Planning Your Marketing - Decide on your objectives...
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Decide on your objectives
Marketing objectives quantify the results you are looking to achieve. By clearly stating these results in advance, you provide performance criteria against which your future results can be compared. Whatever marketing objectives you decide on, they should meet certain criteria. They must be realistic, measurable and be guided by short, medium and long-term deadlines.
Profit: Profit objectives state the bottom line progress you want your marketing efforts to achieve. You may set the goal of achieving 2 percent profit in your first year, and increasing it by 10 percent every year hereafter.
Market share: Market share objectives state your desired cut of the total industry sales pie, or at least the local industry. If the total revenue of all the wedding planners in your county is $2 million, how much of that is yours? If you only have 2% of that pie, you may want to increase your share to about 10% after launching your marketing campaign.
Sales volume target: Your sales volume affects your cost structure. The higher the sales you generate, the lower your cost. Specific sales volume levels can give you more bargaining power with your suppliers.
Sales volume objectives should clearly state the total goods or services you intend to deliver. Your goal can be to increase your sales in the next two months after a marketing campaign by X amount.
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