By John Malmo
http://stream.publicbroadcasting.net/production/mp3/wkno/local-wkno-909026.mp3
Your Objective May Not Be the Objective, by John Malmo.
Memphis, TN – At least weekly, I'm reminded there are as many ways to write a marketing plan as there are marketing titles. "How to write a marketing plan" is a staple for business magazines. The latest is in Inc. - I-N-C - the entrepreneurs magazine. It begins, and I quote, "First, create a vision statement, which is basically the long-term mission for your business that is timeless and inspiring for stakeholders." Rubbish.
Mission statements are a waste of time. More important, though, the author says you must ask, "If your business goal is to grow revenue, what marketing objective will accomplish this? Adding more customers? Higher expenditures?" First, remember that your marketing plan is a business plan. And growing revenue is not a proper objective. It's a strategy.
Your objective probably is to make more money. If your costs or your prices are out of line, growing revenue may actually cause you to make less money. The things you may do to make more money - such as grow revenue, raise prices, reduce costs, open new stores or territories - these are strategies to make more money. How well you execute them will determine your success.
So don't write a marketing plan such that you achieve what you thought was on objective without making more money.
John Malmo is a Memphis marketing consultant with more than fifty years experience. He is former chairman of Archer Malmo Advertising and specializes today in helping small businesses grow. To reach Mr. Malmo - or to buy a copy of his book When on the Mountain There is no Tiger, Monkey Is King- go to http://www.johnmalmo.com.