Your Marketing Plan and Budget

Since December is here, this is your last-minute reminder to finish your marketing plan and budget for 2008.

Here are helpful tips from Marketing Profs that came in their e-newsletter today:

You know you need a marketing plan, but where do you start? Drew McLellan, who blogs at Drew's Marketing Minute, offers this advice:

1) You can be too ambitious. Most small businesses make the mistake of launching too many marketing initiatives when they don't have the resources to follow through on each one. You're better off doing fewer things, but doing them frequently and well.

2) Don't depend on a single medium. Says McLellan, "No matter how much you believe in word of mouth, direct mail, e-newsletters or an interactive Web site, one of your goals should be delivering key messages through a variety of media." It isn't called a marketing mix for nothing. With a more diverse campaign you are likely to increase your reach and your number of impressions.

3) Remember your core audience. You want to attract new customers, and there's a natural urge to invest all of your marketing resources in doing just that. But, warns McLellan, it's a shortsighted strategy. "The two most important audiences are your employees and your current customers," he says. "Be sure your marketing plan gives them enough attention." These groups deserve at least half of your time and budget.

The Po!nt: It's easy to spend your marketing budget on the wrong things. An effective marketing plan can keep your focus on the goal.