effective, it is a simple
matter of scale to increase sales. The sky is the limit to
the point of market saturation.
Example
TARGET MARKET CAMPAIGN 1:
STRATEGIC PLAN
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SALE OF UNUSUAL &
HARD TO FIND PET PRODUCTS
Presentation Format:
Newsletter 001
Initial Target Market: 10,000 Pet Stores |
| Campaign |
Performance |
Distribution |
Cost |
Conversion Rate &
Anticipated Sales |
Return on Investment* |
| Direct Mail-Postcard |
January 1-April 30 |
5,000 |
$5,000 |
1%
50 sales @ $500= $25,000 |
$20,000 |
| E-Mail |
February
1-May 30 |
5,000 |
$1,000 |
1%
50 sales @ $500= $25,000 |
$24,000 |
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*Return on Investment does not
equate to profitability as a whole for a company. All
operating and overhead costs must be factored to arrive at final
profit.
VIII. Roll-Out Marketing
Efforts
Expand marketing to larger numbers
of the same audience, based on successful performance tracking
of the Campaign, for a corresponding increase in Return on
Investment. In the example of the pet food campaign above,
which yielded a significant ROI, the next step would be to
implement the very same marketing campaign to 20,000 pet stores.
With a continuous combination of strategic analysis, strategic
planning, testing, and performance tracking, it is a simple
matter of scale to grow successfully.
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