OK. You are half done the marketing plan and while you might scream “only half!” at the top of your lungs, you have suffered through the tough part – the analysis. You have spent time building the case that your products/services are competitive, viable and profitable. Now that you have proved that point you have to demonstrate how you are gonna actually do it. The first part of telling this second half is setting out the overall objectives in the marketing plan.
KnowThis web site has a great breakdown and outline of how you might want to structure the objectives section. Please note, some of this outline may or may not apply to your business so use this as a suggestion and not a list of requirements.
Target market objectives
Market Share – total, by segments and by channel
Customers – total, by number/percentage new, by number/percentage retained
Channel Objectives
- Dealers – total, by number/percentage new, by number/percentage retained
- Order Processing and Delivery – on-time rate, shrinkage rate, correct order rate
Promotional Objectives
- Level of brand/company awareness
- Traffic building (e.g. store traffic, web site traffic)
- Product Trials (e.g. sales promotions, product demonstrations)
- Sales Force (e.g. cycle time, cost per call, closing rate, customer visits, etc.)
Market Research Objectives
- Studies Initiated
- Studies Completed
R&D Objectives
- Product Development
Other Objectives
- Partnerships Developed
- Rate of Purchases, size/volume of purchases
- Purchases
Advice on setting your objectives
Remember, these are objectives that you expect to meet so keep in mind that these should be achievable. I have used the SMART approach to setting objectives and that stands for specific, measurable, achievable, realistic and time-based.
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