I had an opportunity recently to do a podcast with Mike Moore of Averetek, a Seattle-based channel-marketing software and services provider. When Mike and I first started talking about what to cover in the podcast, we began with through-partner marketing automation and through-partner marketing agencies (which I think is an incredibly exciting development in our market). But we pretty quickly…
by Dale Taormino We often get asked the question of how to derive better ROI from MDF/Co-op programs. ROI – the understanding of whether you have it or not and being able to increase it – is of course is all based on the metrics you gather and track and what you do with them. For those of you who are…
A lack of ROI accountability is the #1 frustration for channel marketers who utilize MDF. This frustration keeps popping up in client engagements. When asked to elaborate, responses boil down to some combination of: 1. I don’t know if the funds are aligned with my objectives, or 2. It is difficult to tie MDF expenditures back to sales I’m here…
Over the last decade there has been a growing trend in partner relationship management toward a 1:1 marketing and business planning process between the marketer and their key partners. This is a process which requires marketers to work with individual partners to discuss and review the go to market strategies (GTM) of each, ultimately identifying the mutual opportunities with both…
The marketing planning process involves both the development of objectives and specifications for how they will be accomplished. There are five basic steps in the process in this process.
1. Determination of Organizational Objective
The basic objectives, or goals, of the organization are the starting point for marketing planning. They serve as the foundation from which marketing objectives and plans are built. These objectives provide direction for all phases of the organization and serve as standards in evaluating performance. Soundly conceived goals should be S.M.A.R.T – specific, measurable, attainable, realistic and time-specific.
2. Assessing Organizational Resources
Planning strategies are influenced by a number of factors both within and outside the organization. Organizational resources include capabilities in production, marketing, finance, technology, and personnel. By evaluating these resources, organizations can pinpoint their strengths and weaknesses. Strengths help organizations set objectives, develop plans for meeting objectives, and take advantage of marketing opportunities. Resource weaknesses, on the other hand, may inhibit an organization from taking advantage of marketing opportunities.
3. Evaluating Risks and Opportunities
Environmental factors – competitive, political, legal, economic, technological and social – also influence marketing opportunities. The emergence of new technologies or innovations may open new opportunities for under-marketed products. The marketing environment may also pose threats to marketing opportunities. For example, a new genetically engineered drug may be developed with the potential to become a $1 billion-a-year product. But a government agency may delay requests to market the drug due to regulations.
4. Marketing Strategy
The net result of opportunity analysis is the formulation of marketing objectives designed to achieve overall organizational objectives and develop a marketing plan. The marketing planning effort must be directed toward establishing marketing strategies that are resource efficient, flexible, and adaptable. The marketing strategy is the overall company program for selecting a particular target market and then satisfying consumers in that segment.
5. Implementing and Monitoring Marketing Plans
The overall strategic marketing plan serves as the basis for a series of operating plans necessary to move the organization toward accomplishment of its objectives. At every step of the marketing planning process, marketing managers use feedback to monitor and adapt strategies when actual performance fails to match expectations.